CoreWeave Surges 19% on $104 Billion Contracted Backlog

CoreWeave shares rose approximately 19% on August 12, 2026, after Q2 results revealed a $104 billion contracted backlog — a revenue floor spanning multiple years, assuming delivery milestones hold. The AI compute provider also boosted its 2026 spending plan and closed a $2.6 billion loan facility on August 10. The backlog is contracted, not recognized revenue; execution risk lives in deployment timelines.