CoreWeave raises 2026 capital expenditure forecast to $39 billion

CoreWeave has raised its capital expenditure forecast for 2026 to between $35 billion and $39 billion, driven by intense demand for artificial intelligence infrastructure. The company reported second-quarter revenue of $2.58 billion, exceeding analyst expectations, and noted that its short-term computing capacity is effectively exhausted.

The AI cloud provider revealed a massive contracted revenue backlog totaling $104.2 billion. While this represents significant future business, the company noted that the revenue realization is gradual; approximately 36% is expected to be recognized within two years, while about 75% is expected within four years. This growth is tied to the company's ability to build data centers and procure necessary hardware, such as Nvidia GPUs.

Following the earnings report, CoreWeave's stock rose more than 14% in after-hours trading. The company's business model involves significant upfront spending to meet demand, with second-quarter capital expenditures reaching $9.4 billion, nearly four times the revenue generated during the same period.