CoreWeave more than doubled its second-quarter revenue to $2.58 billion, topping Wall Street estimates as demand for artificial intelligence computing power continued to outpace what the cloud provider can build.

The results, reported this week, beat analyst projections of $2.56 billion in sales. The company’s net loss came in at $1.14 a share, narrower than the $1.41 loss Wall Street had priced in.

The New Jersey-based firm rents out data center capacity built around Nvidia chips to companies racing to train and run AI models. Its stock climbed 26 percent in the week leading into the earnings report, part of a broader rally across AI infrastructure names after strong quarterly numbers from Microsoft, Amazon and Google.

Some of that momentum traces to a specific deal. Shares jumped about 20 percent earlier this month after CoreWeave signed a partnership with Leidos Holdings to supply AI cloud infrastructure to U.S. defense and intelligence agencies, giving the company a foothold in government work that competitors have struggled to match.

The Leidos agreement did not disclose a total contract value, but analysts described it as one of the clearest signs yet that AI infrastructure spending is spreading from big tech balance sheets into government budgets.

CoreWeave is also pushing outside the United States. The company is building three new data centers in Indonesia to serve AI compute demand across the Asia-Pacific region.

The company’s rapid growth has made it one of the most closely watched names in the AI infrastructure trade, alongside larger rivals like Microsoft Azure and Amazon Web Services, even though CoreWeave remains a fraction of their size.

The rally has not been without wobbles. CRWV shares slipped below $90 in the days before the earnings release as investors weighed rising margin pressure and heavy spending commitments against the revenue growth.

Analysts remain split on how long the current pace of AI infrastructure spending can hold, but for now, CoreWeave’s order book shows no sign of slowing.