Wednesday 12 August 2026
Top stories today:
CoreWeave +18% as Q2 revenue +112% YoY, backlog reaches $104B
Cognition in talks to raise $1B+ at $40B valuation
Lovable raises $400M at $13.3B valuation
Kalshiās annualized revenue tops $4B in Jul.
River AI, by xAIās Igor Babuschkin, raises $1.1B for local AI servers
Craft Ventures targets ~$1B fund, first since Sacks left Trump admin
0. Data & Calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. CoreWeave +18% as Q2 revenue +112% YoY to $2.6B, backlog reaches $104B
The backlog excludes $25B+ in new Q3 commitments.
Active power expanded by ~500MW to 1.5GW.
1.85GW+ in active power projected by year-end, with $35B-$39B in annual capex.
Q3 revenue projected at $3.4B-$3.6B vs. $3.4B estimate.
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3. Cognition said to be in talks to raise $1B+ at $40B valuation
$1B in annualized revenue run rate, ~2x from May.
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5. Lovable raises $400M at $13.3B valuation, co-led by Menlo, Scaleup Europe Fund
Lovable plans to grow headcount 50% to 450 and expand in Latin America.
Datos Insights surveyed 200 lenders and 1,500 consumers to understand how lenders are rethinking credit in a changing economic landscape.
What they found: more are leaning into alternative dataāand seeing a measurable impact on portfolio performance.
Plaid partnered with Datos Insights to uncover how leading lenders use cash flow data to drive performance, and capture borrowers traditional credit reports miss.
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7. Kalshiās annualized revenue said to top $4B in Jul., with Jun. operating expenses at $300M
Annualized operating expenses could reach $3.6B, driven by marketing spending.
Q3: Kalshi is expected to close a new funding round at a $40B valuation.
Separately, FlightAware sued Kalshi, alleging unauthorized use of its flight data.
Also, the CFTC ordered Kalshi to continue operating in New York under its emergency authority.
