CoreWeave reported second-quarter revenue of $2.58 billion, up 112 percent year-over-year, as demand from hyperscalers for AI infrastructure accelerated, according to the company's announcement. The cloud provider's shares jumped 19 percent in premarket trading on the results.
The growth rate exceeds the broader infrastructure market. CoreWeave, which went public in March 2026 through a SPAC merger, has positioned itself as the primary alternative to Nvidia's cloud services for companies building large language models and other AI applications.
Nebius, a competitor in the neocloud space that focuses on AI infrastructure and cloud services for Russian and European markets, reported $575 million in AI cloud revenue for the second quarter, up 514 percent year-over-year. The company's AI cloud segment represented 98 percent of total revenue. Nebius shares rose 34 percent following the earnings announcement.
Both companies compete for GPU capacity and the large-scale compute contracts that hyperscalers like OpenAI, Meta and Anthropic require to train and run their models. CoreWeave operates data centers globally and leases GPU clusters from Nvidia and others to serve customers on-demand. Nebius operates its own infrastructure, primarily serving customers in Europe and addressing demand from companies avoiding U.S. cloud providers due to regulatory concerns.
CoreWeave's 112 percent growth outpaced the cloud infrastructure market's historical expansion rates before the AI boom. The broader cloud infrastructure market grew at roughly 30 to 40 percent annually in 2023 and 2024. The company's revenue acceleration coincided with a period when multiple AI companies announced major expansion plans, with Anthropic, Meta and others committing billions to GPU procurement.
Both companies filed earnings reports in consecutive days. Multiple investors have bid up valuations for companies providing specialized compute infrastructure outside the traditional cloud giants. Both CoreWeave and Nebius trade at valuations tied to expectations of sustained AI demand, though the market for GPU cloud services remains fragmented across dozens of providers competing on price, latency and access to scarce chip inventory.
The metric to watch is whether CoreWeave maintains triple-digit growth rates through the second half of 2026 as capacity constraints ease and the number of AI companies requiring massive training clusters stabilizes.
