CoreWeave (CRWV)

CoreWeave (CRWV) is the largest pure-play AI cloud, renting NVIDIA GPU clusters to AI labs and hyperscalers. In Q1 2026 it reported revenue of $2.08 billion, up 112% year over year, with a $99.4 billion revenue backlog and more than 3.5 gigawatts of contracted power. It reports next around mid-August 2026.

TickerCRWV
ExchangeNASDAQ
SectorInformation Technology · AI Cloud (GPU-as-a-Service)
CountryUnited States
Held by ETFTIGER US AI Data Center TOP4 Plus ETF (0142D0)
WikidataQ121875386
Last updated2026-06-11
Financial snapshotas of2026-06-11

Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from the prior year (CoreWeave reported Q2 2025 on August 12, 2025); not yet company-confirmed. Last report: Q1 2026 on 2026-05-07. Confirm on CoreWeave IR. (source)

Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-07)

CoreWeave reported Q1 2026 revenue of $2.08 billion, up 112% from $982 million a year earlier, with adjusted EBITDA of $1.16 billion (a 56% margin) and a net loss of $740 million as it builds capacity. Revenue backlog reached $99.4 billion, active power surpassed 1 gigawatt, and contracted power grew by more than 400 MW to over 3.5 gigawatts.

Revenue$2.08B+112%YoY · vs $982M a year earlier
Adjusted EBITDA$1.16B · 56% margin; 62% a year earlier
Net loss$(740)M · vs $(315)M a year earlier; diluted loss per share $(1.40)
Revenue backlog$99.4B · Strongest bookings quarter in company history
Contracted power>3.5 GW · Active power surpassed 1 GW

Primary source

Guidance:Full-year 2026

Revenue$12B-$13B · Maintained from February guidance
Exit annualized run-rate revenue$18B-$19B · Low end raised by $1B
Capital expenditures$31B-$35B · Narrowed from $30-35B

Outlook given with the Q1 2026 results on May 7, 2026.

Guidance source

Recent & upcoming events

  • · Nasdaq IPO.CoreWeave began trading on Nasdaq under the ticker CRWV, the largest U.S. tech listing since 2021, giving public investors the first pure-play AI cloud. (source)
  • · OpenAI agreements expand to about $22.4 billion.A third agreement worth up to $6.5 billion took CoreWeave's cumulative OpenAI contracts to approximately $22.4 billion, after the initial $11.9 billion master services agreement in March 2025 and a $4 billion expansion in May 2025. (source)
  • · Q1 2026: backlog reaches $99.4 billion.Revenue of $2.08B (+112% YoY) with adjusted EBITDA of $1.16B; closed a $2 billion NVIDIA equity investment, secured an $8.5 billion non-recourse debt facility, and cited a $21 billion Meta commitment signed in March 2026. (source)

Q1 2026 figures are from CoreWeave's earnings press release (quarter ended March 31, 2026); full-year guidance figures are from the earnings call as reported by CNBC. Backlog includes RPO and other committed amounts.

Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does CoreWeave do?

CoreWeave sells one thing: AI compute as a service. It buys NVIDIA GPUs at fleet scale, deploys them in purpose-built data centers, and rents the clusters under multi-year, take-or-pay-style contracts to customers including OpenAI, Microsoft, Meta, Anthropic, Mistral, Cohere, and Jane Street (CoreWeave, May 7, 2026). Founded in 2017 in Livingston, New Jersey, and listed on Nasdaq on March 28, 2025, it has become the reference name for the neocloud model: by the end of Q1 2026 its active power crossed 1 gigawatt and its contracted power exceeded 3.5 gigawatts after adding more than 400 MW in the quarter (CoreWeave, May 7, 2026). Part of that footprint is leased from specialist landlords: Applied Digital’s Polaris Forge 1 campus in North Dakota carries roughly $11 billion of CoreWeave leases across 400 MW (Applied Digital, Aug 29, 2025).

How is AI driving CoreWeave’s business?

Demand for training and inference capacity has outrun what hyperscalers can build themselves, and the overflow lands on CoreWeave’s books as contracted backlog. Revenue backlog reached $99.4 billion at the end of Q1 2026, after the strongest bookings quarter in the company’s history (CoreWeave, May 7, 2026). The anchor relationships are public and dated: OpenAI’s agreements total about $22.4 billion after a March 2025 master services agreement of $11.9 billion, a $4 billion expansion in May 2025, and an up-to-$6.5 billion expansion in September 2025 (CoreWeave, Sep 25, 2025); Microsoft stood at roughly 70% of revenue in mid-2025 (CNBC, Sep 25, 2025); and a $21 billion Meta commitment was signed in March 2026 (CoreWeave, May 7, 2026). Co-founder and CEO Michael Intrator summed up the quarter:

“This was the strongest bookings quarter in CoreWeave’s history, with revenue backlog reaching nearly $100 billion.”

— Michael Intrator, co-founder and CEO, CoreWeave (CoreWeave, May 7, 2026)

What did CoreWeave report most recently?

