CoreWeave reported second quarter 2026 results on August 11, 2026. Revenue was 2,575 million dollars against 1,212 million dollars in the second quarter of 2025, an increase of 112 percent. Adjusted EBITDA was 1,510 million dollars, a 59 percent margin. Net loss widened to 626 million dollars from 290 million dollars a year earlier. Capital expenditure on property, equipment and capitalized software was 6,422 million dollars in the quarter and 14,117 million dollars for the six months ended June 30, 2026.
The contracted pipeline is the number that dominates the release. Revenue backlog stood at approximately 104 billion dollars as of June 30, 2026, and CoreWeave said it added more than 25 billion dollars of net new customer commitments in early Q3, after the quarter closed. Contracted power was approximately 3.7 gigawatts, and the company expanded active power by nearly 500 megawatts during the quarter to reach 1.5 gigawatts.
The customer list shows the buyer base widening past AI labs. New customers named in the quarter were Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs and Sunday Robotics. Expanded relationships were with Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale and Runway ML. Engineering firms and an industrial equipment maker sitting alongside model developers and quantitative traders is a different revenue mix than a pure frontier-training supplier would report.
The tension in the numbers is between contract quality and financing cost. Backlog of roughly 104 billion dollars against 2.6 billion dollars of quarterly revenue means multiple years of committed demand, and a 59 percent adjusted EBITDA margin says the compute itself is sold profitably. The loss comes from what it costs to own the fleet: 6.4 billion dollars of capital expenditure in a single quarter has to be funded, and the interest on that funding is what turns operating profit into a widening net loss. For anyone assessing neocloud counterparty risk, the question raised by this quarter is not whether demand exists but whether the debt service on a 3.7 gigawatt build can be carried until the contracts convert to cash.