CoreWeave, Inc.

Hello everyone. Thank you for joining us and welcome to CoreWeave's second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to CoreWeave. Please go ahead.

Thank you. Good afternoon and welcome to CoreWeave's second quarter 2026 earnings conference call. Joining the call today to discuss our results are Mike Intrator, CEO, and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. During this call, we will present both gap and certain non-gap financial measures. A reconciliation of gap to non-gap measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.goreweave.com. A replay of this call will also be available on our investor relations website. And now, I'd like to turn the call over to Mike.

Good afternoon, everyone, and thank you for joining us. Q2 was an exceptional quarter for CoreWeave. We outperformed our plan across the board with the operating leverage we have been building beginning to show up clearly in our results. Extraordinary execution across the organization drove record financial performance, rapid capacity growth, broadening customer demand, and continued platform innovation. We generated record revenue of $2.6 billion up 112% year over year, increased revenue backlog to $104 billion while driving rapidly expanding enterprise adoption. This figure does not include the over $25 billion of net new customer commitments added in the early weeks of Q3. We continued to execute on our power strategy, reaching 1.5 gigawatts of active power Adding nearly 500 megawatts, more than any quarter in our history, and more than tripling year over year. We remain firmly on track to reach at least 8 gigawatts by 2030. We grew adjusted operating income to $128 million, with margins expanding meaningfully as our scale increasingly translates into operating leverage. And we continued to broaden our technology stack, delivering seven new AI platform capabilities and achieving multiple industry-first milestones that enable customers to build, deploy, and operate AI faster and at greater scale. Our incredible progress is a testament to the entire organization, and the business is only getting stronger. In Q2, the customer contracts we signed came with contribution margins we expect to be 5 to 10 percentage points above those added in recent quarters. This is more than a collection of milestones. It is evidence that the AI market is developing in line with the convictions on which we built CoreWeave. We believe that the AI era is here and will ultimately touch every part of the global economy. that every organization is being transformed, creating an opportunity to reinvent established markets and create entirely new ones. That the future will be led by the pioneers who seize that opportunity, both AI native companies at the frontier and change makers inside established enterprises. That learning and iterating at light speed are now table stakes for AI leadership. and we believe those pioneers need a new kind of platform to unleash AI's potential at scale. These beliefs are the operating assumptions that drive our strategy. They guide our product roadmap, our capital allocation, our partnerships and ultimately how we serve our customers. Today, I want to discuss how our vision is translating into four areas. One, broadening demand and customer adoption. Two, the continuous AI development tools we provide on our platform. Three, the performance and economics enabled by our AI native architecture. And four, the power and supply chain foundation that will support years of growth. AI is transforming every organization. The debate around future demand for AI cloud infrastructure will likely continue. but what we know with certainty is informed by our customers' actions. Demand continues to intensify as the market broadens across sectors, geographies, workloads and generations of GPU architecture. AI is no longer confined to frontier model labs. It is becoming embedded in software, industrial systems, financial markets, enterprise workflows and national security missions. We see that breadth in our backlog, in the new commitments we have signed and in the utilization and pricing environment across our platform. Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs, while pricing for prior generation SKUs is at or above where it was years ago. Thank you for joining us. It is enabling enterprises to redesign core functions, create new offerings, and enter markets that did not exist before. Caterpillar is a powerful example. Together, we will deploy NVIDIA's Vera Rubin platform to support Caterpillar's physical AI training and inference at industrial scale. Using CoreWeave's AI cloud infrastructure as its data factory, Caterpillar will train specialized models that enhance the intelligence and productivity of autonomous construction equipment. Life Sciences is emerging as another important growth vertical for CoreWeave, as organizations tackling some of the world's most complex scientific challenges increasingly turn to our platform. We recently welcomed Isomorphic Labs as a new customer and are excited to support them in their mission to solve all disease. Financial services remains a major growth area for us as well. We recently added Flow Traders and IMC to our growing roster of systematic trading firms. These customers are using CoreWeave to develop and deploy the next generation of AI models for quantitative