CoreWeave, Inc. (CRWV) is expected to significantly increase its capital expenditures (capex) for 2026, anticipating spending between $20 billion and $23 billion, more than double its 2025 estimate of $12 billion to $14 billion. This escalation in spending is driven by heightened demand for AI infrastructure, with CoreWeave reporting a revenue backlog of $55.6 billion and 2.9 gigawatts of contracted power capacity at the end of Q3.
Despite the aggressive growth strategy, the company faces challenges, including higher interest expenses that surged to $311 million from $104 million year-over-year. For 2025, interest expenses are forecasted to reach between $1.21 billion and $1.25 billion. Industry competition is intensifying as rivals like Nebius (NBIS) and tech giants such as Amazon (AMZN) ramp up their own infrastructure investments, with Amazon projected to spend $125 billion on capex in 2025 alone.
