CoreWeave: Contracted Revenue

Metric

Revenue backlog · Whole company

Contracted balance

$104B, +246% year over year

Denominator

Full year 2025 revenue of $5.13bn, plus revenue of $4,653m for the six months ended June 30, 2026, less revenue of $2,194m for the six months ended June 30, 2025. Both half-year figures are from the condensed consolidated statements of operations in the Q2 2026 filing.

Coverage

13.7x (scopes match)

Duration

The first recognition schedule CoreWeave has filed. The 10-Q says 41% of RPO is expected to be recognized over the initial 24 months ending June 30, 2028, 39% between months 25 and 48, and the balance between months 49 and 78. The percentages are struck against the 10-Q's RPO of $103.7bn rather than the $104.2bn backlog on this row, a difference of half a percent. The 12-month cell stays empty because the company's first band is 24 months wide, and the longest band reaching month 78 is why a 13.7x coverage ratio does not mean 13.7 years of revenue at this rate.

Concentration · largest customer Customer A (unnamed in the filing)

CoreWeave does not name its large customers. It discloses that Customer A was 36% of revenue in the quarter, Customer B 26% and Customer C 10%, so three counterparties were 72% of the top line. Customer A was 71% a year earlier, so the concentration is falling as the base grows rather than because the largest customer shrank. Customers A and B were 32% each of net accounts receivable at June 30, 2026.

Notes

Revenue backlog, not RPO, and this quarter shows how little the two now differ: backlog of $104.2bn against unsatisfied RPO of $103.7bn in the 10-Q, a gap of $0.5bn where the Q1 definition allowed for committed contracts sitting outside the ASC 606 test. The press release rounds the backlog to "approximately $104 billion"; the $104.2bn on this row is the figure in the quarterly slides, and it is the one that reconciles with the $30.1bn year-ago balance at the stated 246% growth. Two numbers travel with this row and neither is in it. CoreWeave reported more than $25bn of net new commitments signed in the first weeks of Q3, taking the company's own stated total to $129.2bn as of August 11, which is after the balance-sheet date and therefore not in the $104.2bn. And contracted power reached 3.7 GW at quarter end against 1.5 GW active, so most of this backlog is waiting on data centers that are not built yet.

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

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