AI neocloud providers CoreWeave and Nebius saw significant stock gains on Wednesday after reporting substantial revenue growth and increased demand for AI computing infrastructure.
Key facts
- •CoreWeave's second-quarter revenue reached $2.6 billion, up 112% from the same period in 2025.
- •Nebius reported a 514% revenue increase to $575 million, with the total value of contracts won quadrupling.
- •CoreWeave's operating loss for the quarter was $49 million, driven by operating expenses that matched its revenue.
- •Meta committed an additional $21 billion in spending with CoreWeave during the second quarter.
- •Supermicro reported more than $60 billion in new orders over the past year in its fourth-quarter earnings.
CoreWeave shares rose 19% on Wednesday following a second-quarter report that showed revenue doubling to $2.6 billion. The company, which provides high-powered computing capacity for AI development, also reported a revenue backlog of $104 billion as of June 30. Amsterdam-based Nebius also saw its stock jump 34% after announcing a 514% increase in quarterly revenue to $575 million.
By the numbers
CoreWeave Financial Performance
While CoreWeave reported significant revenue growth, the company remains unprofitable. Operating expenses for the quarter rose to $2.6 billion, resulting in an operating loss of $49 million compared to an operating income of $19 million in the same period last year. The company forecasts full-year revenue between $12.4 billion and $13.2 billion.
Market Demand and Partnerships
CoreWeave CEO Michael Intrator noted that the company reached an inflection point during the quarter, supported by $25 billion in new customer commitments. Major commercial developments include a $1 billion strategic investment from Jane Street and an additional $21 billion commitment from Meta. Citi analysts highlighted the company's robust demand and improved pricing power as positive indicators for the broader neocloud sector.
Broader AI Sector Gains
The AI infrastructure boom extended to other industry players on Wednesday. Supermicro shares surged 19% after reporting over $60 billion in new orders over the past year. Additionally, Foxconn reported better-than-expected profit growth, and U.K.-based Nscale continues to attract significant private capital as it prepares for a potential IPO later this year.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by CNBC Europe.
