**CoreWeave Reports $104 Billion Backlog in Latest Quarter**
CoreWeave (NASDAQ: CRWV), a cloud-based AI infrastructure provider, announced a backlog of $104 billion as of Q2 2026, with an expectation to convert 75% of that into revenue over the next four years. The company has signed contracts securing more than 75% of its projected annualized revenue target of $30 billion for 2027. CoreWeave’s revenue surged 168% to $5.1 billion in 2025, buoyed by the expanding generative AI market.
The company currently operates 51 data centers, having scaled from just three at the end of 2022, and installed over 250,000 Nvidia GPUs. However, it recorded a GAAP net loss widening from $863 million to $1.17 billion in 2025. Analysts project a continued rise in revenue to $12.9 billion and an adjusted EBITDA of $7.5 billion in 2026, but also expect the GAAP net loss to extend to $2.9 billion.
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