Wall Street already knew CoreWeave was growing fast. But after its first-quarter 2026 earnings call, CEO Mike Intrator made something crystal clear: the company is winning business while locking up the AI infrastructure market for years to come.
The numbers backing that claim are hard to dismiss.
CoreWeave (CRWV) generated $2.1 billion in revenue during the first quarter, up 112% from the same period a year ago and 32% higher than the previous quarter.
But the bigger story is what’s already signed and sitting in the pipeline.
The $100 billion backlog is key for CRWV stock
CoreWeave’s contracted revenue backlog hit $99.4 billion by the end of Q1, nearly four times what it was a year ago and up roughly 50% from the previous quarter.
Think of it this way: that backlog is essentially a giant stack of signed checks from customers, waiting to be cashed as infrastructure comes online.
More importantly, the company says 75% of its target of more than $30 billion in annualized revenue exiting 2027 is already under contract, before accounting for any customer renewals.
Intrator summed it up plainly on the earnings call:
“The constraint in AI is no longer whether enterprises and AI labs want to deploy. It is how quickly high-performance, reliable AI cloud capacity can be delivered. That is what CoreWeave does best.”
CoreWeave aims to diversify its customer base
Q1 was also the quarter CoreWeave moved beyond its early identity as a company that primarily served a handful of massive AI labs.
- CoreWeave added Anthropic as a new customer to support the development and deployment of the Claude family of AI models.
- It also signed multiple new orders with Meta, including a $21 billion agreement announced in early April.
- All four of what management calls the world’s leading AI model developers now run workloads on CoreWeave Cloud, along with nine of the top ten AI companies outside of China.
But the customer story is evolving beyond the AI-native world.
- CoreWeave’s financial services vertical is now approaching $10 billion in backlog on its own.
- Jane Street added$6 billion in capacity during Q1, and Hudson River Trading signed on as a new customer.
- Physical AI and spatial computing, think robotics, autonomous driving, and scientific modeling, also crossed $1 billion in backlog contribution.
- The company now counts 10 customers committed to spending at least $1 billion with CoreWeave.
- At the start of the year, non-investment-grade AI-native companies and foundation labs accounted for a much larger share of the backlog.
- By the end of Q1, that group had fallen to less than 30% of total committed revenue, a sign the company is becoming a more durable, enterprise-grade infrastructure provider.
CorWeave focuses on revenue growth
Scaling this business requires enormous amounts of physical infrastructure — data centers, power, servers, and networking.
CoreWeave crossed 1 gigawatt of active power during Q1, a milestone the company notes only a handful of cloud providers have ever reached, and it remains on track to exceed 1.7 gigawatts by year-end.
Total contracted power now stands at more than 3.5 gigawatts, with the vast majority expected to be live by the end of 2027.
To fund all of this, CoreWeave has secured more than $20 billion in debt and equity capital year to date.
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A highlight was its $8.5 billion Delayed Draw Term Loan, the first-ever investment-grade rated financing backed by high-performance computing infrastructure, priced at an implied cost of less than 6%.
In 2023, the company’s weighted average cost of debt was roughly 600 basis points higher than it is today.
For 2026, CoreWeave reaffirmed full-year revenue guidance of $12 billion to $13 billion and raised the floor of its year-end annualized revenue run rate target to $18 billion to $19 billion.
CoreWeave ended Q1 with more than $2.2 billion in cash and over $17 billion in long-term debt. However, it is also forecast to report a cumulative free cash outflow of $65 billion through 2030.
Morgan Stanley is bullish on CRWV stock
Morgan Stanley, which rates CRWV as equal weight with a $99 price target, acknowledged that the quarter was impressive across nearly every dimension.
The investment firm noted that if investors gain confidence in CoreWeave’s durable operating margin profile reaching management’s mid-20s target, the stock could be significantly underpriced relative to the free cash flow potential tied to more than $80 billion in annualized revenue over the next five years.
Out of the 24 analysts covering CRWV stock, 14 recommend “Buy”, nine recommend “Hold” and one recommends “Sell”.
The average CoreWeave stock price target is $134, indicating an upside potential of 17% from current levels.
Related: Wells Fargo revamps CoreWeave stock price target for 2026
