What were CoreWeave's latest financial results?

CoreWeave posted Q2 revenue of $2.575 billion, up 112.3% year over year, with adjusted EBITDA doubling to $1.51 billion at a 59% margin. The company also reported a revenue backlog of roughly $104 billion.

What is the new ETF and which stocks does it hold?

Roundhill Investments has launched an ETF focused on neocloud firms, with CoreWeave, Nebius, IREN, and Applied Digital all ranking among its top 10 holdings. The ETF spreads execution risk across multiple operators rather than concentrating it in a single name.

What are the main risks to these stocks?

CoreWeave carries $72.046 billion in total liabilities and $640 million in quarterly interest expense (up 139% year over year) and burned $5.743 billion in free cash flow last quarter. All neocloud names depend on NVIDIA supply, hyperscaler demand, and simultaneous construction execution; the article also notes drawdowns of 20%-plus remain plausible given the group's volatility.

AI Stocks & MarketsAI Business & IndustryYahoo Finance AI1h agoAug 13, 2026, 06:00 JST5 min read

Nebius, CoreWeave surge on AI infrastructure earnings; new ETF offers diversified exposure

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Key takeaway

Nebius and CoreWeave, companies that rent out AI computing infrastructure to cloud providers, posted strong earnings and surged today, with Nebius reporting 454% revenue growth and CoreWeave achieving a $104 billion revenue backlog.
The rally reflects growing capex commitments from hyperscalers, expected to climb to nearly $700 billion annually, and NVIDIA's $500 billion AI fund, which extends demand visibility into 2027 and beyond.
A newly launched ETF now offers diversified exposure across the sector for investors seeking the theme without single-stock risk.

3 Key Points

What happened
Nebius jumped 30.5% and CoreWeave rose 19.44% today after reporting strong earnings. CoreWeave posted Q2 revenue of $2.575 billion (up 112.3% year over year) with adjusted EBITDA of $1.51 billion at a 59% margin and a revenue backlog of roughly $104 billion. Nebius reported revenue surging 454% to $582.3 million with an annualized run rate of $3.0 billion, and closed four AI cloud deals averaging more than $1 billion apiece in total contract value.
Why it matters
These "neocloud" firms—providers of AI computing infrastructure—are benefiting from hyperscaler capex expected to climb from roughly $400 billion to nearly $700 billion annually, and NVIDIA's newly disclosed $500 billion AI fund extends the investment cycle further. CoreWeave's $104 billion backlog dwarfs its $58.8 billion market cap, and Applied Digital has 600 MW under contract representing roughly $16 billion in prospective lease revenue against an $8.37 billion market cap, suggesting valuations may be anchored to near-term contracted revenue rather than current earnings alone.
What to watch
Roundhill Investments has launched an ETF providing diversified exposure to neocloud stocks, with CoreWeave, Nebius, IREN, and Applied Digital ranking among its top 10 holdings. The article notes drawdowns of 20%-plus remain plausible given the group's volatility, and execution risks include NVIDIA supply constraints, hyperscaler demand, and simultaneous construction delivery.

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In Depth

Read the full story

Nebius Group and CoreWeave delivered earnings that reset market expectations for GPU-as-a-service economics. Nebius surged 30.5% today, extending a year-to-date gain of 201.27% and a one-year advance of 234.77%, driven by revenue surging 454% to $582.3 million with an annualized run rate of $3.0 billion. The company closed four AI cloud deals averaging more than $1 billion apiece in total contract value—a pace CEO Arkady Volozh characterized as closing "our largest AI Cloud deals on our strongest terms to date, at prices that represent a step-change in the economics of our business."

CoreWeave's results were equally striking: the company posted Q2 revenue of $2.575 billion, up 112.3% year over year, while adjusted EBITDA doubled to $1.51 billion at a 59% margin. CEO Michael Intrator highlighted a revenue backlog of roughly $104 billion as an "important inflection point," noting that CoreWeave's growing scale was beginning to translate into operating leverage. CoreWeave jumped 19.44% in today's session, though its 12-month record still shows a 27.45% decline. IREN added 9.12% and Applied Digital rose 4.72%.

These valuations trade at an obvious premium: CoreWeave carries a price-to-sales ratio of 7.91 with a price-to-book of 12, while Nebius trades at a P/S of 53.25 despite negative EBITDA. However, the article argues the relevant comparison is contracted revenue. CoreWeave's $104 billion backlog dwarfs its $58.8 billion market cap, Nebius expects over $9 billion in customer prepayments in 2026, and Applied Digital has 600 MW under contract representing roughly $16 billion in prospective lease revenue against an $8.37 billion market cap. On a forward-visibility basis, the group reads as aggressive rather than absurd.

