CoreWeave, Inc. · Q2 2026 call

We generated record revenue of $2.6 billion, up 112% year-over-year, increased revenue backlog to $104 billion, while driving rapidly expanding enterprise adoption. This figure does not include the over $25 billion of net new customer commitments added in the early weeks of Q3.

We continue to execute on our power strategy, reaching 1.5 gigawatts of active power, adding nearly 500 megawatts more than any quarter in our history and more than tripling year-over-year. We remain firmly on track to reach at least 8 gigawatts by 2030.

In Q2, the customer contracts we signed came with contribution margins, we expect to be 5 to 10 percentage points above those added in recent quarters.

Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs while pricing for prior generation SKUs is at or above where it was years ago. Our near-term capacity remains effectively sold out.

These margin accretive businesses, including storage, CPU, networking and software, already exceed $400 million of ARR as of Q2.

this operating margin improvement came before our July pricing changes, which included an approximately 25% increase across SKUs in response to the current demand environment and the increasing ROI, our customers are observing from their investments in the CoreWeave platform as they shift to inference.

Of the existing backlog, more than 50% is attached to a contract where customer delivery has commenced. We expect this figure to reach more than two thirds of our Q2 backlog by the end of this year.

CapEx in Q2 totaled $9.4 billion, slightly above the high end of our guided range. Higher CapEx in the quarter reflects customer deliveries accelerating.

in June, we brought on more than 300 megawatts of active power, which makes June itself larger than any full quarter in our history.

Over the past year, we have reduced our weighted average cost of debt by almost 300 basis points, representing approximately $1.1 billion of annualized interest saving based on our end of Q2 debt load.

we expect Q3 revenue to be in the range of $3.45 billion to $3.6 billion. We expect Q3 adjusted operating income of $200 million to $260 million as margins continue to sequentially expand, reaching low teens in Q4.

Q3 interest expense is expected to be in the range of $860 million to $940 million, reflecting the growth in our debt balance to finance our accelerating deployments.

our disciplined execution and the momentum we are seeing across our customer base gives us confidence in raising our full year 2026 revenue guidance to $12.4 billion to $13.2 billion, and adjusted operating income to $960 million to $1.15 billion.

we now expect 2026 CapEx in the range of $35 billion to $39 billion.

the fact that we have been able to go ahead and sell a GPU who's architecture was from 2020, in a contract that was fully priced out to 2029, really provides some insight into what the future is going to look like as this infrastructure comes off contract.

when we think about the lessons that we've learned as we've gone through this unbelievable and unique scaling of our managed inference product, which went from $1 million to $100 million inside of a single quarter, we really think about the fact that that is an incredible opportunity for us to offer the most bleeding edge compute that we have, but also a wonderful way for us to access and use contract -- GPUs that are coming off contract in a way to extract maximum value for the company over time.

many of our clients are monetizing their products, and so they are more aggressive about coming in and willing to pay us higher margins because they need access to the compute that will allow them to be successful.

we increased the exit ARR number that we provided in guidance to you folks right now at $18.5 billion to $19.5 billion for 2026.

we believe that the certain communities have moved forward with moratoriums and we feel like moratoriums are, they're not going to impact the demand for this infrastructure. They are going to impact where this infrastructure gets built.

if you look at our gigawatts contracted today, they're already at 4.2 gigawatts contracted. In addition, we have about 1.5 gigawatts of powered land, options to execute LOIs that we have executed. That puts you close to about 6 gigawatts already in terms of how we think about power and it's middle of 2026.

when you're building infrastructure, you don't build infrastructure for training and you don't build infrastructure for inference. You build AI infrastructure.

When you're thinking about enterprise, enterprise tends to want to enter into contracts that are not five years in length. They tend to think in shorter cycles than that. And so by enabling the financing market to support the contracts in DDTL 5.5, we're able to go ahead and diversify our term, so that we're able to support additional contracts. It opens up a whole new markets for us.