CoreWeave shares surged about 14% in after-hours trading Tuesday after the AI cloud provider reported record second quarter revenue and a growing backlog. Revenue reached $2.575 billion during the quarter, up 112% from $1.212 billion a year earlier, while analysts surveyed by FactSet had expected about $2.55 billion. The company reported a net loss of $626 million, compared with a loss of $290 million last year, with loss per share at $1.14. Adjusted EBITDA rose to $1.51 billion from $753 million, with a margin of 59%, and adjusted operating income came in at $128 million, up from $21 million in the first quarter but below the $200 million reported a year earlier. Revenue backlog reached $104.2 billion at the end of June, up 246% from a year earlier, excluding more than $25 billion in additional commitments secured early in the third quarter. Active power exceeded 1.5 gigawatts, contracted power stood at roughly 3.7 gigawatts at the end of June and increased to approximately 4.2 gigawatts by August 11. Capital expenditures reached $9.4 billion in the second quarter, with about $16.1 billion spent in the first six months of 2026. CoreWeave highlighted new relationships with Caterpillar, Grammarly, Cognition, Databricks, Runway and Hudson River Trading, completed the first bring up and validation of