{"id":5151,"date":"2026-08-12T05:12:50","date_gmt":"2026-08-12T05:12:50","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5151"},"modified":"2026-08-12T05:12:50","modified_gmt":"2026-08-12T05:12:50","slug":"coreweave-ceo-michael-intrator-cites-sold-out-capacity-as-revenue-more-than-doubles-and-backlog-swells-to-104-billion","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5151","title":{"rendered":"CoreWeave CEO Michael Intrator cites \u2018sold out\u2019 capacity as revenue more than doubles and backlog swells to $104 billion"},"content":{"rendered":"
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\u201cOur near-term capacity remains effectively sold out,\u201d CEO Michael Intrator said on a call with analysts on Tuesday.<\/p>\n

Read more When OpenAI employees have a problem, they email this special address to see if Sam Altman will solve it immediately<\/a><\/p>\n

Coreweave said its revenue backlog\u2014deals that it has not billed yet\u2014 246% year-over-year to $104.2 billion in the second quarter. And the company noted that the figure doesn\u2019t include roughly $25 billion of net new customer commitments added in early Q3.<\/p>\n

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In response, the stock surged more than 14% in after hours trading on Tuesday, following a volatile year that has seen share prices whipsaw as investors have worked through fears of an AI bubble and the massive amounts of capital expenditures being plowed into AI infrastructure. <\/p>\n

Coreweave is among several so-called neocloud providers that build and operate data centers to run AI models, and which compete with established cloud computing giants like Amazon Web Service, Microsoft Azure, and Google Cloud.<\/p>\n

The debate about over investment in AI intensified the day before Coreweave reported earnings, as chipmaker Nvidia (which owns close to 13% of CoreWeave) announced a plan Monday to mobilize $500 billion in financing for AI infrastructure in partnership with Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management. Nvidia\u2019s shares were up about 1% after its funding announcement, and up slightly after CoreWeave published its results.<\/p>\n

Intrator said on the earnings call that the prices CoreWeave charges for access to Nvidia\u2019s leading edge Blackwell and Vera Rubin chips are \u201csetting new highs\u201d while even older chip inventory is renting at prices last seen years ago. Revenue rose 112% to $2.58 billion this quarter, slightly above the $2.56 billion analysts had estimated, and Coreweave<\/p>\n

Read more France hits unsolicited telemarketers with $87,000 fine per call, following similar provisions in other European nations<\/a><\/p>\n

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Despite the strong demand, Coreweave lost $626 million in the second quarter, fueled by a $640 million net interest expense, compared to a net loss of $260 million a year ago.\u00a0Excluding stock compensation costs and other items, Coreweave said it had $128 million in adjusted operated income in the second quarter.<\/p>\n

Concerns about the life span of older inventory, particularly the pricey Nvidia GPUs in Coreweave\u2019s data centers, have been partly why some investors have been less bullish on CoreWeave. The company carries $46.7 billion of property and equipment on its balance sheet, which is mostly made up of GPUs, which some fear could quickly lose their value in favor of newer versions. <\/p>\n

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Company executives pointed to AI \u201cinference\u201d\u2014in which Coreweave compute runs AI models rather than training them\u2014as a way to extra maximum value from its investments in AI chips and other infrastructure. \u201cThe market is very deep,\u201d Intrator said. \u201cWe think that we have an embedded advantage because of our control over the silicon, and we think that we\u2019re going to be very successful in that market over time.\u201d<\/p>\n

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Intrator also tried put the kibosh on concerns that local opposition and moratoriums on data center buildings would slow CoreWeave\u2019s progress. Currently, 18 states have either restricted or are considering significant restrictions on data center building. Intrator said it will impact where data centers are built, but it won\u2019t make a dent in demand. He said companies should work with local communities and offer sweeteners like paying for grid upgrades so costs don\u2019t hit local residents and to ensure long-term job growth. CoreWeave has targeted eight gigawatts of power by 2030.<\/p>\n

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\u201cNone of those numbers will be impacted by the regulatory pushback; as of today we are comfortable with it,\u201d Intrator said.<\/p>\n

Read more Trump demands Iran pay for decades of U.S. deaths in rebuke of Tehran\u2019s request for reparations<\/a><\/p>\n

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The neocloud provider said revenue more than doubled in the second quarter, while backlog rose 246% year-over-year to $104.2 billion.<\/p>\n","protected":false},"author":1,"featured_media":5150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[546],"tags":[],"class_list":["post-5151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cloud"],"yoast_head":"\nCoreWeave CEO Michael Intrator cites \u2018sold out\u2019 capacity as revenue more than doubles and backlog swells to $104 billion - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5151\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CoreWeave CEO Michael Intrator cites \u2018sold out\u2019 capacity as revenue more than doubles and backlog swells to $104 billion - 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