CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge

CoreWeave increased its annual capital spending forecast on Tuesday, surpassing second-quarter estimates due to a surge in demand for its AI cloud computing services. The company also raised its 2026 revenue targets and operating profit projections, driven by a growing order book, increased prices, and additional compute capacity.

As a neocloud provider offering hardware and cloud capacity to other tech firms, CoreWeave has benefited from strong enterprise spending on AI and its close relationship with Nvidia, which supplies essential Nvidia chips. High-profile customers such as Meta, Anthropic, and Caterpillar have further bolstered the company's position.

CoreWeave reported a $104.2 billion revenue backlog in Q2, up from $99.4 billion in Q1, with over $25 billion in new customer commitments. CEO Michael Intrator noted that the company outperformed expectations across the board, with operating leverage becoming more evident. CoreWeave is securing compute agreements at increasingly favorable terms as its near-term capacity is nearly sold out.