CoreWeave, Inc. (CRWV) reported a substantial revenue backlog of $104.2 billion as of June 30, 2026, marking a 246% year-over-year increase. This figure does not account for over $25 billion in net new commitments added in early third-quarter 2026, with more than half of the backlog tied to contracts with commenced delivery.
Management increased its 2026 revenue guidance to between $12.4 billion and $13.2 billion, alongside a year-end annualized run-rate revenue forecast of $18.5 billion to $19.5 billion. However, CRWV faces challenges due to a capital-intensive expansion model, expecting continued net losses, with a widening net loss of $626 million reported in their most recent quarter.
CRWV currently trades at a forward price-to-sales ratio of 1.76, significantly lower than the industry average of 4.2. The company ended Q2 with $15.553 billion in liquidity but used $14.874 billion in investing activities during the first half of 2026, raising questions about future financing and profitability.
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