CoreWeave (CRWV) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record revenue of $2.1 billion, up 112% year-over-year, and record customer bookings, with revenue backlog reaching $99.4 billion, driven by accelerating AI adoption and major new customer wins including Meta ($21B commitment) and Anthropic.

• Surpassed 1 GW of active power and expanded contracted power to over 3.5 GW, with six new data centers added in Q1 2026.

• Closed $2 billion equity investment from NVIDIA and secured an $8.5 billion delayed draw term loan facility to accelerate AI infrastructure build-out.

• The company remains largely sold out for 2026 capacity, with strong pricing power and continued expansion of its integrated AI cloud platform.

• Net loss widened to $740 million, reflecting increased investments in infrastructure and higher operating expenses.

Financial highlights

• Q1 2026 revenue was $2.1 billion, up 112% year-over-year and 32% sequentially, with adjusted EBITDA of $1.2 billion (56% margin) and adjusted operating income of $21 million (1% margin).

• Revenue backlog ended at $99.4 billion, up nearly 50% sequentially and almost 4x year-over-year, with 25–36% expected to be recognized in the next 24 months.

• Net loss for Q1 was $740 million, with interest expense of $536 million due to increased debt for infrastructure scaling.

• CapEx totaled $6.8–$7.7 billion in Q1, reflecting aggressive infrastructure scaling.

• Cash and cash equivalents as of March 31, 2026, were $2.24–$3.3 billion; total assets $55.6 billion; total liabilities $50.8 billion.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $12–$13 billion, with adjusted operating income of $900 million–$1.1 billion.

• Q2 revenue expected at $2.45–$2.6 billion, with adjusted operating income of $30–$90 million.

• CapEx guidance for 2026 raised to $31–$35 billion due to higher component pricing.

• Annualized run rate revenue expected to reach $18–$19 billion by end of 2026 and over $30 billion by end of 2027, with more than 75% already contracted.

• Sequential margin expansion expected through the year, with operating margin returning to low double digits by Q4.