CoreWeave: Fiscal 1Q26 Financial Results

CoreWeave, Inc., an essential cloud for AI, reported financial results for the first quarter ended March 31, 2026.“This was the strongest bookings quarter in CoreWeave’s history, with revenue backlog reaching nearly $100 billion. We surpassed 1 GW of active power and believe we are well on our way to more than 8GW by 2030, having positioned our capital structure to scale with the opportunity ahead,” said Michael Intrator, co-founder, chairman, and CEO, CoreWeave. “AI natives and enterprise customers are choosing CoreWeave because we sit between the models and the silicon, delivering the infrastructure, software, and expertise required to build and run AI at scale. As the market moves from training to inference, that distinction matters more than ever. CoreWeave was built for exactly this.”

First Quarter 2026 Financial Highlights

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Additional First Quarter 2026 Financial Highlights
Revenue backlog¹ was $99.4 billion as of March 31, 2026.

First Quarter 2026 Highlights

• Customer Wins across AI Labs, Hyperscalers, and Enterprises
  • Executed multiple new agreements with Meta, including a new $21 billion commitment signed in March
  • Signed multi-year agreement with Anthropic to support the development and deployment of Anthropic’s Claude family of AI models
  • Expanded relationships with existing enterprise and AI native customers including Cohere, Jane Street, and Mistral
  • Partner of choice for leading AI pioneers and enterprises including Adaption Labs, Advaita Bio, Hudson River Trading, Perplexity, and World Labs
• Continued Rapid Scaling of Purpose-Built AI Infrastructure
  • Surpassed 1GW of active power
  • Expanded total contracted power by more than 400MW to over 3.5GW while further diversifying portfolio of providers
• Key Technology Leadership Milestones
  • Among the first cloud providers to be named Nvidia Exemplar Cloud for inference on Nvidia GB200 NVL72
  • Announced CoreWeave Flexible Capacity Plans, including Flex Reservations and Spot, designed to allow customers to match their cloud consumption with the dynamic reality of modern AI workloads
  • Introduced Dedicated Inference for customers moving from experimentation into sustained production, allowing them to select their GPU SKUs and runtimes while maintaining full visibility into infrastructure in production
  • Launched CoreWeave ARENA to allow customers to run and evaluate real workloads on CoreWeave Cloud in production-ready environments
  • Expanded capabilities of Weights & Biases platform across W&B Weave and W&B Models to accelerate the development of agentic and robotics-based products
• Strengthening Financial Position
  • Secured first-of-its-kind DDTL 4.0 Facility, an $8.5 billion non-recourse² investment grade rated delayed draw term loan facility priced with a floating rate tranche of SOFR + 2.25% and a fixed rate tranche of approximately 5.9%³
  • Closed $2 billion Class A common stock investment from Nvidia, reflecting Nvidia’s confidence in CoreWeave’s business, team, and growth strategy
• Other Noteworthy Updates
  • Expanded longstanding relationship with Nvidia to accelerate the build-out of more than 5 GW of AI factories by 2030

Business Outlook
CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO
(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business
(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant