CoreWeave reported second-quarter revenue that more than doubled from a year prior and beat Wall Street consensus estimates, sending shares up 14% in extended trading.

The AI cloud provider announced new business partnerships with Anthropic and Meta during the quarter, expanding its customer base among major AI companies.

CEO Michael Intrator is scheduled to appear on CNBC's "Squawk on the Street" at 9 a.m. ET to discuss the results.

Computing Power as Asset Class

The strong results come as computing power emerges as a new tradable commodity. CME Group plans to launch the first futures contracts tied to AI chip operating costs in early October, pending regulatory approval.

The exchange is partnering with Silicon Data to create two compute futures contracts. This would allow investors to trade AI computing capacity similar to oil and other commodities.

Nvidia announced financing deals for customers on Monday, though its shares ended marginally lower despite early gains.

Competition Intensifies

CoreWeave competes with technology giants to open data centers but remains unprofitable unlike its larger rivals. The company has positioned itself as a specialized AI infrastructure provider rather than a general-purpose cloud service.

The revenue beat demonstrates growing demand for AI-specific computing resources as companies race to deploy large language models and other AI applications.

CoreWeave's partnerships with leading AI labs like Anthropic signal its ability to win business from the most demanding customers in the space.

The company's stock performance reflects investor appetite for AI infrastructure plays, even as profitability remains elusive in the near term.