CoreWeave and Nebius reported blockbuster second-quarter results that reset investor sentiment on AI infrastructure demand. CoreWeave Q2 revenue more than doubled to $2.58 billion (up 112% year-over-year), with a $104.2 billion order backlog and $25 billion in new customer commitments in the quarter. Nebius Q2 revenue surged 454% to $582 million, with adjusted EBITDA of $236 million versus a $21 million loss in the prior year, and customer commitments exceeding $40 billion.
CoreWeave raised 2026 guidance to $12.4–13.2 billion in revenue and increased capex target to $35–39 billion (from prior $31–35B). The company signed major expansions with Meta ($21B additional commitment), Anthropic (multi-year agreement), and Jane Street ($1B investment), while raising 9.625% senior notes for debt financing. Nebius maintained full-year guidance of $3.0–34.0 billion revenue and hit adjusted EPS of $0.90 versus $0.86 consensus, beating on both headline and bottom-line metrics.
Super Micro Computer reported fourth-quarter earnings that beat expectations, with management raising fiscal 2027 revenue guidance to $65–72 billion. The server-maker disclosed over $60 billion in new orders over the past year and cited power and cooling constraints as the limiting factor for additional demand capture. The broader neocloud/server complex surged 19–34%: CoreWeave +~20%, Nebius +34%, SMCI +19%, with optical-component maker Lumentum (revenue +100%) also advancing.
For architects managing AI infrastructure spend: these earnings validate sustained enterprise capex velocity and suggest capacity constraints (power, cooling, interconnect) are now the binding constraint rather than demand. CoreWeave's $104B backlog translates to >12 months of production, and neocloud unit economics—payback under 3 years per Wedbush—suggest pricing power remains intact despite SpaceX competition.