CoreWeave, the AI-focused neocloud, is guiding Q2 2026 revenue of approximately $2.55–2.56 billion, roughly doubling year-over-year and comfortably within its prior range of $2.45–2.60 billion. The company reported Q1 revenue of $2.08 billion, up 112% YoY. CoreWeave ended Q1 with a $99.4 billion contracted revenue backlog and 3.5 gigawatts of total contracted power. For full-year 2026, CoreWeave maintained revenue guidance of $12–13 billion; Wall Street analysts forecast 2026 revenue growth of 147% YoY, with 2027 expected to nearly double again to ~$25 billion.
Capital expenditure remains the critical constraint. CoreWeave guided $31–35 billion in 2026 capex, up from a prior $30–35 billion range, citing component cost pressures. The company is burning cash to construct GPU-dense data centers; it has raised over $20 billion in debt and equity this year, closing Q1 with ~$25 billion in total debt. Operating expenses are accelerating faster than revenue: technology and infrastructure costs jumped 127% in Q1 to $1.27 billion, while operating income remained just $21 million at a 1% adjusted margin. CoreWeave's backlog of $99.4 billion provides exceptional revenue visibility, but the capital intensity of the AI infrastructure build is extraordinary.
For CFOs and investors, CoreWeave's next earnings call on August 11 will test two key assertions: (1) whether the company can convert massive backlog into cash fast enough to outrun depreciation and interest expenses, and (2) whether margin expansion is beginning (management said Q1 was 'the bottom' of its margin cycle). The company is racing to activate capacity ahead of competitors like Amazon; delays in backlog conversion or unexpected capex overruns would reset investor confidence in its path to profitability, currently projected for 2028.