Q2 2026 CoreWeave Inc Earnings Call Transcript
Key Points
- Record Q2 revenue of $2.6 billion, up 112% year-over-year, with revenue backlog surging to $104 billion.
- Adjusted operating income reached $128 million, with margins expanding sequentially and expected to continue improving through Q3 and Q4.
- Active power capacity grew to 1.5 gigawatts, adding nearly 500 megawatts in Q2, with a clear path to at least 8 gigawatts by 2030.
- Strong demand and pricing power, with new contracts carrying contribution margins 5-10 percentage points higher than recent quarters.
- Managed inference platform saw explosive growth, with booked ARR jumping from $1 million to over $100 million in a few months, targeting $250 million by year-end.
- Net loss widened to $626 million in Q2, up from $290 million in the prior year, driven by higher interest expenses.
- Interest expense surged to $640 million, reflecting increased debt to fund rapid infrastructure expansion.
- Capital expenditures remain heavy at $9.4 billion in Q2, with full-year CapEx guidance raised to $35-39 billion, indicating ongoing cash flow pressure.
- Operating expenses increased significantly, including a rise in sales and marketing costs as the company invests in go-to-market efforts.
- Regulatory and community opposition to data center builds could impact future deployment locations, though current guidance remains unaffected.
Hello, everyone. Thank you for joining us, and welcome to CoreWeave's second-quarter 2026 earnings call. (Operator Instructions)
I will now hand the conference over to CoreWeave. Please go ahead.
Thank you. Good afternoon, and welcome to CoreWeave's second-quarter 2026 earnings conference call. Joining the call today to discuss our results are Mike Intrator, CEO; and Nitin Agrawal, CFO.
Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements because of factors that are set forth in today's earnings press release and in our quarterly report on Form 10-Q to be filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.
During this call, we will present both GAAP and certain
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