CRWV posted $2.575B in Q2 2026 revenue, up 112% year over year, and added $25B in new contracts in just five post-quarter weeks. Intrator settled the GPU obsolescence debate by contracting 2020-vintage chips at full freight through 2029, proving older silicon still commands premium pricing. CoreWeave expects operating margins to snap back to the low teens by Q4, despite $39B in annual capex and negative $5.74B in Q2 free cash flow.
It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor) CoreWeave (NASDAQ:CRWV) CEO Mike Intrator explained on a CNBC Squawk on the Street interview on Wednesday, August 12, that the AI infrastructure market is sending a powerful message about demand: even older NVIDIA GPUs that investors feared would rapidly depreciate are being contracted years into the future at full pricing. CoreWeave reported Q2 2026 revenue of $2.575 billion, up 112.32% year over year, with an adjusted EBITDA of $1.51 billion at a 59% margin and a revenue backlog of approximately $104 billion as of June 30, 2026. CoreWeave's CEO discussed the pipeline that had developed since Q2 ended.
"Since Q2 closed, in the first five weeks, we contracted an additional more than $25 billion worth of contracts... to put that in perspective, $25 billion is virtually the size of our backlog a year ago," he said. That figure sits on top of the reported backlog and is not included in it. SoFi Active Invest is offering a limited-time promotion.
Open an account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now. (Sponsor) He sees three main ingredients driving the increase in demand: "It's the NVIDIA GPU, which is the best solution in market; it's the NVIDIA software, the CUDA platform, which allows this fungibility, which is so important; and the final piece is it's delivered through the CoreWeave cloud, which has the best software solution in market to deliver this infrastructure," Intrator said. That fungibility argument matters because it allows older silicon to migrate across workloads rather than aging out.
The bear case on CoreWeave has centered on GPU obsolescence. It would be dangerous for CoreWeave to buy expensive Hopper- or Ampere-class silicon, then watch these assets depreciate as pricing collapses. However, CEO Intrator argues that they're booking contracts well into the future.
"We contracted a 2020 vintage architecture all the way out to 2029 at full freight. And that's just an amazing commentary on the demand in the market for compute and the demand for CoreWeave's solution of how to deliver this compute," he said. That claim aligns with third-party market color from August 12, 2026, noting older NVIDIA A100 GPUs can "still generate revenue nearly a decade later" and that CoreWeave secured an extended A100 contract through 2029.
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