trading. They select our platform because of our ability to orchestrate high-performance workloads with the speed, reliability, and efficiency those applications require. And in the public sector, our collaboration with Leidos marks an important step in the growth of CoreWeave Federal. Together, we are working to accelerate the delivery of secure AI capabilities for defense, national security, and intelligence missions. The future of AI is being built by a new class of innovators. Some are AI native companies operating at the frontier. Others are changemakers inside established enterprises who are willing to challenge the status quo. CoreWeave serves both. Companies such as Descartes are using our platform to develop Oasis 3, the first API accessible world model for physical AI. IBM is using CoreWeave to experiment securely with reinforcement learning, agent tool use, and model evaluation. And through Monolith, our specialist field engineers work directly alongside customers such as Nissan and ZF to accelerate the development of enterprise-ready AI applications. Demand now extends beyond our infrastructure as well. Through CoreWeave Omni, we are seeing significant interest from sovereign, enterprise, and cloud customers alike. In the past few weeks, we signed our first deal, which will begin to scale in 2027. These examples differ by industry and use case, but the pattern is consistent. AI is moving from experimentation into core operations, and the organizations that act decisively are creating an advantage. and many more. Training, inference, evaluation, and improvement now form a single continuous loop. Models and agents in production generate real-world data. That data informs evaluation, driving new experiments, which improve the model or application before being redeployed into production. The loop repeats and capability compounds over time. That shift fundamentally changes both the demand curve and the economics of AI. Compute is no longer a one-time requirement concentrated at the beginning of a model's life. It becomes an ongoing requirement that grows with every application in production and every cycle of improvement. Our AI-native platform was built for this. It spans cutting-edge cloud infrastructure a rapidly growing managed inference business leading developer tooling and agent solutions, and a best-in-class orchestration and observability layer powered by mission control. Together, these capabilities give customers one integrated environment. Customers deploy applications through CoreWeave Inference using our models or the ones they have customized with our serverless capabilities, monitor performance with weights and biases, evaluate applications in production, experiment with new models, refine their performance through serverless reinforcement learning or sandboxes, and validate every change against quality, performance, and cost before returning it to production. CoreWeave ARIA, our AI research and iteration agent, accelerates that process further by analyzing thousands of evaluation runs, surfacing insights in minutes, and recommending the next experiment. That allows customers to compress the time between an idea, an experiment, and a production improvement at light speed. In Q2, we introduced seven new AI platform capabilities and achieved multiple industry firsts. These innovations were built alongside our customers and partners to solve real production challenges. That is why we are seeing such strong adoption. And just this week, we surpassed one billion model training runs tracked on our platform. Behind that number are millions of experiments, thousands of research breakthroughs, and a growing community of engineers, researchers, and organizations building the next generation of AI. Our AI development services, which carry higher margins, are also being adopted by a broader set of customers than our core cloud. That is proving to be a natural customer expansion path. because the developers building AI applications today are the AI cloud infrastructure customers of tomorrow. By serving them early, we are establishing relationships that naturally expand as AI workloads scale. We have seen an explosion of growth in our managed inference platform in the few months since its launch, with growth constrained only by our near-term capacity. Across serverless offerings and dedicated deployments, CoreWeave is monetizing tokens while giving customers flexibility in how they consume our platform. Companies such as Grammarly and u.com are moving from experimentation to real production traffic, running AI coding agents, serving their own fine-tuned models, and deploying open-weight models at scale. Customers shouldn't have to trade speed for cost. And on CoreWeave, they don't. They choose our platform for the combination of total cost of ownership, quality, breadth of service, and performance. That is reflected in our consistent leadership across cost per token and speed to first token on leaderboards like artificial analysis for open source models, including Kimi 2.6, K2.7 code, GLM 5.2, and Minimax M3. And that leadership is converting directly into revenue. In the past few months since its launch, booked ARR for our managed inference platform has grown from 1 million to more than 100 million. We expect to exit 2026 with at least 250 million of managed inference ARR. Pioneers need a different kind of