CoreWeave reported second-quarter revenue of $2.58 billion, up 112% year-over-year, driven by sustained demand from hyperscalers building artificial intelligence infrastructure. The company's backlog reached $104 billion, according to the earnings announcement released August 11.
The GPU cloud infrastructure provider serves Meta, Anthropic, and Jane Street among others. CoreWeave's backlog-to-quarterly-revenue ratio stands at 40 to 1, meaning the company has secured commitments covering roughly 40 quarters of revenue at current run rates. The 112% year-over-year growth rate is roughly double the company's sequential expansion trajectory.
CoreWeave went public via blank-check merger in May 2024 and trades on Nasdaq under the ticker CRWV. The company leases GPU capacity to enterprises training and running large language models, competing directly with cloud providers AWS, Google Cloud, and Microsoft Azure in the specialized market for AI workloads. Unlike generalist cloud vendors, CoreWeave focuses exclusively on the GPU-dense infrastructure required by frontier AI labs.
The backlog size reflects both the scarcity of available GPU capacity globally and the capital intensity of hyperscaler buildouts. Meta, Amazon, and Alphabet have collectively committed tens of billions of dollars to data center expansion in 2025 and 2026. CoreWeave's capacity sits in a wider undersupply environment where demand for Nvidia H100 and H200 GPUs continues to exceed available supply across the cloud ecosystem.
Stock movement in premarket trading reached 19.9% higher following the announcement, though broader GPU infrastructure stocks including Nvidia and other direct cloud competitors did not show comparable intraday pressure. CoreWeave's revenue base of $2.58 billion annualizes to roughly $10.3 billion at current quarterly rates, placing it in the tier of established cloud infrastructure vendors by annual revenue despite its two-year public market history.
The $104 billion backlog figure requires close tracking against actual quarterly revenue conversion. A backlog in the $100 billion range is uncommon outside of aerospace and defense contracting, where long-term fixed commitments are standard. In cloud infrastructure, where customers can typically pause or renegotiate contracts quarterly, the durability and collectability of backlog depend on hyperscaler capex budgets remaining stable. If CoreWeave's major customers defer orders or reduce deployment timelines, the backlog number will compress materially in coming quarters.
