CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge
CoreWeave raised its 2026 capital spending expectations on Tuesday, as the AI cloud company exceeded second-quarter projections, driven by a surge in demand for its services. The company's shares jumped over 14% in extended trading following the favorable outlook. CoreWeave, a neocloud provider offering hardware and cloud capacity to other tech firms, attributes its growth to relentless enterprise spending on AI and its close partnerships with Nvidia.
The firm has secured more than $25 billion in new customer commitments this quarter, with its backlog valued at $104.2 billion as of the second quarter, up from $99.4 billion in the first. CEO Michael Intrator highlighted that the company's operating leverage has begun to impact results, with full-year capital expenditures now forecasted between $35 billion and $39 billion, up from previous estimates of $31 billion to $35 billion.
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