CoreWeave CEO Michael Intrator cites 'sold out' capacity as revenue more than doubles and backlog swells to $104 billion

CoreWeave’s revenue more than doubled in the second quarter to $2.58 billion, helping push results above analysts’ $2.56 billion target, as demand for its AI infrastructure services accelerated. CEO Michael Intrator said the company’s near-term capacity is “effectively sold out.” CoreWeave also reported a 246% year-over-year jump in revenue backlog—unbilled deals—to $104.2 billion. The figure excludes about $25 billion of net new customer commitments added in early Q3. Despite the growth, the company posted a $626 million loss, driven by a $640 million net interest expense. CoreWeave carries $46.7 billion in property and equipment, mostly GPUs.