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CoreWeave reports $2.575B Q2 revenue, $104B backlog, and strong demand for older NVIDIA GPUs through 2029.

Market News
12 Aug 2026
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Bullish
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CoreWeave's Q2 2026 revenue surged 112% to $2.575 billion with a $104 billion backlog, driven by strong demand for NVIDIA GPUs, including older models contracted through 2029. CEO Mike Intrator highlighted that even 2020-era GPUs are booked at full price years ahead, reflecting robust market demand and CoreWeave's cloud infrastructure advantage. The company expects operating margins to improve to the low teens by Q4 despite heavy capital expenditures, signaling potential long-term sustainability. Investors will watch if CoreWeave can maintain pricing power on older GPUs as newer NVIDIA models enter the market.

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