Highlights

  • CoreWeave introduced tested workload templates in October to simplify cloud setup for robotics, autonomous vehicle and simulation development teams.
  • A September update described short-term computing contracts at higher annualised revenue per megawatt than previously reported contract pricing levels.
  • Second-quarter revenue more than doubled YoY, but the company reported an operating loss and substantially higher net interest expense.
  • Customer commitments and contracted power increased after June, while delivery requirements continue governing the conversion of backlog into recognised revenue.

A new set of physical AI development tools is extending the cloud offering at CoreWeave (NASDAQ:CRWV), which provides computing infrastructure and software for AI workloads. The October launch follows a September contract pricing update and substantial revenue growth in the June quarter. Expansion is also bringing higher financing costs. Shares closed at USD 55.19, up 1.76%, after the market session ended on 26 October 2026.

Physical AI Templates Reduce Setup Work

Announced on 21 October, Physical AI Launchables packages common robotics, autonomous vehicle and simulation workloads into configurations tested by CoreWeave engineers. Teams can adapt those configurations to their own data and scenes, using reserved capacity for ongoing programmes or burst capacity for individual experiments.

The templates cover data generation, evaluation and policy training. They also separate CPU preparation and post-processing from graphics processor execution where the workload allows, releasing accelerator capacity when that stage ends. The system provides machine-readable responses for scripts and coding agents to launch, monitor and retrieve jobs. The release adds a software workflow layer to the company's infrastructure platform; it does not provide a separately quantified revenue forecast for the new tools.

Short-Term Contracts Add Pricing and Power Detail

On 17 September, CoreWeave said newly signed three-to-six-month contracts carried approximately USD 40mn of annualised revenue per megawatt. The measure divides annualised revenue by the power required for the relevant computing clusters, rather than describing revenue already recognised during those short contract terms.

The same update confirmed more than USD 25bn of additional customer commitments early in the third quarter, outside the June-end backlog. Contracted power had increased to approximately 4.2 gigawatts by 11 August, from 3.7 gigawatts at June's end. The distinct measurement dates matter: the September statement updated commercial activity and power commitments without publishing a complete new quarterly financial result or an equivalent increase in active operating capacity.

Revenue Scale Has Not Removed Financing Pressure

Revenue reached USD 2.58bn in 2QFY26, compared with USD 1.21bn a year earlier. Adjusted EBITDA was USD 1.51bn, giving a 59% margin. However, GAAP operating loss was USD 49mn, net interest expense reached USD 640mn and net loss totalled USD 626mn.

June-end revenue backlog was approximately USD 104bn. Recognition remains subject to delivering capacity and meeting service availability requirements. Active power reached 1.5 gigawatts, a separate measure from total contracted power. The gap between adjusted EBITDA and reported net earnings therefore remains material as construction, equipment deployment and financing continue. Management's operating programme combines new capacity with additional software capabilities, while the financial results show that growing scale alone had not yet produced a GAAP net profit.