**CoreWeave Reports Impressive Q4 2025 Results with $66.8 Billion Backlog**
CoreWeave Inc. (CRWV) announced a substantial fourth-quarter 2025 revenue backlog of $66.8 billion, marking a more than fourfold increase during the year due to heightened demand for AI cloud infrastructure. The company concluded 2025 with over 850 megawatts of operational power across 43 data centers, having added 260 megawatts in Q4 alone. CoreWeave expects to double its active power capacity to over 1.7 gigawatts in 2026, projecting revenues between $12 billion and $13 billion, a 140% increase year-over-year.
To support its rapidly expanding infrastructure needs, CoreWeave contracted an additional nearly two gigawatts of power capacity in 2025, bringing total contracted capacity to over 3.1 gigawatts, with most set to be operational by 2027. The average contract duration rose from four years to five, indicating stronger long-term commitments from customers. However, competition is intensifying in the AI infrastructure sector, notably from Microsoft, which reported a commercial remaining performance obligation of $625 billion, and Nebius, which saw significant demand exceeding its capacity for several quarters.