In Q1 2026 (the quarter ended March 31, 2026), CoreWeave posted revenue of $2.08 billion, up 112% from $982 million a year earlier (CoreWeave, May 7, 2026). Adjusted EBITDA was $1.16 billion, a 56% margin, while the operating loss was $144 million and the net loss widened to $740 million, or $1.40 per diluted share, as depreciation and interest from the build-out ran ahead of revenue (CNBC, May 7, 2026). The quarter also brought the balance-sheet machinery for the next leg: CoreWeave closed a $2 billion Class A equity investment from NVIDIA and secured an $8.5 billion non-recourse delayed-draw term loan (CoreWeave, May 7, 2026).

What is CoreWeave’s guidance?

For full-year 2026, CoreWeave maintained revenue guidance of $12-13 billion, raised the low end of its exit annualized run-rate revenue target to $18-19 billion, and guided capital expenditures to $31-35 billion (CNBC, May 7, 2026). The next checkpoint is expected around mid-August 2026, calendar-estimated from the prior year and not yet confirmed (CoreWeave IR).

What are the risks for CoreWeave?

  • Customer concentration. Microsoft alone was about 70% of revenue in mid-2025, and OpenAI plus a few hyperscalers dominate the backlog; one renegotiated contract would move the whole model (CNBC, Sep 25, 2025).
  • Leverage. Growth is debt-financed, including an $8.5 billion facility added in Q1 2026 alone; higher rates or tighter credit markets raise the cost of every incremental gigawatt (CoreWeave, May 7, 2026).
  • Profitability timing. A $740 million quarterly net loss against $31-35 billion of planned capex means equity returns depend on contracts outliving the depreciation curve of rapidly evolving GPUs (CNBC, May 7, 2026).
  • Supplier dependence. The fleet is effectively single-sourced from NVIDIA, which is simultaneously an investor; allocation, pricing, or architecture shifts pass straight through.

Related securities, concepts & terms

CoreWeave is the flagship neocloud of the US AI Data Center concept, the cloud layer of AI’s physical build-out.

Related indices & ETFs

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Frequently asked questions about CoreWeave

What does CoreWeave do?

CoreWeave operates an AI cloud: it buys NVIDIA GPUs, houses them in leased and owned data centers, and rents the clusters to customers such as OpenAI, Microsoft, Meta, and Anthropic under multi-year contracts. Founded in 2017 and listed on Nasdaq in March 2025, it ended Q1 2026 with active power above 1 gigawatt and contracted power above 3.5 gigawatts (CoreWeave, May 7, 2026).

What was CoreWeave's latest quarterly revenue?

CoreWeave reported Q1 2026 revenue of $2.08 billion (quarter ended March 31, 2026), up 112% from $982 million a year earlier (CoreWeave, May 7, 2026). Adjusted EBITDA was $1.16 billion, a 56% margin, while the net loss widened to $740 million from $315 million as the company scales capacity (CNBC, May 7, 2026).

What is CoreWeave's guidance?

For full-year 2026, CoreWeave maintained revenue guidance of $12-13 billion, raised the low end of its exit annualized run-rate revenue target to $18-19 billion, and guided capital expenditures to $31-35 billion (CNBC, May 7, 2026). The guidance implies revenue more than doubling for a second straight year.

When does CoreWeave report its next earnings?

CoreWeave is expected to report Q2 2026 results around mid-August 2026, calendar-estimated from the prior year (it reported Q2 2025 on August 12, 2025) and not yet company-confirmed, so check CoreWeave's investor-relations site (CoreWeave IR). It last reported Q1 2026 on May 7, 2026.

How large are CoreWeave's OpenAI and Microsoft relationships?

OpenAI signed an $11.9 billion master services agreement in March 2025, added $4 billion in May 2025, and expanded by up to $6.5 billion in September 2025, taking the total to about $22.4 billion (CoreWeave, Sep 25, 2025). Microsoft was CoreWeave's largest customer, at roughly 70% of revenue in mid-2025 (CNBC, Sep 25, 2025), and a $21 billion Meta commitment signed in March 2026 broadened the base further (CoreWeave, May 7, 2026).

Why is CoreWeave part of the US AI data center concept?

Because it is the purest expression of the concept's cloud layer: a company whose entire business is AI data-center capacity sold as GPU-as-a-Service. Its $99.4 billion revenue backlog and 3.5+ gigawatts of contracted power are direct measures of the AI build-out's scale (CoreWeave, May 7, 2026).

Sources & references

  1. CoreWeave Reports Strong First Quarter 2026 Results · CoreWeave, Inc., 2026-05-07
  2. CoreWeave (CRWV) Q1 earnings report 2026 · CNBC, 2026-05-07
  3. CoreWeave Expands Agreement with OpenAI by up to $6.5B · CoreWeave, Inc., 2025-09-25
  4. CoreWeave inks $6.5 billion deal with OpenAI · CNBC, 2025-09-25
  5. CoreWeave · investor relations · CoreWeave, Inc., 2026-06-11