CoreWeave: Contracted Revenue

Metric

Revenue backlog · Whole company

Contracted balance

$99.4B, +284% year over year

Denominator

Full year 2025 revenue of $5.13bn, plus Q1 2026 revenue of $2.08bn, less Q1 2025 revenue of $0.972bn.

Coverage

15.9x (scopes match)

Duration

CoreWeave publishes contracted power rather than contract duration: over 1 GW active against 3.5 GW contracted at this disclosure. That says when capacity arrives, not when revenue is recognised.

Concentration · largest customer Microsoft and OpenAI

No ex largest customer figure. CoreWeave's backlog is built on a small number of very large counterparties: three OpenAI agreements, Microsoft, a Meta expansion to about $35bn of total commitments and an Anthropic agreement signed in April 2026.

Notes

Revenue backlog, not RPO. CoreWeave defines backlog as its remaining performance obligations plus committed contracts that do not yet meet the RPO recognition test, so it is a broader number than the ASC 606 figure and is not directly comparable with Microsoft's or Oracle's. More than $40bn of new commitments were signed in this single quarter, and management called 2026 capacity largely sold out. This row is one quarter behind the rest of the table: Q2 2026 results are due on August 11, 2026 and this row updates then.

Sources: company filing or release · tier-1 report · company filing or release