CoreWeave (NASDAQ:CRWV) CEO Mike Intrator explained on a CNBC Squawk on the Street interview on Wednesday, August 12, that the AI infrastructure market is sending a powerful message about demand: even older NVIDIA GPUs that investors feared would rapidly depreciate are being contracted years into the future at full pricing.
CoreWeave reported Q2 2026 revenue of $2.575 billion, up 112.32% year over year, with an adjusted EBITDA of $1.51 billion at a 59% margin and a revenue backlog of approximately $104 billion as of June 30, 2026.
CoreWeave Added a Year’s Worth of Backlog in Five Weeks
CoreWeave’s CEO discussed the pipeline that had developed since Q2 ended. “Since Q2 closed, in the first five weeks, we contracted an additional more than $25 billion worth of contracts… to put that in perspective, $25 billion is virtually the size of our backlog a year ago,” he said. That figure sits on top of the reported backlog and is not included in it.
He sees three main ingredients driving the increase in demand: “It’s the NVIDIA GPU, which is the best solution in market; it’s the NVIDIA software, the CUDA platform, which allows this fungibility, which is so important; and the final piece is it’s delivered through the CoreWeave cloud, which has the best software solution in market to deliver this infrastructure,” Intrator said. That fungibility argument matters because it allows older silicon to migrate across workloads rather than aging out.
CoreWeave Is Booking 2020-Era GPUs Through 2029
The bear case on CoreWeave has centered on GPU obsolescence. It would be dangerous for CoreWeave to buy expensive Hopper- or Ampere-class silicon, then watch these assets depreciate as pricing collapses.
However, CEO Intrator argues that they’re booking contracts well into the future. “We contracted a 2020 vintage architecture all the way out to 2029 at full freight. And that’s just an amazing commentary on the demand in the market for compute and the demand for CoreWeave’s solution of how to deliver this compute,” he said.
That claim aligns with third-party market color from August 12, 2026, noting older NVIDIA A100 GPUs can “still generate revenue nearly a decade later” and that CoreWeave secured an extended A100 contract through 2029. It also matches the commoditization trend: CME will launch futures contracts for NVIDIA GPU rental rates on October 5, 2026, turning compute into a tradable asset class.
Can $39 Billion in Capex Produce Lasting Margins?
CoreWeave’s CEO argued that unit economics improve as scale builds. “Not only are we contracting at an accelerating rate, but the margins are increasing, which will lead to long-term sustainability of our business model,” he said.
On the operating line specifically: “Our operating margins are going to snap back into the low teens regardless of when these deals come to bear, because of the fundamental way that we bring on scale infrastructure and go through the depreciation cycle.”
The adjusted operating margin is guided to expand to the low teens by Q4, up from 5% in the reported quarter. Power capacity is the other lever. CoreWeave brought 500 megawatts online in Q2, bringing its installed base to 1.5 gigawatts, against a total contracted power of approximately 3.7 GW.
Capex guidance runs as high as $39 billion for the year, and CoreWeave has raised about $32 billion in debt and equity capital to date. Q2 free cash flow came in at negative $5.74 billion as capital expenditures reached $6.42 billion for the quarter.
What to Watch
The question for investors is whether CoreWeave can translate its explosive contract growth into the low-teens operating margin management expects by Q4. Just as important, older GPU architectures must continue commanding attractive pricing as NVIDIA’s Rubin-class silicon enters the market. If both happen, it would show that CoreWeave’s infrastructure can generate durable revenue across multiple generations of GPUs, potentially neutralizing one of the biggest risks hanging over the stock.
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