Coreweave surges 18% in premarket after a 'cleaner quarter'. Here's what's happening

Michael Intrator, co-founder and CEO of CoreWeave, speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Feb. 27, 2026. Brendan McDermid | ReutersAI cloud giant CoreWeave was up in premarket trading on Wednesday after reporting that its second-quarter revenue doubled, driven by surging demand from hyperscalers for AI compute capacity. The company, which rents out high-powered computing capacity needed to run and build AI, reported after the bell Tuesday that its second-quarter revenue came in at $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025. It's guiding for third-quarter revenue of between $3.4 billion and $3.6 billion.But the company is still not profitable. Operating expenses for the quarter also more than doubled year-on-year and marginally exceeded revenue, per the results. CoreWeave was last seen up 18% in premarket trading. At Tuesday's close, it was up 26% since the start of the year.Stock Chart IconStock chart iconCoreweave's stock since the beginning of the year. Its revenue backlog for the quarter stands at $104 billion as of June 30, which doesn't include $25 billion in new customer commit...