The fundamental driver is a multi-year surge in hyperscaler capex. Applied Digital's CEO Wes Cummins pegs hyperscaler capex climbing from roughly $400 billion to nearly $700 billion annually. NVIDIA's newly disclosed $500 billion AI fund extends the runway further, and critically, acts as a capital partner alongside its role as supplier. IREN's headline deal illustrates the dynamic: a five-year, $3.4 billion AI cloud contract with NVIDIA, plus up to $2.1 billion in NVIDIA investment vesting as GPU capacity scales toward 600,000 GPUs. The article notes that Polymarket assigns a 0.665 probability that NVIDIA hits $232 in August, a sentiment tailwind for the entire GPU-cloud chain.

Risks, however, are material. CoreWeave carries $72.046 billion in total liabilities and $640 million in quarterly interest expense, up 139% year over year, while the company burned $5.743 billion in free cash flow last quarter. Nebius diluted shareholders through a $2.8 billion ATM raise. Every name depends on NVIDIA supply continuity, sustained hyperscaler demand, and flawless construction execution. The article notes that retail sentiment on CoreWeave sat at mixed levels heading into today's spike, a reminder that these stocks trade on narrative velocity.

For investors seeking diversified exposure, Roundhill Investments has launched a neocloud-focused ETF with CoreWeave, Nebius, IREN, and Applied Digital ranking among its top 10 holdings. The article concludes that the backlog-to-market-cap math still supports the space and NVIDIA's capital commitments extend the cycle into 2027 and beyond, though drawdowns of 20%-plus remain plausible given the group's inherent volatility.

Context & Analysis

The surge in neocloud stocks reflects a structural shift in how capital flows through AI infrastructure. CoreWeave and Nebius are benefiting from a multi-year wave of hyperscaler capex: Applied Digital's CEO pegs capex climbing from roughly $400 billion to nearly $700 billion annually, and NVIDIA's newly disclosed $500 billion AI fund acts as both a capital partner and demand signal. This creates a powerful tailwind—when the key GPU supplier also co-invests, it reduces the financing risk that might otherwise concern equity investors. IREN's five-year, $3.4 billion AI cloud contract with NVIDIA, plus up to $2.1 billion in vesting NVIDIA investment as GPU capacity scales toward 600,000 GPUs, exemplifies the same dynamic.

Valuations in the sector trade at a premium to conventional metrics. CoreWeave carries a price-to-sales ratio of 7.91 and Nebius trades at a P/S of 53.25 despite negative EBITDA. However, the operative comparison is contracted revenue: CoreWeave's $104 billion backlog dwarfs its $58.8 billion market cap, and Nebius expects over $9 billion in customer prepayments in 2026. Applied Digital has 600 MW under contract representing roughly $16 billion in prospective lease revenue against an $8.37 billion market cap. By this forward-visibility standard, the group reads as aggressive rather than absurd.

The risks are tangible. CoreWeave's total liabilities stand at $72.046 billion and quarterly interest expense reached $640 million, up 139% year over year, while the company burned $5.743 billion in free cash flow last quarter. Every name depends on sustained NVIDIA supply, hyperscaler demand, and flawless construction execution. The article notes that Nebius diluted shareholders through a $2.8 billion ATM raise, and drawdowns of 20%-plus remain plausible given the group's inherent volatility. The new Roundhill ETF allows investors to express the theme across multiple operators, spreading execution risk in a way a single-ticker position cannot.

FAQ

What were CoreWeave's latest financial results?: CoreWeave posted Q2 revenue of $2.575 billion, up 112.3% year over year, with adjusted EBITDA doubling to $1.51 billion at a 59% margin. The company also reported a revenue backlog of roughly $104 billion.
What is the new ETF and which stocks does it hold?: Roundhill Investments has launched an ETF focused on neocloud firms, with CoreWeave, Nebius, IREN, and Applied Digital all ranking among its top 10 holdings. The ETF spreads execution risk across multiple operators rather than concentrating it in a single name.
What are the main risks to these stocks?: CoreWeave carries $72.046 billion in total liabilities and $640 million in quarterly interest expense (up 139% year over year) and burned $5.743 billion in free cash flow last quarter. All neocloud names depend on NVIDIA supply, hyperscaler demand, and simultaneous construction execution; the article also notes drawdowns of 20%-plus remain plausible given the group's volatility.

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