CoreWeave, Inc. Class A Common Stock
CRWV.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q1
CoreWeave delivered a historic quarter for bookings, expanding its revenue backlog 49% sequentially to $99.4 billion. Q1 revenue reached $2.08 billion, beating guidance, while the company added over $40 billion of new commitments—including a $21 billion expansion with Meta—and closed an $8.5 billion investment‑grade debt facility that reduces its cost of capital. Management reaffirmed full‑year revenue guidance of $12‑13 billion and noted that more than 75% of its >$30 billion 2027 run‑rate target is already contracted, underscoring a clearer path to scale and profitability.
Revenue
$2.08B
+111.6% YoY
Revenue Backlog
$99.4B
+48.8% QoQ
Adjusted Operating Income
$21M
-87.1% YoY
Active Power Capacity
>1.0 GW
+17.6% QoQ
FY26 Exit ARR Guidance (Low End)
$18.0B
+$1.0B
What We're Watching
Strategic
Self-Build Data Center Execution
📅
H2 2026
What to Monitor
Progress on the first self-build site, which is expected to come online later this year. Any updates on the pipeline for future self-build projects or capital allocation to this strategy.
Why It Matters
This is a major strategic shift from a pure-lease model to a hybrid real estate strategy. Success offers greater operational control and long-term financial upside, but also introduces new construction and development risks.
Opportunity
Enterprise Customer Diversification
📅
Next Quarter
What to Monitor
Growth in revenue backlog from key enterprise verticals like Financial Services (currently approaching $10B). An increase in the number of customers with >$1B commitments (currently 10).
Why It Matters
Demonstrates the broadening of the TAM beyond a few large AI labs and is crucial for de-risking the customer base. Quantifiable progress here validates the durability of the company's long-term growth profile.
Risk
Component Cost Inflation & Margin Protection
📅
Ongoing
What to Monitor
Any further increases to the CapEx guide attributed to component costs. Commentary on the stability of contribution margins (targeted in the mid-20s) for new deployments amidst rising input prices.
Why It Matters
Management raised the low end of CapEx guidance due to higher component prices. While contracts are structured to pass costs through, this remains a key risk to the profitability of the massive backlog and the capital required to service it.
Operational
Adoption of New Cloud Offerings (Omni & Interconnect)
📅
H2 2026
What to Monitor
Initial customer adoption or signed deals for CoreWeave Omni (on-premises stack). Any metrics on usage or wallet share capture from multi-cloud offerings.
Why It Matters
These products are the tangible go-to-market for the "licensing the stack" strategy. Their success is key to expanding the addressable market beyond CoreWeave's data centers and capturing share in hybrid environments.
Strategic
Evolution of Investment-Grade Financing Model
📅
Next Quarter
What to Monitor
The rating and pricing achieved on subsequent debt facilities (e.g., DDTL 5.0). Confirmation that the investment-grade, non-recourse structure is becoming the "new norm" for financing contracts.
Why It Matters
The ability to consistently access cheaper, higher-quality capital is a massive competitive advantage and is critical to profitably funding the ~$30B+ annual CapEx plan and achieving hyperscaler-level cost structures.
