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CoreWeave raises 2026 forecast to $12.4B–$13.2B after $5.1B in 2025 revenue
The AI cloud provider's contracted backlog has ballooned to $104.2 billion, fueled by customers like Microsoft and OpenAI
CoreWeave is growing at a pace that makes most tech companies look like they’re standing still. The GPU cloud infrastructure provider pulled in $5.13 billion in revenue for 2025, a 168% jump from the prior year, and it’s projecting that number to more than double again in 2026 with guidance of $12.4 billion to $13.2 billion.
That revised range is actually higher than the company’s initial 2026 forecast of $12 billion to $13 billion.
The numbers behind the rocket ship
CoreWeave’s most recent quarterly results underscore why the company keeps ratcheting its targets upward. Q2 2026 revenue hit $2.58 billion, a 112% year-over-year increase.
The company now projects an exit annualized run-rate revenue of $18.5 billion to $19.5 billion for 2026.
Perhaps the most telling indicator of CoreWeave’s momentum is its contracted revenue backlog. That figure grew from $66.8 billion at the end of 2025 to $104.2 billion by June 30, 2026. That’s a 246% year-over-year increase.
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Microsoft and OpenAI sit among CoreWeave’s key customers.
Spending big to grow bigger
CoreWeave is planning capital expenditures of $30 billion to $39 billion for 2026. The company exited 2025 with more than 850 MW of power capacity spread across 43 data centers. Its target is to roughly double that active power capacity by the end of 2026.
The company went public on Nasdaq under the ticker CRWV in March 2025.