CoreWeave Inc. reported second-quarter revenue of $1.21 billion, beating the $1.08 billion analyst consensus and rising 207% from a year earlier, as demand for artificial-intelligence compute continued to outstrip available capacity. The AI-focused cloud operator nevertheless posted a wider-than-expected net loss of roughly $290 million, or about $0.60 a share, as operating expenses and stock-based compensation swelled. Adjusted EBITDA more than tripled to $753 million, representing a 62% margin, but GAAP operating margin compressed to 2% versus 20% a year ago. Backlog climbed to $30.1 billion at the end of June from $25.9 billion three months earlier, driven in part by a $4 billion contract expansion with OpenAI. A separate regulatory filing shows OpenAI has committed to pay up to $11.9 billion through 2030, underscoring the concentration of large customers in CoreWeave’s order book. Management said power availability, rather than chip supply, remains the main bottleneck as it races to build additional data-center capacity. The Livingston, New Jersey-based company lifted its full-year revenue forecast to a range of $5.15 billion to $5.35 billion and projected third-quarter sales of $1.26 billion to $1.30 billion, above Wall Street expectations. CoreWeave spent $2.9 billion on capital expenditures during the quarter and bolstered its balance sheet by issuing $2 billion of 9.25% senior unsecured notes due 2030. Despite the top-line beat and higher outlook, the stock fell between 6% and 10% in late trading as investors focused on the accelerating cost of growth and persistent losses.