CoreWeave CEO Michael Intrator cites ‘sold out’ capacity as revenue more than doubles and backlog swells to $104 billion

CoreWeave, a neocloud provider specializing in AI infrastructure services, experienced a significant surge in revenue during the second quarter, more than doubling to $2.58 billion. This surpassed analysts' expectations and is attributed to a surging demand for their services. CEO Michael Intrator emphasized that CoreWeave's capacity remains effectively sold out.

Additionally, the company's backlog of deals, totaling $104.2 billion, surged 246% year-over-year. The figure does not include $25 billion in net new customer commitments added in early Q3. As a result, CoreWeave's stock surged more than 14% in after-hours trading. CoreWeave competes with major cloud computing giants like Amazon Web Services, Microsoft Azure, and Google Cloud.

The company's revenue doubled to $2.58 billion, slightly above the estimated $2.56 billion, while it reported a net loss of $626 million, primarily due to a $640 million net interest expense. Despite the strong demand, concerns about the lifespan of older GPU inventory, particularly Nvidia's GPUs, have led to some investor caution.

CoreWeave's CEO highlighted AI inference as a way to maximize value from their investments in AI chips and infrastructure. He also addressed potential regulatory challenges, stating that they will not impact demand for data centers. CoreWeave aims to build eight gigawatts of power by 2030, and they are confident in their ability to navigate regulatory obstacles and maintain long-term job growth.