Record First Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud
LIVINGSTON, N.J.--(BUSINESS WIRE)--May 07, 2026--
CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI$(TM)$, today 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 8 GW by 2030, having positioned our capital structure to scale with the opportunity ahead," said Michael Intrator, Co-founder, Chairman, and Chief Executive Officer. "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
(In millions, except percentages
and per share amounts) Three Months Ended March 31,
--------------------------------------
2026 2025
--------- ---- -------- ---
Revenue $ 2,078 $ 982
Operating expenses 2,222 1,009
--------- ---- -------- ---
Operating loss $ (144) $ (27)
Operating loss margin (7)% (3)%
Interest expense, net $ (536) $ (264)
Net loss $ (740) $ (315)
Net loss margin (36)% (32)%
Basic net loss per share $ (1.40) $ (1.40)
Diluted net loss per share $ (1.40) $ (1.49)
Non-GAAP Financial Measures
(In millions, except percentages) Three Months Ended March 31,
--------------------------------------
2026 2025
---------- ---- ------- ---
Adjusted EBITDA $ 1,157 $ 606
Adjusted EBITDA margin 56% 62%
Adjusted operating income $ 21 $ 163
Adjusted operating income margin 1% 17%
Adjusted net loss $ (589) $ (150)
Adjusted net loss margin (28)% (15)%
(See "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.)
Additional First Quarter 2026 Financial Highlights
Revenue backlog(1) 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 1 GW of active power
-- Expanded total contracted power by more than 400 MW to over 3.5
GW 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 ARENATM 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.
Webcast and Conference Call Information
CoreWeave will host an audio webcast to discuss the results for the first quarter of 2026, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave's earnings conference call can be accessed via the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and accompanying presentation.
Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.
Disclosure Information
CoreWeave uses its investor relations page (investors.coreweave.com), its X account (@CoreWeave), and its LinkedIn page (linkedin.com/company/coreweave/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following CoreWeave's press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
About CoreWeave
CoreWeave is The Essential Cloud for AI(TM). Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our projections for future active power; demand for our platform; other estimated amounts included in our revenue backlog figure; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.
Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for
the quarter ended March 31, 2026, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended March 31, 2026 are not necessarily indicative of our operating results for any future periods.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures are not available without unreasonable effort.
A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave's business.
________________________________
(1) Revenue backlog includes remaining performance obligations, plus other
amounts we estimate will be recognized as revenue in future periods under
committed customer contracts, in each case, subject to the satisfaction of
delivery and availability of service requirements.
(2) The DDTL 4.0 Facility is non-recourse, except for limited guarantees
related to customary non-recourse carve-out obligations.
(3) As of the date of the initial draw; fixed interest rate of subsequent
drawdowns is determined at the time of each draw by adding 2% to the margin
determined using the yield of specified U.S. Treasury securities.
COREWEAVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data) (unaudited)
Three Months Ended March 31,
---------------------------------------
2026 2025
---------- ----------
Revenue $ 2,078 $ 982
---------- ----------
Operating expenses:
Cost of revenue 716 262
Technology and infrastructure 1,273 561
Sales and marketing 69 11
General and administrative 164 175
---------- ----------
Total operating expenses 2,222 1,009
---------- ----------
Operating loss (144) (27)
Gain (loss) on fair value
adjustments -- 27
Interest expense, net (536) (264)
Other income (expense), net 24 (5)
---------- ----------
Loss before income taxes (656) (269)
Provision for income taxes 84 46
---------- ----------
Net loss $ (740) $ (315)
========== ==========
Net loss attributable to common
stockholders, basic $ (740) $ (343)
========== ==========
Net loss attributable to common
stockholders, diluted $ (740) $ (370)
========== ==========
Net loss per share attributable to
common stockholders, basic $ (1.40) $ (1.40)
========== ==========
Net loss per share attributable to
common stockholders, diluted $ (1.40) $ (1.49)
========== ==========
Weighted-average shares used in
computing net loss per share
attributable to common
stockholders, basic 527 246
========== ==========
Weighted-average shares used in
computing net loss per share
attributable to common
stockholders, diluted 527 249
========== ==========
COREWEAVE, INC.
