CoreWeave and Nebius signal strong demand for AI chips with explosive revenue growth

CoreWeave and Nebius, two GPU-focused cloud providers, just dropped Q2 2026 numbers that make the broader cloud market look sleepy by comparison. CoreWeave posted revenue of roughly $2.58 billion, up 112% year-over-year. Nebius went even further, reporting revenue between $575 million and $582 million, a gain of more than 450% over the same period last year.

The numbers behind the neocloud surge

CoreWeave’s headline figure is impressive on its own, but the contracted revenue backlog tells the real story. As of June 30, the company sat on $104 billion in contracted future revenue. Then, early in Q3, it tacked on another $25 billion-plus in additional commitments.

Nebius saw its AI cloud segment surge more than 500% year-over-year. The company now projects an annualized run-rate of $3 billion for that business alone.

Both companies count major hyperscalers among their customers, with multi-billion-dollar contracts tied to Meta and Microsoft. And both have received $2 billion investments from Nvidia.

CoreWeave’s stock climbed 19% following its Q2 results, while Nebius surged 34%.

Rising prices in a supply-constrained market

Nebius announced on-demand price increases of 17% to 21% across various Nvidia GPU models, effective October 1, 2026. CoreWeave, meanwhile, is reportedly contracting new capacity at higher prices than previous deals.

Analysts are projecting that these pricing dynamics could translate into operating-margin improvements of 500 to 1,000 basis points for both companies.

CoreWeave is targeting 8 gigawatts of data center capacity by 2030. Nebius is planning for 5 gigawatts by the end of 2026.