GoKawiilArtificial intelligence neocloud CoreWeave saw shares pop 19% on Wednesday after reporting that its second-quarter revenue doubled, driven by surging demand from hyperscalers for AI compute capacity.
The company, which rents out high-powered computing capacity needed to run and build AI, reported after the bell Tuesday that its second-quarter revenue came in at $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025. It's guiding for third-quarter revenue of between $3.4 billion and $3.6 billion.
But the company is still not profitable. Operating expenses for the quarter also more than doubled year-on-year and marginally exceeded revenue, per the results. CoreWeave was last seen up 19.9% in premarket trading. At Tuesday's close, it was up 26% since the start of the year.
Its revenue backlog for the quarter stands at $104 billion as of June 30, which doesn't include $25 billion in new customer commitments for the third quarter.
"To put that in perspective, like $25 billion is virtually the size of our backlog a year ago, and so it gives you an idea of how much demand there is for our product and how much it's growing," CEO Michael Intrator told CNBC's "Squawk on the Street" on Wednesday.