CoreWeave Jumps 19% on $104B Backlog

CoreWeave shares climbed roughly 19% on August 12, 2026, after Q2 results showed a $104 billion contracted backlog — committed future revenue spanning several years, if delivery milestones hold. The AI compute provider also raised its 2026 spending plan and closed a $2.6 billion loan on August 10. The backlog is contracted, not recognized revenue; execution risk lies in deployment timelines.