CONSOLIDATED BALANCE SHEETS
(in millions) (unaudited)
March 31, December 31,
2026 2025
------------ -----------------
Assets
Current assets
Cash and cash equivalents $ 2,244 $ 3,127
Restricted cash and cash equivalents,
current 777 819
Marketable securities 22 34
Accounts receivable, net 2,120 3,169
Prepaid expenses and other current
assets 446 339
------- ----------
Total current assets 5,609 7,488
Restricted cash and cash equivalents,
non-current 299 184
Property and equipment, net 36,424 30,557
Operating lease right-of-use assets 10,182 8,231
Intangible assets, net 224 235
Goodwill 1,101 1,101
Other non-current assets 1,734 1,506
------- ----------
Total assets $ 55,573 $ 49,302
======= ==========
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 3,371 $ 1,623
Accrued liabilities 2,726 5,773
Debt, current 7,547 6,708
Deferred revenue, current 2,130 1,709
Operating lease liabilities, current 487 427
Finance lease liabilities, current 23 38
Other current liabilities 1,534 162
------- ----------
Total current liabilities 17,818 16,440
Debt, non-current 17,312 14,665
Deferred revenue, non-current 5,393 6,476
Operating lease liabilities, non-current 9,563 7,768
Finance lease liabilities, non-current 215 216
Deferred tax liabilities, non-current 194 115
Other non-current liabilities 319 287
------- ----------
Total liabilities 50,814 45,967
------- ----------
Commitments and contingencies
------------ -----------------
Stockholders' equity
Preferred stock -- --
Class A common stock -- --
Class B common stock -- --
Class C common stock -- --
Treasury stock (34) (34)
Additional paid-in capital 8,171 6,012
Accumulated other comprehensive income 5 --
Accumulated deficit (3,383) (2,643)
------- ----------
Total stockholders' equity 4,759 3,335
------- ----------
Total liabilities and stockholders'
equity $ 55,573 $ 49,302
======= ==========
COREWEAVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (unaudited)
Three Months Ended March 31,
--------------------------------------
2026 2025
----------- ----------
Cash flows from operating
activities:
Net loss $ (740) $ (315)
Adjustments to reconcile net loss
to net cash provided by operating
activities
Depreciation and amortization 1,147 443
Amortization of debt discounts
and issuance costs and
accretion of redemption
premiums 41 38
Stock-based compensation
expense 153 184
Non-cash lease expense 167 67
Deferred income taxes 79 45
Gain on fair value adjustments -- (27)
Other non-cash reconciling
items 121 23
Changes in operating assets and
liabilities, net of effect of
business acquisitions:
Accounts receivable 1,042 (639)
Prepaid expenses and other
assets (471) 247
Accounts payable and accrued
expenses 960 62
Deferred revenue 575 (16)
Lease liabilities (90) (51)
----------- ----------
Net cash provided by
operating activities 2,984 61
----------- ----------
Cash flows from investing
activities:
Purchase of property and
equipment, including
capitalized internal-use
software (7,695) (1,407)
Maturities and sales of
marketable securities 12 29
Issuance of notes receivable -- (55)
Other investing activities (25) --
----------- ----------
Net cash used in investing
activities (7,708) (1,433)
----------- ----------
Cash flows from financing
activities:
Proceeds from issuance of debt,
net 3,290 785
Repayments of debt (1,335) (271)
Issuance of common stock in a
private placement, net of
issuance costs 1,985 --
Proceeds from initial public
offering, net of underwriting
discounts and commissions -- 1,423
Redeemable convertible
preferred stock cash dividends
paid -- (26)
Payment of tax withholdings on
settlement of RSUs -- (16)
Other financing activities (26) (41)
----------- ----------
Net cash provided by
financing activities $ 3,914 $ 1,854
----------- ----------
Net increase (decrease) in cash,
cash equivalents, and restricted
cash $ (810) $ 482
----------- ----------
Cash, cash equivalents, and
restricted cash--beginning of
period 4,130 2,035
----------- ----------
Cash, cash equivalents, and
restricted cash--end of period $ 3,320 $ 2,517
=========== ==========
Reconciliation of GAAP to Non-GAAP Results
Reconciliation of Net Loss to Adjusted EBITDA
(in millions, except percentages)
Three Months Ended March 31,
--------------------------------------
2026 2025
---------- ---- ------- ---
Net loss $ (740) $ (315)
Depreciation and amortization 1,147 443
Interest expense, net 536 264
Stock-based compensation 153 184
Provision for income taxes 84 46
Acquisition related costs(1) 1 6
Other (income) expense, net (24) 5
(Gain) loss on fair value
adjustments(2) -- (27)
---------- ---- -------
Adjusted EBITDA $ 1,157 $ 606
========== ==== ======= ===
Revenue $ 2,078 $ 982
---------- ---- ------- ---
Net loss margin (36)% (32)%
Adjusted EBITDA margin 56% 62%
(1) 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.
