CoreWeave jumps 8% after Q2 revenue doubles to $2.58B, Meta adds $21B commitment

Published Aug 11, 08:24 PM UTC

CoreWeave shares rose 8% in extended trading after the AI cloud provider reported Q2 2026 revenue of $2.58 billion, beating estimates and doubling year-over-year. The company posted a net loss of $626 million, widening from $290 million a year ago, and carries $35 billion in debt to fund Nvidia GPU purchases. CoreWeave announced major deals with Meta ($21 billion additional commitment), Anthropic (multi-year agreement), and Jane Street ($6 billion). Its revenue backlog stands at $104 billion with 1.5 GW of contracted power. Competition is growing from SpaceX and Meta's potential cloud business. The stock is up 26% year-to-date versus the S&P 500's 13% gain.