An AI cloud, listed in 2025
CoreWeave sells CoreWeave Cloud for training and running AI models. The 2025 Form 10-K says the company was founded in September 2017 and launched the platform in 2020. It delivers infrastructure, managed software, and application software, including storage, Mission Control, and developer tools such as Weights & Biases.
The August 11, 2026 release calls the company The Essential Cloud for AI and says the Nasdaq listing under CRWV was in March 2025. Michael Intrator is co-founder, chairman, and chief executive. Revenue was $5.1 billion in 2025, $1.9 billion in 2024, and $229 million in 2023.
Quarter ended June 30, 2026
GAAP revenue was $2,575 million, compared with $1,212 million a year earlier. GAAP operating loss was $49 million. Net interest expense was $640 million. The GAAP net loss was $626 million, or $1.14 a share. First-half revenue was $4,653 million and the first-half net loss was $1,366 million.
Adjusted EBITDA was $1,510 million and adjusted operating income was $128 million. Those are non-GAAP. The press release says guidance would be discussed on the earnings call and does not print a full-year revenue range.
Backlog and power are not revenue
Revenue backlog was about $104 billion at June 30, 2026. CoreWeave defines it as remaining performance obligations plus other estimated revenue under committed contracts, and it excludes more than $25 billion of net new commitments added in early third quarter.
Active power grew by nearly 500 MW in the quarter to 1.5 GW, and contracted power was about 3.7 GW. At December 31, 2025 the company had 43 data centers and over 850 MW of active power. The August release does not update the site count.
Vera Rubin, validated
In the second quarter CoreWeave said it completed the first bring-up and validation of NVIDIA Vera Rubin NVL72.
The earnings release does not say Vera Rubin was generally available, and it does not name a customer cluster.