CoreWeave Boosts Capital Spending Forecast Amid AI Cloud Demand Surge

CoreWeave has increased its capital spending forecast for the year due to high demand for AI cloud computing services. The company reported revenue of $2.58 billion in the second quarter, more than double what was expected. Its adjusted per-share loss was smaller than predicted.

The AI cloud provider has seen a surge in orders and contracts with major customers like Meta, Anthropic, and Caterpillar. It now expects to spend between $35 billion and $39 billion on capital expenditures this year, up from its previous estimate of $31 billion to $35 billion.

CoreWeave's CEO Michael Intrator credited the company's operating leverage for its strong results. He also noted that the company is securing compute agreements on increasingly favorable terms due to its near-term capacity being effectively sold out.