New York-based CoreWeave, an AI cloud company that supports generative AI workloads with graphics processing unit infrastructure, raised its full-year 2026 capital spending forecast to US$35 billion to US$39 billion.

The increase followed second-quarter results that beat estimates on strong demand for AI computing.

Its shares rose more than 14% in extended trading on August 11.

Second-quarter revenue more than doubled to US$2.58 billion, above analysts’ estimate of US$2.56 billion.

Its adjusted per-share loss was US$1.03, smaller than expectations for a US$1.20 loss, according to LSEG.

The company also raised its 2026 revenue and adjusted operating profit targets.

CoreWeave said its revenue backlog reached US$104.2 billion, up from US$99.4 billion in the first quarter.

It also secured more than US$25 billion in net new customer commitments so far in the current quarter.

Capital expenditure reached US$9.4 billion in the June quarter, up from US$6.8 billion in the previous three-month period.

🔗 Source: Reuters

Recent CoreWeave developments