CoreWeave, Inc. (CRWV) reported a significant increase in its revenue backlog, reaching $55.6 billion in the third quarter of 2025, nearly doubling sequentially. The surge in backlog was fueled by long-term contracts from clients including OpenAI and Meta. Over $25 billion was added in the third quarter alone, demonstrating strong customer commitment in a supply-constrained market.
As of now, no single customer constitutes more than 35% of the total backlog, a notable decrease from 85% at the start of the year. Furthermore, over 60% of the backlog comes from investment-grade clients, enhancing the stability of contracted demand. The company’s active power footprint expanded to approximately 590 megawatts, with an expected increase of more than 1 gigawatt over the next 12-24 months.
Despite third-party data center delays, CoreWeave maintains that these issues will not affect the total value of its customer contracts. Capital expenditures for 2026 are projected to surpass double those of 2025 as the company continues investing in infrastructure to support its backlog.
