CoreWeave reported a record revenue backlog of $104.2 billion as of the end of Q2 2026, representing a 246% increase year over year. The company also saw a $2.6 billion increase in quarterly revenues, up 112% from the previous year. This backlog includes over $25 billion in new customer commitments and aims to convert more than two-thirds of it into revenues by year-end.
CoreWeave has raised its full-year revenue guidance to between $12.4 billion and $13.2 billion, driven by increasing demand for AI infrastructure. The company aims to expand its contracted power capacity to at least 8 gigawatts by 2030, currently at 4.2 gigawatts, while capital expenditures reached $9.4 billion in Q2 2026. However, high operational and financing costs pose challenges to translating this backlog into sustained growth.
In comparison, competitor Microsoft reported Azure revenues exceeding $100 billion in fiscal 2026, growing 41%, with a substantial commercial remaining performance obligation of $678 billion, emphasizing significant market competition. Meanwhile, Nebius is targeting a backlog of approximately $40 billion and a contracted power capacity of 5 gigawatts by year-end.
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