CoreWeave, Inc. (CRWV) is planning aggressive capital expenditures (capex) between $31 billion and $35 billion in 2026, driven by increasing demand in the AI sector. As of the first quarter of 2026, the company reported a contracted revenue backlog of $99.4 billion, with approximately 36% projected to be recognized over the next two years. To support its expansion, CoreWeave has secured over $20 billion in debt and equity financing year-to-date, enhancing its capital access while reducing debt costs.
CoreWeave has surpassed 1 gigawatt of active power and increased its contracted power to over 3.5 gigawatts to accommodate long-term demands. However, challenges remain due to intense competition from rivals like Nebius Group N.V. (NBIS) and tech giants such as Microsoft and Amazon, all of which are also expanding their AI capacities.
In comparison, Amazon’s capex reached $43.2 billion in Q1 2026 for AWS and AI investments, while Nebius has revised its capex plan to $20-$25 billion for the same year. The sector is witnessing significant spending to meet surging demand, although rising component costs and supply chain issues may present risks.
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