[FLASH] CoreWeave and Nebius both beat on Q2; the neocloud complex reprices upward in a single session
CoreWeave reported Q2 revenue of $2.575bn, up 112% year on year and about 24% sequentially, with an adjusted loss of $1.03 against $1.20 expected and a quarter-end revenue backlog of $104.2bn; the shares closed 2026-08-12 up 19.5%. Nebius reported revenue of $582.3m, up 454% year on year against a $573.8m consensus, an adjusted loss of $0.12 against $0.67 expected and a 41% adjusted EBITDA margin, reaffirmed full-year guidance of $7-9bn and raised its contracted-power target to 5GW by year-end; the shares rose about 28% on the session. Both prints answer the same question - whether GPU and power capex converts into operating leverage - and the desk's own NBIS short was killed on this evidence. Watch whether backlog conversion holds when the premium short-term contract pricing that flattered both quarters rolls off.