(2) Represents adjustments related to recording our derivative liabilities at
fair value at the end of each reporting period for our 2021 Convertible Senior
Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes,
and the fair value remeasurement of the option liability in connection with
our Series B redeemable convertible preferred stock. Refer to Note 3.
Investments and Fair Value Measurements to our consolidated financial
statements included in our Quarterly Report on Form 10-Q filed or to be filed
with the SEC for the quarter ended March 31, 2026 for additional information.
Reconciliation of Operating Loss to Adjusted Operating Income
(in millions, except percentages)
Three Months Ended March 31,
------------------------------------
2026 2025
---- --------- ---- ------- ---
Operating loss $ (144) $ (27)
Stock-based compensation 153 184
Acquisition related costs(1) 1 6
Amortization of acquired
intangibles(2) 11 --
---- --------- ---- ------- ---
Adjusted operating income $ 21 $ 163
==== ========= ==== ======= ===
Revenue $ 2,078 $ 982
---- --------- ---- ------- ---
Operating loss margin (7)% (3)%
Adjusted operating income margin 1% 17%
(1) 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.
(2) In the second quarter of 2025, we began including an adjustment for the
amortization of acquired intangibles in our calculation of adjusted operating
loss. Prior period non-GAAP calculations for acquired intangible amortization
are not being adjusted as these amounts were insignificant.
Reconciliation of Net Loss to Adjusted Net Loss
(in millions, except percentages)
Three Months Ended March 31,
--------------------------------------
2026 2025
---------- ---- ------- ---
Net loss $ (740) $ (315)
Stock-based compensation 153 184
Loss on extinguishment of
debt(1) -- 2
Acquisition related costs(2) 1 6
Amortization of acquired
intangibles(3) 11 --
(Gain) loss on fair value
adjustments(4) -- (27)
Income tax, inclusive of the
tax effect of the above
adjustments(5) (14) --
---------- --- ------- ---
Adjusted net loss $ (589) $ (150)
========== === =======
Revenue $ 2,078 $ 982
---------- ---- ------- ---
Net loss margin (36)% (32)%
Adjusted net loss margin (28)% (15)%
(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.
(4) Represents adjustments related to recording our derivative liabilities at
fair value at the end of each reporting period for our 2021 Convertible Senior
Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes,
and the fair value remeasurement of the option liability in connection with
our Series B redeemable convertible preferred stock. Refer to Note 3.
Investments and Fair Value Measurements to our consolidated financial
statements included in our Quarterly Report on Form 10-Q filed or to be filed
with the SEC for the quarter ended March 31, 2026 for additional information.
(5) In the second quarter of 2025, we began including an adjustment for the
income tax effect related to our non-GAAP adjustments. Prior period non-GAAP
calculations for the income tax effects on our non-GAAP adjustments are not
being adjusted as these amounts were not material. Additionally, the third
quarter of 2025 includes an adjustment for amounts related to the impact of
the passage of the One Big Beautiful Bill Act on the first and second quarters
of 2025, that were recorded in third quarter of 2025.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507558197/en/
CONTACT: Investor Relations contact:
Investor-Relations@coreweave.com / https://investors.coreweave.com/
Media contact:
Press@coreweave.com / https://www.coreweave.com/about-us
(END) Dow Jones Newswires
May 07, 2026 16:07 ET (20:07 GMT)