AI cloud provider CoreWeave (CRWV<\/a>) reported its Q2 earnings after the bell on Tuesday narrowing its losses per share and meeting expectations on revenue for the quarter. <\/p>\n Shares rose more than 8% following the announcement. <\/p>\n For the second quarter, CoreWeave saw losses per share of -$1.14 on revenue of $2.5 billion. Wall Street was expecting losses per share of -$1.41 on revenue of $2.5 billion, according to Bloomberg analyst consensus estimates. <\/p>\n CoreWeave stock has plunged more than 30% since it last reported results in May, amid concerns about revenue growth and its spending plans. <\/p>\n The company’s adjusted operating income in the second quarter came in at $128 million, better than the consensus estimate of $66 million\u00a0 <\/p>\n CoreWeave is pouring billions into building data centers to host AI chips that companies like Meta (META<\/a>) and Anthropic (ANTH.PVT<\/a>) rent to power their own AI models and services. <\/p>\n The company’s revenue backlog hit $104 billion, in line with expectations. But the company said that the number doesn’t include Q3 commitments of $25 billion.. <\/p>\n CoreWeave is facing new competition in the form of SpaceX (SPCX<\/a>), which has begun renting out computing capacity worth billions of dollars from its own data centers to Anthropic and Google (GOOG<\/a>, GOOGL<\/a>). <\/p>\n Meta is also considering entering the space, with CEO Mark Zuckerberg teasing the idea on prior investor calls and saying in an interview with Bloomberg that renting out capacity could make sense for the company. <\/p>\n Businesses around the world are eager to get their hands on as much compute as possible to power their various AI initiatives. And with chip and memory demand outstripping supply, organizations are willing to pay a premium to companies like Meta for access to a portion of its capacity. <\/p>\n And for a company that’s looking to offset some of the billions it’s spending on its AI build-out, leasing capacity could make sense. <\/p>\n That, however, could put pressure on CoreWeave down the line. <\/p>\n Email Daniel Howley at dhowley@yahoofinance.com. Follow him on X at <\/em>@DanielHowley<\/em><\/a>.<\/em> <\/p>\n<\/a><\/div>\n<\/div>