CoreWeave reports a $104 billion backlog and says new contracts are priced higher

In its second-quarter results on 11 August 2026, CoreWeave reported revenue of $2,575 million against $1,212 million a year earlier, with an operating loss of $49 million against operating income of $19 million a year earlier, interest expense of $640 million against $267 million, and a net loss of $626 million against $290 million. It said backlog was about $104 billion at 30 June, not counting more than $25 billion of new commitments added in early Q3, and that active power reached 1.5 GW. A 17 September release says new short-dated contracts are priced at about $40 million per megawatt and that total contracted power rose to about 4.2 GW. We file this because the company ties its demand to AI cloud in its own words and gives hard figures. How we read it: customers keep signing for AI capacity at rising prices, while interest costs that more than doubled have pushed it from a small operating profit to a loss, which raises financial risk. What would change this: backlog not turning into revenue, or falling prices. Why it matters to you: it shows demand for AI computing outside the biggest cloud firms.