CoreWeave, Inc. 8-K
EarningsGuidance deferred to the call
Meta’s $21B commitment and Anthropic’s Claude deal bolster a $99.4B backlog as AI infrastructure costs climb.
Filed 2026-05-07 16:10 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results, with revenue up 112% Y/Y and revenue backlog of $99.4B. CoreWeave is scaling its AI cloud infrastructure for AI labs and enterprise customers, positioning its platform between models and silicon as workloads shift from training toward inference.
Key Figures
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Revenue | $2.08B, +112% Y/Y | $982M |
| Operating loss | $(144)M, vs $(27)M | $(27)M |
| Adjusted operating income, non-GAAP | $21M, vs $163M | $163M |
| Net loss | $(740)M, vs $(315)M | $(315)M |
| Adjusted net loss, non-GAAP | $(589)M, vs $(150)M | $(150)M |
| Diluted net loss per share | $(1.40), vs $(1.49) | $(1.49) |
| Operating cash flow | $2.98B, vs $61M | $61M |
| Adjusted EBITDA, non-GAAP | $1.16B, +91% Y/Y | $606M |
- The $99.4B revenue backlog includes remaining performance obligations and other estimated revenue under committed customer contracts, subject to delivery and service availability. CoreWeave signed a new $21B commitment with Meta and a multiyear agreement with Anthropic to support its Claude models.
- Active power exceeded 1 GW; contracted power grew by more than 400 MW to over 3.5 GW. The company said it is targeting more than 8 GW of active power by 2030 and plans with NVIDIA to accelerate more than 5 GW of AI factories by then.
- Operating expenses rose to $2.22B from $1.01B, including technology and infrastructure costs of $1.27B versus $561M; net interest expense was $536M versus $264M. The company secured an $8.5B non-recourse delayed-draw term loan facility, with a floating-rate tranche at SOFR + 2.25% and a fixed-rate tranche of approximately 5.9% as of the initial draw, and closed a $2B Class A common stock investment from NVIDIA.
Guidance
Guidance to be given on the earnings call.
Investor Takeaways
- Watch management’s forward outlook from the earnings call; subsequent revenue performance against that outlook will test whether the $99.4B backlog is converting into recognized revenue.
- Track active power and contracted power against the company’s stated expansion plans; continued growth from more than 1 GW active and over 3.5 GW contracted would support its infrastructure-scaling case.
The summary is written by an AI model reading the filing.
Model 005 · prompt v111 · 2026-10-26 11:33:39Z