Michael Intrator, co-founder and CEO of CoreWeave, speaks during an interview with CNBC at the New York Stock Exchange (NYSE) in New York City, U.S., on February 27, 2026. Brendan McDermid | Reuters Artificial intelligence neocloud CoreWeave saw its shares rise 20% in premarket trading on Wednesday after reporting that its second-quarter revenue doubled, driven by growing demand for AI computing power hyperscalers. The company, which leases the high-powered computing capacity needed to run and build AI, reported after the bell on Tuesday that its second-quarter revenue was $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025. Third-quarter revenue is expected to be between $3.4 billion and $3.6 billion. But the company is still not profitable. Operating expenses for the quarter also doubled from a year ago and marginally exceeded revenue, according to the results. CoreWeave was last up 19.9% in pre-market trading. As of Tuesday’s close, it had risen 26% since the beginning of the year. Its revenue pipeline for the quarter stands at $104 billion as of June 30, which does not include $25 billion in new customer commitments for the third quarter. “CoreWeave reached a major inflection point this quarter as our scale began to translate into expanding operating leverage,” CoreWeave CEO Michael Intrator said in the statement. “Customer demand is accelerating as enterprise adoption expands and we continue to deepen our technology platform.” CoreWeave has taken on significant debt as it races to build an AI infrastructure. Operating expenses rose to $2.6 billion from $1.2 billion a year earlier. That left CoreWeave with an operating loss of $49 million, compared to operating income of $19 million a year earlier. For the full year, the company forecast revenue of $12.4 billion to $13.2 billion and adjusted operating income of $960 million to $1.15 billion. Some of its Q2 highlights include winning clients like Bentley Systems, Grammarly, Isomorphic Labs, and Sunday Robotics. He also deepened important business partnerships with Jane Street. committing $1 billion in strategic investments, while Meta said it would spend an additional $21 billion with CoreWeave during the quarter. A ‘cleaner quarter’ for CoreWeave Analysts at Citi said in a note on Wednesday that CoreWeave “delivered a message of confidence” in the second quarter, demonstrating that AI demand was strong, had stronger pricing power, saw growing demand for its software and token business and posted better-than-expected margins. They added that it was “one of the cleanest quarters” for CoreWeave since it went public last year. “We believe the stock should rise significantly on the back of increased investor confidence in execution and improving profitability,” the analysts continued. They noted upward revisions to profitability forecasts and positive updates on execution and customer and revenue diversification. Analysts said those developments were positive signs for demand in the hyperscaler and neocloud space. Rise of neoclouds Neoclouds (specialized GPU infrastructure providers) like CoreWeave have seen huge gains as a result of the rise of AI. Amsterdam-based, Nasdaq-listed Nebius is up 17% in premarket trading after announcing a strong trading quarter on Wednesday. Revenue grew 514% to $575 million and the total value of contracts won quadrupled, the company said. The stock is up more than 150% in the last 12 months. U.K.-based Nscale, which is targeting an initial public offering this year, has attracted large sums of private capital, raising billions of dollars in equity, debt and project financing in 2026. AI stocks were also boosted by Taiwan’s Foxconn, also known as Hon Hai, the world’s largest contract electronics manufacturer that assembles Apple’s iPhone and makes servers containing chips in data centers, reporting a better-than-expected profit rise on Wednesday. Supermicro, which makes data center hardware, is also up about 9% in premarket trading, after it reported more than $60 billion in new orders over the past year in its fourth-quarter earnings. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
