CoreWeave Rallies 16% as AI Boom Drives $2.58B Revenue

CoreWeave shares jumped 16% in premarket trading Wednesday after the AI infrastructure provider posted better-than-expected quarterly results and raised its revenue forecast for 2026.

The company generated $2.58 billion in second-quarter revenue, more than double the previous year’s figure and slightly ahead of expectations. Its net loss was $626 million, coming in below analysts’ forecasts.

CoreWeave expects third-quarter revenue of $3.45 billion to $3.6 billion and now projects full-year 2026 revenue between $12.4 billion and $13.2 billion.

The strong performance also boosted other AI infrastructure plays. IREN and Cipher Digital each gained around 5% as investors continued to favor companies exposed to the rapid expansion of AI computing demand.

CoreWeave ended the quarter with roughly $104 billion in contracted commitments. The company added more than $25 billion in new customer commitments after the quarter closed, further strengthening its revenue pipeline.

Management said recently signed contracts are generating margins 5 to 10 percentage points higher than previous deals, reflecting limited computing capacity and favorable pricing.

The results highlight the growing divide between AI infrastructure and crypto markets. AI-focused companies continue to attract significant capital and customer demand, while Bitcoin and the wider digital-asset market have struggled to maintain similar momentum, with BTC still below $64,000.