CoreWeave, Inc. Class A Common Stock Earnings Recaps
Q1 2026
May 8, 2026
CoreWeave’s stock fell 17.3% after earnings as investors reacted negatively to a cautious outlook and indications of margin pressure despite strong growth in bookings and revenue backlog expansions.
Key takeaways
- Revenue reached approximately $2.1 billion, up 32% quarter-over-quarter and 112% year-over-year.
- Contracted power surpassed 1 gigawatt active and 3.5 gigawatts contracted, with most new capacity expected online by end of 2027.
- New customer bookings exceeded $40 billion, pushing the contracted revenue backlog near $100 billion.
- Pricing across key GPU products (A100s, H100s, H200s, L40s) increased quarter-over-quarter amid near-term capacity sellouts.
- The company highlighted ongoing investments to broaden platform capabilities, with software, CPU, and networking ARR expected to surpass $100 million by year-end, but cautious commentary on pace and margins weighed on sentiment.
Q3 2025
Nov 11, 2025
CoreWeave, Inc. delivered exceptional Q3 2025 results, achieving $1.4 billion in revenue—a remarkable 134% year-over-year increase—while significantly expanding its revenue backlog and power capacity amid soaring demand for AI cloud services.
Key takeaways
- Revenue backlog increased by over $25 billion in Q3, totaling more than $55 billion at quarter-end, nearly double the previous quarter.
- CoreWeave reached $50 billion in remaining performance obligations (RPO), the fastest in cloud history.
- Expanded power footprint by 120 megawatts to approximately 590 megawatts, with contracted capacity now at 2.9 gigawatts.
- Secured large-scale contracts with major clients like Meta and OpenAI, enhancing revenue diversification.
- Launched CoreWeave Federal to serve U.S. government agencies, beginning collaborations with NASA for scientific exploration.