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Sentiment · FY2026 Q2
CoreWeave's first quarter of 2026 delivered record bookings of more than $40 billion, lifting contracted revenue backlog to $99.4 billion, and revenue of approximately $2.1 billion, up 112% year-over-year, as active power surpassed 1 gigawatt. New commitments included adding Anthropic, a $21 billion Meta agreement, and $6 billion of added Jane Street capacity, extending CoreWeave's reach across foundation labs and enterprise verticals. Profitability reached its expected trough, with adjusted operating income of $21 million at a 1% margin, net loss widening to $740 million from $315 million a year earlier, and interest expense rising to $536 million. Management reaffirmed full-year 2026 revenue guidance of $12 billion to $13 billion while raising the low end of CAPEX to $31 billion to $35 billion on higher component pricing. A landmark $8.5 billion investment-grade DDTL 4.0 facility, priced below 6%, marked a structural step down in cost of capital.
Demand | Capex Investment | Revenue Growth | Margin | Competitive Dynamics | Supply Chain | Cloud & AI | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 7 | 4 | 2 | 1 | 4 | 1 | 2 | |
| 2025Q2 | 8 | 1 | 4 | 2 | 1 | 3 | ||
| 2025Q3 | 3 | 4 | 2 | 2 | 7 | 1 | ||
| 2025Q4 | 3 | 3 | 3 | 1 | 1 | 2 | ||
| 2026Q1 | 2 | 1 | 1 | 4 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|
| Demand | 7 | 8 | 3 | 3 | 2 |
| Capex Investment | 4 | 1 | 4 | 3 | 1 |
| Revenue Growth | 2 | 4 | 2 | 3 | 1 |
| Margin | 1 | 2 | 1 | 4 | |
| Competitive Dynamics | 4 | 1 | 2 | ||
| Supply Chain | 7 | ||||
| Cloud & AI | 1 | 3 | 1 | 1 | |
| Capital Allocation | 2 | 1 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Michael Turrin | Wells Fargo | 5 (0%) |
| Mark Murphy | JPMorgan | 5 (0%) |
| Brad Zelnick | Deutsche Bank |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $747M | +544.4% | $-0.17 | +59.5% | 15.1% | -6.9% | $-3.31B |
| FY2025 Q1 | $982M | +420.3% | $-0.78 | -143.8% | -2.8% | -32.1% | $-1.35B |
| FY2025 Q2 | $1.21B | +206.7% | $-0.60 | +28.6% | 1.6% |
| Raimo Lenschow | Barclays | 4 (0%) |
| Amit Daryanani | Evercore ISI | 4 (0%) |
| Brent Thill | Jefferies | 4 (0%) |
| Keith Weiss | Morgan Stanley | 4 (0%) |
| Kash Rangan | Goldman Sachs | 3 (0%) |
| Tyler Radke | Citigroup | 3 (0%) |
| Brad Sills | Bank of America | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 6 (0%) |
| Deutsche Bank | 1 | 5 (0%) |
| Wells Fargo | 1 | 5 (0%) |
| Morgan Stanley | 2 | 5 (20%) |
| Bank of America | 2 | 4 (0%) |
| Jefferies | 1 | 4 (0%) |
| Barclays | 1 | 4 (0%) |
| Evercore ISI | 1 | 4 (0%) |
| -24.0% |
| $-2.70B |
| FY2025 Q3 | $1.36B | +133.7% | $-0.22 | +75.3% | 3.8% | -8.1% | $-700M |
| FY2025 Q4 | $1.57B | +110.3% | $-0.89 | -423.5% | -5.7% | -28.7% | $-2.50B |
| FY2026 Q1 | $2.08B | +111.7% | $-1.40 | -79.5% | -6.9% | -35.6% | $-4.71B |
| FY2026 Q2 | $2.58B | +112.3% | $-1.14 | -90.0% | -1.9% | -24.3% | $-5.74B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CRWV and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“This includes contracts with some of the leading companies in this space, including QTS, AWS, PowerHouse, CoreWeave, and others.”
CoreWeave is among named data-center developers with signed electric service agreements in PPL's territory.
“we have secured all financing required to deliver the entirety of our existing commitments with OpenAI.”
CoreWeave secured all financing needed to deliver its existing OpenAI commitments, reflecting the scale of OpenAI's contracted compute.
“driven by expanded commitments from existing partners like Jane Street, who added $6 billion of capacity in Q1”
Jane Street added $6 billion of capacity, driving CoreWeave's financial-services vertical toward $10 billion in backlog.
“We recently announced CoreWeave Interconnect in collaboration with Google Cloud”
CoreWeave announced an Interconnect collaboration with Google Cloud to ease multi-cloud AI workloads, a partner integration for Alphabet.
“our strategic relationship with NVIDIA, where we continue to evaluate opportunities to accelerate the expansion of our footprint together”
CoreWeave continues to leverage its strategic NVIDIA relationship to accelerate data-center footprint expansion.
“We also signed multiple new orders with Meta, including the $21 billion agreement announced in early April.”
Meta signed multiple new orders including a $21 billion agreement, underscoring Meta's very large AI infrastructure commitments.
“In Q1, we added Anthropic as a customer to support the development and deployment of the Claude family of AI models.”
Anthropic became a CoreWeave customer to support development and deployment of the Claude models, signaling growing Anthropic compute demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| FFIV F5, Inc. | 8 | +11.0% | |
| FTNT Fortinet | 10 | +20.1% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| MSFT Microsoft Corporation | 9 | +18.3% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +65.5% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% | |
| ZS Zscaler | 9 | +25.9% |