CoreWeave (CRWV) shares surged 16% in pre-market trading on Wednesday after the company delivered stronger growth and raised its full-year outlook, lifting the broader neocloud market.

The AI infrastructure provider said second-quarter revenue more than doubled to $2.58 billion, narrowly beating expectations, while its net loss of $626 million was smaller than analysts projected. The company forecast third-quarter sales of $3.45 billion to $3.6 billion and increased its 2026 revenue guidance to between $12.4 billion and $13.2 billion.

IREN (IREN) and Cipher Digital (CIFR), both gained 5% as investors piled into companies positioned to benefit from accelerating demand for AI computing.

CoreWeave ended the quarter with $104 billion in…