platform. The continuous AI lifecycle cannot be supported by simply adding GPUs to a general-purpose cloud. It requires a new approach from power, cooling, and rack design through networking, orchestration, observability, developer tools, and managed services. That is why CoreWeave is purpose-built for AI. Our platform is singular in its depth, breadth, and technical capability. In Q2, we became the first cloud provider to bring up and validate NVIDIA's Vera Rubin NVL72, leveraging our innovations in software-defined liquid cooling and rack management to extend our track record of being first to market. We also set new ML Perf records for training and inference with open source models running on the NVIDIA Grace Blackwell platform and in our tests achieve the lowest cost per token for inference. However, performance alone is not enough. Customers need enterprise-grade security and observability, reliability, and compelling economics. According to Signal 65, CoreWeave delivers total cost of ownership estimated to be up to 47% lower than the average hyperscaler. Customers also require our platform, which integrates these capabilities with a broader portfolio of storage, CPU, and networking services across a distributed footprint of data centers globally. In July, Gartner named CoreWeave a visionary in its 2026 magic quadrant for cloud AI infrastructure. We believe that recognition provides additional independent validation of our approach to building the AI cloud. These achievements are not isolated technical milestones. They translate directly into faster deployment, higher utilization, better application performance, and lower cost for customers. Pairing product depth with best in class performance, quality, and market leading TCO is a winning formula for our customers and for CoreWeave. CoreWeave is the foundation for AI at scale. This market requires a foundation at a magnitude unlike anything that came before. That means securing power, sites, cooling, hardware, storage, networking, and supply chain inputs well ahead of need and operating them as one integrated system. As I shared at the top of the call, we ended Q2 with 1.5 gigawatts of active power, adding close to 500 megawatts in the quarter alone. To put that in perspective, we added more power in Q2 than any single NeoCloud operates in total today, according to third-party estimates. Critically, our scale is working in our favor, and the math gets better from here. Thank you very much. It is why margins expanded in Q2 and why we expect them to continue expanding sequentially during Q3 and Q4. We are also securing the ingredients required to sustain growth over a multiyear horizon. Contracted power grew to 3.7 gigawatts in Q2. Since quarter end, we have added roughly 500 megawatts, bringing contracted power to 4.2 gigawatts as of today. These figures exclude more than 1.5 gigawatts of further potential power from powered land we have accumulated, options we have to expand at existing sites, and LOIs we have executed. Our first several self-builds are already well underway, including our first site expected to come online later this year. Powered land forms the foundation for deeper vertical integration, giving us greater operational control and supporting enhanced long-term margins. We are also expanding globally and have contracted more than one gigawatt of power outside the United States, including recently entering the APAC region with 360 megawatts in Indonesia that will begin coming online in approximately 18 months. We expect international markets to become a major driver of growth as we meet customers where they and their end users operate. All in, we have excellent visibility to our target of at least 8 gigawatts by 2030. We expect demand to meaningfully exceed supply for years. In that environment, access to power is only part of the equation. Just as important is each necessary component required to deliver the AI cloud at scale. Building on our close partnerships with NVIDIA and our OEM and ODM partners, our recent long-term agreement with Solidigm is one illustration of how we are de-risking access to the critical inputs needed to serve our customers. Our investments in technology, capacity, vertical integration, supply chain, and global expansion all flow from the same vision. AI is increasingly pervasive. The pioneers who move fastest will lead, and they will require a platform capable of supporting continuous learning and deployment at unprecedented scale. Before I turn to Nitin, I want to reiterate that CoreWeave enters the second half of the year with more momentum than at any point in our history. AI is reshaping every industry. The pioneers that are building need more than compute, and that is why they come to CoreWeave for an AI cloud designed for the full AI lifecycle, serving any workload from frontier training to rapidly scaling inference. Demand continues to exceed supply across sectors, geographies, and generations of infrastructure. We are delivering at extraordinary scale to a diverse set of customers with improving operating leverage and visibility into the power and critical components required to sustain growth for years. The opportunity ahead is generational. CoreWeave is the essential cloud for AI. Our conviction in our strategy has never been stronger, and our execution continues to reinforce it. With that, I'll turn it over to Nitin.