LIVINGSTON, New Jersey, August 12, 2026, 04:25 EDT
- CoreWeave stock climbed 17% in early premarket indications.
- Revenue for the second quarter doubled, and adjusted operating income increased sixfold from the previous quarter.
- The updated capex midpoint of $37 billion represents 2.9 times the projected annual revenue.
CoreWeave, Inc. NASDAQ:CRWV surged 17% to $105.68 in premarket trade on Wednesday. Investors looked past an additional boost in projected infrastructure investment, focusing instead on the company’s record revenue and an improved forecast. The main U.S. market session had not yet opened.
The earnings outperformed estimates slightly. Revenue was roughly 0.7% above consensus. Operating leverage and a backlog of $104.2 billion provided a clearer indication.
However, the company’s cash needs also increased. The updated $37 billion capital expenditure midpoint for CoreWeave is now 2.9 times its higher revenue midpoint, compared to a ratio of around 2.6 times based on the previous outlook.
| Market measure | Latest | Investor context |
|---|---|---|
| Tuesday close | $90.32, up 2.42% | End of normal trading |
| Preliminary premarket | $105.68, up 17.01% | Prior to Wednesday’s opening bell |
| Market capitalization | $49.28 billion | Reflects Tuesday closing price |
| 52-week range | $60.55-$153.20 | Premarket price still 31% under the peak |
Revenue for the second quarter increased by 112% to $2.58 billion, surpassing the consensus estimate of $2.56 billion. Adjusted loss per share came in at $1.03, narrower than the projected loss of $1.21.
| Operating measure | Q2 2026 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | $2.58 billion | $2.08 billion | Rose 24% |
| Adjusted operating income | $128 million | $21 million | Increased 510% |
| Adjusted operating margin | About 5% | 1% | Higher by about 4 points |
| Capital expenditure | $9.4 billion | $6.8 billion | Up 38% |
| Revenue backlog | $104.2 billion | $99.4 billion | Climbed 5% |
Adjusted operating income climbed to $128 million, up from $21 million in the previous quarter. The margin rose to about 5% compared with 1% before. Capital spending continued to outpace revenue, totaling $9.4 billion.
Chief Executive Michael Intrator stated, “We outperformed our plan across the board.” He mentioned that available near-term capacity was essentially sold out. He also said that new agreements are coming in on even more favorable terms. Reuters earnings-call report
| 2026 guidance | New range | Prior range | Midpoint change |
|---|---|---|---|
| Revenue | $12.4 billion-$13.2 billion | $12.0 billion-$13.0 billion | Increase of 2.4% |
| Capital expenditure | $35 billion-$39 billion | $31 billion-$35 billion | Increase of 12.1% |
| Capex/revenue midpoint | 2.89 times | 2.64 times | Up by 0.25 turn |
| Q3 revenue | $3.45 billion-$3.60 billion | Not previously issued | 34% to 40% above Q2 |
Management lifted its full-year revenue outlook to between $12.4 billion and $13.2 billion. The company also raised its capital expenditure forecast, now targeting $35 billion to $39 billion. For the third quarter, revenue is projected in the range of $3.45 billion to $3.60 billion.
The backlog provides rare clarity, amounting to roughly 8.1 times the midpoint of new annual revenue. Over half of it is tied to contracts with customer deliveries already underway.
CoreWeave secured over $25 billion in net new commitments during the quarter. Nvidia Corporation NASDAQ:NVDA is both a top supplier and investor for the company. Microsoft Corporation NASDAQ:MSFT continues to be one of CoreWeave’s largest clients.
| Analyst recommendation | Count | Share of 18 ratings |
|---|---|---|
| Buy | 13 | 72% |
| Hold | 4 | 22% |
| Sell | 1 | 6% |
| Average price target | $129.88 | 23% higher than the initial premarket price |
| Target range | $67-$167 | Highlights considerable execution risk |
Prior to updates following earnings, analysts expressed optimism. Brent Thill at Jefferies reaffirmed a Buy rating and maintained a $150 price target on Tuesday. Gregg Moskowitz from Mizuho reiterated a Hold and lifted his target price to $115. J.P. Morgan’s Samik Chatterjee also kept a Hold and set a $110 target.
Andrew Rocco, strategist at Zacks, described the quarter as “a pivotal one for CoreWeave.” He noted the backlog offers unusual visibility. However, he added, the greater challenge lies in converting that demand into capacity and cash flow. Reuters
Risks: Delays at data centers can push revenue into different quarters. Significant capital expenditures heighten risks of financing, interest, and dilution. There is still notable exposure to customer concentration and Nvidia hardware dependency. Early premarket increases may also be lost following the opening bell.
The following assessment involves conversion. Investors require operating income to grow at a quicker rate than revenue. If not, the increased capex plan could overshadow the earnings outperformance.
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