CoreWeave reported a CRWV contracted revenue backlog of $99.4 billion by the end of Q1 2026, marking a nearly fourfold increase year-over-year and close to 50% growth sequentially. Approximately 36% of this backlog is anticipated to be recognized within the next two years, with about 75% expected to convert into revenue over the next four years, underpinning the company’s extensive growth plans in AI-cloud infrastructure.
The backlog reflects a diversifying client base, featuring 10 clients each committing at least $1 billion. Significantly, commitments from non-investment-grade AI-native companies now account for less than 30% of the total backlog, indicating a shift toward more stable and enterprise-driven demand. Additionally, CoreWeave’s active power has surpassed 1 gigawatt, with contracted power expanded to over 3.5 gigawatts.
In comparison, Microsoft reported a commercial remaining performance obligation of $627 billion, up 99% year-over-year, largely attributed to Azure commitments from OpenAI. Similarly, Nebius maintains long-term contracts with major firms like Meta, including a $27 billion five-year agreement. The trend across these companies highlights increasing demand for AI-driven infrastructure.
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