CoreWeave, an AI cloud provider, reported a significant increase in its revenue backlog, reaching approximately $104 billion by June 30, 2023, up from $30.1 billion a year earlier. In the second quarter, the company experienced a 112% revenue growth year-over-year to $2.6 billion, although its net loss widened to $626 million. The company’s management has revised its 2026 capital spending plan to between $35 billion and $39 billion.
As of now, CoreWeave’s market value nears $59 billion, and it projects $12.4 billion to $13.2 billion in revenue for 2026. A backlog of $104 billion translates to nearly eight years of current revenue, with demand outpacing supply as the firm expanded its active power capacity to 1.5 gigawatts in Q2. CoreWeave has also secured over $25 billion in new commitments just in early Q3, including a substantial $21 billion from Meta Platforms.
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