CoreWeave (CRWV) Q2 2026 Earnings Call Transcript
CoreWeave (CRWV) reported Q2 2026 revenue of $2.6B, up 112% YoY, with a $104.2B revenue backlog. Adjusted operating income rose to $128M, and Q3 revenue guidance is $3.45B-$3.6B. The company raised full-year revenue guidance to $12.4B-$13.2B and increased CapEx guidance to $35B-$39B. Management highlighted demand growth and operational challenges, including supply chain complexities and high infrastructure costs.
How this was made
The 30-second read
Why it matters
Traders can update models for revenue trajectory (full-year and Q3), operating leverage (adjusted operating income), and financing costs (interest expense and capital raised). The pricing increase and higher margins on newer contracts are supportive, but the capital intensity and net loss deterioration are key risk variables.
Market read
Fresh guidance and operating metrics (revenue, backlog, CapEx, interest expense, and pricing) make this a direct input to near-term valuation and risk management for CRWV.
What to watch
CapEx is very large and front-loaded, and the article’s margin improvement depends on converting backlog into recognized revenue on schedule, which could slip if cluster timing changes.
Background
This is CoreWeave’s Q2 2026 earnings call transcript, covering revenue growth, backlog, capacity build-out, pricing actions, and updated guidance.
Ticker impact
CoreWeave reported Q2 revenue of $2.6B (+112% YoY), raised 2026 revenue guidance to $12.4B-$13.2B, and guided Q3 revenue to $3.45B-$3.6B.
Bias toward upside on guidance and backlog visibility, with volatility around capital intensity and interest expense assumptions.
The article discloses multiple fresh, decision-relevant datapoints: raised full-year revenue guidance, Q3 revenue guidance, higher CapEx with secured capital, and a pricing increase. Offsetting negatives include a much larger net loss and sharply higher projected interest expense for Q3.
Market effects
Reinforces the AI data-center infrastructure build-out narrative, with emphasis on power capacity, liquid cooling validation, and pricing power.
APAC expansion signal via Indonesia 360MW entry, though near-term impact is delayed by ~18 months to come online.
Highlights ongoing NVIDIA platform validation (Vera Rubin NVL72) and scaling of Blackwell/Vera Rubin SKUs, relevant to AI infrastructure supply chains.
Counterpoint
The raised guidance may be offset by financing strain: interest expense is projected to jump materially in Q3, and net loss widened sharply despite operating leverage claims.
Key entities
- companyCoreWeave, Inc.
AI-native cloud infrastructure provider reporting Q2 results and raising 2026 revenue guidance, with large CapEx and financing needs.
- personMichael Intrator
CEO who discussed pricing/margins for Blackwell and Vera Rubin SKUs and operational challenges in supply chain and scaling.
- personNitin Agrawal
CFO who highlighted backlog growth, capital intensity, and interest expense projections.
- companyNVIDIA
Referenced for Vera Rubin NVL72 platform validation and Blackwell/Vera Rubin SKU pricing and margins.
