On August 12, CoreWeave (CRWV.O) saw its stock price rise by 12% in after-hours trading on Tuesday. This followed the company's release of its fiscal second-quarter earnings, which revealed revenue of $2.58 billion, up 112% year-over-year, surpassing Wall Street expectations and highlighting strong market demand for AI computing power. Despite widening net losses to $626 million, up from $290 million in the same period last year, CoreWeave's order backlog has reached $104 billion, with projects under construction totaling 1.5 gigawatts of capacity. CoreWeave is actively expanding its data center business, competing with cloud computing giants such as Amazon, Google, and Microsoft, as it strives to secure a foothold in the market for deploying data centers equipped with chips to run generative AI models. However, the company has yet to achieve profitability, with debt on its balance sheet reaching $35 billion by the end of the quarter, primarily used to cover equipment procurement costs such as NVIDIA GPUs. This quarter, Meta announced an additional $21 billion investment in CoreWeave. Furthermore, CoreWeave has entered into a multi-year cooperation agreement with Anthropic and secured $6 billion in committed funding from quantitative trading firm Jane Street.