CoreWeave

CoreWeave's contracted revenue backlog now sits at 66.8 billion dollars and is expected to climb toward 90 billion dollars after April's deal wave. Meta extended through 2032 for 21 billion dollars, Jane Street signed a 6 billion dollar deal, and Anthropic came on board to power Claude. Revenue grew 168% to over 5 billion dollars, the fastest cloud company in history to hit that mark.

CoreWeave ended 2025 with 850 megawatts of active power capacity and 3.1 gigawatts contracted. Management is now targeting 1.7 gigawatts active by the end of 2026 and 5 gigawatts contracted by 2030. NVIDIA invested 2 billion dollars directly and validated CoreWeave's software stack as a reference architecture, which could open a new high-margin licensing revenue stream starting this year.

CoreWeave plans to spend 30 to 35 billion dollars on capital expenditures in 2026, more than triple the 10.3 billion spent in 2025. Total debt sits at 21.6 billion dollars and keeps climbing to fund the buildout. Free cash flow is not expected until 2029, and break-even profit only by 2028, so every quarter depends on continued access to cheap financing.

Microsoft still accounts for roughly 67% of revenue, even after the Anthropic, Meta, and Jane Street wins begin scaling. Net margins are still negative at around 23%, weighed down by ballooning depreciation and interest expense. If big customers slow their spend or shift workloads to their own custom chips, CoreWeave could be left holding billions in expensive hardware.