- CoreWeave plans to raise $3 billion through a convertible debt offering, with initial buyers able to purchase up to an additional $500 million; it also launched an at-the-market stock sale program for up to 35 million shares. Proceeds cover dilution protection and operations.
- Shares of the neocloud fell more than 3% in early trading on the financing news, after gaining over 16% year to date through the prior close.
- CoreWeave signed short-term Q3 customer agreements of roughly three to six months at pricing equivalent to about $40 million per megawatt, an annualized revenue-per-megawatt metric, and total contracted power rose to about 4.2 gigawatts as of August 11 from 3.7 gigawatts at the end of June.
- The company secured more than $25 billion in net new customer commitments early in Q3 that were not included in the reported revenue backlog as of June 30, without disclosing customer identities.
- Q2 2026 revenue doubled to $2.575 billion, beating consensus, while contracted backlog hit $104 billion at quarter-end and grew to $129 billion shortly after on deals with Meta, Anthropic, and Jane Street. FY26 revenue guidance was raised to $12.4-$13.2 billion despite a $626 million net loss driven by interest expenses and depreciation.
Quotes
“Shares of the neocloud were down more than 3% in early trading.”
“CoreWeave also disclosed that it secured more than $25 billion in net new customer commitments early in the third quarter.”
“revenue doubling to $2.575 billion and beating Wall Street consensus”