CoreWeave Surpasses Revenue Expectations with Backlog Approaching $67 Billion

• Revenue reached $1.57 billion versus $1.55 billion expected, more than doubling year-over-year with 110% growth
• Revenue backlog expanded to $66.8 billion from $55.6 billion, while active power capacity hit 850 megawatts (above the 827 megawatt analyst estimate)
• Capital expenditures totaled $10.31 billion, below the $12.90 billion consensus, while the company carried $21.37 billion in debt as of December 31

CoreWeave Exceeds Revenue Targets as AI Infrastructure Demand Surges

Financial Performance:

CoreWeave reported Q4 revenue of $1.57 billion, surpassing analyst expectations of $1.55 billion. Revenue more than doubled, growing 110% year-over-year. The AI-focused cloud infrastructure provider's revenue backlog expanded significantly to $66.8 billion from $55.6 billion in the previous quarter.

Key Operational Metrics:

The company achieved 850 megawatts in active power capacity, exceeding the 827-megawatt analyst projection. Contracted power reached 3.1 gigawatts by year-end. Capital expenditures for 2026 totaled $10.31 billion, below the $12.90 billion consensus estimate. CoreWeave reported $21.37 billion in debt as of December 31.

Strategic Developments:

During the quarter, CoreWeave launched an object storage service, enabling stronger competition with industry giants like Amazon Web Services. The company also announced partnerships with AI model makers and increased a credit facility to $2.5 billion from $1.5 billion. Major customers include leading AI companies such as OpenAI.

Market Context:

CoreWeave's stock gained 36% year-to-date through Thursday's close, demonstrating investor confidence despite broader concerns about AI investments affecting software sector valuations. The company's performance comes as artificial intelligence infrastructure demand continues accelerating.

Outlook:

Company executives scheduled a conference call for 5 p.m. ET to discuss results and provide forward guidance. CoreWeave maintains its position as a cloud infrastructure specialist, with the new storage service expanding its competitive capabilities against established cloud providers.