CoreWeave reported Q2 revenue of $2.58 billion, surpassing analyst expectations of $2.56 billion and marking 112% year-over-year growth. The AI infrastructure provider's stock jumped 15% in extended trading following the results.
The cloud GPU provider also disclosed a $104 billion revenue backlog and 1.5 gigawatts of contracted power capacity, signaling strong demand from enterprises deploying AI workloads.
CoreWeave has positioned itself as a critical infrastructure player for generative AI deployment, offering GPU-accelerated computing resources to customers building large language models and other AI applications. The $104 billion backlog represents future revenue visibility that substantially exceeds current quarterly run rates.
The contracted power capacity metric reflects CoreWeave's infrastructure expansion to meet demand. Building out data center capacity with sufficient power provisioning has become a bottleneck for AI infrastructure providers as demand outpaces supply.
The company went public via SPAC merger in 2024 and has benefited from the broader infrastructure buildout wave supporting AI adoption. The stock's after-hours surge underscores investor appetite for companies positioned in the AI infrastructure supply chain.
Accel has closed an oversubscribed $550 million fund for India investments just weeks after launching it. The U.S. venture capital firm still has over 55% of its previous $650 million India fund available for deployment.
Memory-chip makers Samsung and SK Hynix are returning more cash to shareholders as a buffer against cyclical downturns in the volatile semiconductor industry.
Venture capital firm Accel has closed a $3.5 billion funding round to support early-stage investments globally. The fund includes a dedicated $1.35 billion expansion vehicle focused on larger seed rounds and follow-on investments.
Upwork's full-year guidance fell short of analyst expectations, triggering a stock price decline. CEO Hayden Brown outlined the pressures facing the freelance platform and its response strategy.