CoreWeave stock jumps 16% premarket after Q2 revenue doubles
CoreWeave's stock shot up 16% in premarket trading after the company posted impressive Q2 numbers and raised its outlook for the year.
Revenue more than doubled to $2.58 billion, just edging past expectations, even though CoreWeave still reported a $626 million net loss.
The company now expects to bring in up to $13.2 billion in revenue for 2026, with strong projections for next quarter too.
AI infrastructure demand fuels $104B contracts
CoreWeave's results highlight how much demand there is right now for AI infrastructure. The company locked in $104 billion worth of contracts by quarter's end and added more than $25 billion of customer commitments soon after, with new deals bringing in even better profit margins than before.
This surge has also boosted related companies like IREN and Cipher Digital, whose shares both rose 5%.
The crypto sector continues to struggle, and Bitcoin is still stuck below $64,000 as investors turn their focus to AI tech instead.