CoreWeave Boosts Spending Plan as AI Demand Surges

CoreWeave, an AI cloud computing services provider backed by Nvidia, has upgraded its spending plan for 2026 after beating quarterly estimates. The company's revenue backlog stood at US$104.2 billion in the second quarter, up from US$99.4 billion in the first quarter.

On top of this backlog, CoreWeave secured more than US$25 billion of net new customer commitments so far in the current quarter. CEO Michael Intrator attributed the strong performance to a surge in demand for AI cloud computing services due to relentless enterprise spending on AI.

Intrator noted that with near-term capacity effectively sold out, the company is securing compute agreements on increasingly favourable terms. CoreWeave now expects full-year capital expenditure to be between US$35 billion and US$39 billion, up from its previous expectations of US$31 billion to US$35 billion.