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CoreWeave backlog hit nearly $100B in Q1 2026, rising close to fourfold year over year.
CRWV expects nearly 36% recognized in 24 months, with about 75% converting into revenues in 4 years.
CRWV's 10 clients to spend over $1B; non-investment-grade AI-native commitments are now under 30% of backlog.
CoreWeave’s (CRWV - Free Report) contracted revenue backlog reached $99.4 billion at the end of the first quarter of 2026, reflecting customer commitments for its AI-cloud infrastructure. The backlog grew close to fourfold year over year and nearly 50% sequentially. These contracts provide insight into long-term demand and underpin the company’s rapid infrastructure expansion plans.
CoreWeave’s backlog offers clear near-term visibility. Management noted that roughly 36% of the backlog is expected to be recognized within the next two years, while roughly 75% will convert into revenues over the next four years. This timeline provides a strong foundation for sustained growth as the company continues to bring new capacity online.
This surge in backlog is being driven by both deepening relationships with current customers and the addition of new enterprise clients. Management highlighted that it is a diversifying customer base, with 10 clients each committing at least $1 billion in spending, underscoring the scale and durability of demand.
CoreWeave added that commitments from non-investment-grade AI-native companies and foundation labs now represent less than 30% of total backlog, indicating a shift toward more stable, enterprise-driven demand. This improves the quality of the backlog.
Longer contract duration is another key factor. Management underscored that the weighted average contract length for new capacity remains approximately five years, reflecting sustained demand visibility.
To support these long-term commitments, CoreWeave is rapidly expanding its infrastructure footprint. The company has already surpassed 1 gigawatt of active power and expanded contracted power to more than 3.5 gigawatts.
Overall, CoreWeave’s rapidly expanding backlog not only reflects AI demand but also provides a multi-year growth runway. Nonetheless, execution remains critical amid intensifying competition in the AI space from pure plays like Nebius (NBIS - Free Report) and bigwigs like Microsoft (MSFT - Free Report) .
Backlog Numbers for Competitors
Microsoft is one of the structurally dominant forces in the tech space. Azure is one of the biggest cloud platforms in the world. In the last reported quarter, commercial remaining performance obligation (“RPO”) stood at $627 billion, up 99% year over year. A substantial portion of the RPO growth was driven by large Azure commitments from OpenAI, underscoring strong demand for Azure’s AI and cloud infrastructure. The weighted average RPO duration, when including OpenAI, is nearly 2.5 years, indicating that a large portion of its contracts extend over multiple years.
In terms of revenue conversion, Microsoft added that about 25% of this RPO will be recognized in revenues in the next 12 months and the remaining will be recognized beyond that.
Nebius is another hypergrowth AI infrastructure pureplay company. The company does not report backlog metrics like CoreWeave to highlight demand indicators. However, long-term contracts with Meta and Microsoft offer forward revenue visibility.
The agreement with Meta is a five-year contract worth at least $27 billion, including $12 billion of committed capacity (delivery beginning in 2027) plus up to $15 billion of additional optional capacity over the contract term. Management also explicitly stated that average contract durations are extending meaningfully, alongside rising contract values. Further, it added that customer prepayments reached record levels and are being used to fund working capital. Customers are prepaying specifically to secure future capacity, indicating that demand is financially committed in advance.
CRWV Price Performance, Valuation and Estimates
Shares of CoreWeave have lost 4.3% over the past month against the Internet Software industry’s growth of 6.7%.
Image Source: Zacks Investment Research
In terms of price/book, CRWV’s shares are trading at 9.95X, higher than the Internet Software industry’s ratio of 4.56X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CRWV’s earnings for 2026 has been significantly revised downward over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
CoreWeave's Backlog Hits Nearly $100B: Multi-Year Growth Secured?
Key Takeaways
CoreWeave’s (CRWV - Free Report) contracted revenue backlog reached $99.4 billion at the end of the first quarter of 2026, reflecting customer commitments for its AI-cloud infrastructure. The backlog grew close to fourfold year over year and nearly 50% sequentially. These contracts provide insight into long-term demand and underpin the company’s rapid infrastructure expansion plans.
CoreWeave’s backlog offers clear near-term visibility. Management noted that roughly 36% of the backlog is expected to be recognized within the next two years, while roughly 75% will convert into revenues over the next four years. This timeline provides a strong foundation for sustained growth as the company continues to bring new capacity online.
This surge in backlog is being driven by both deepening relationships with current customers and the addition of new enterprise clients. Management highlighted that it is a diversifying customer base, with 10 clients each committing at least $1 billion in spending, underscoring the scale and durability of demand.
CoreWeave added that commitments from non-investment-grade AI-native companies and foundation labs now represent less than 30% of total backlog, indicating a shift toward more stable, enterprise-driven demand. This improves the quality of the backlog.
CoreWeave Inc. Price, Consensus and EPS Surprise
CoreWeave Inc. price-consensus-eps-surprise-chart | CoreWeave Inc. Quote
Longer contract duration is another key factor. Management underscored that the weighted average contract length for new capacity remains approximately five years, reflecting sustained demand visibility.
To support these long-term commitments, CoreWeave is rapidly expanding its infrastructure footprint. The company has already surpassed 1 gigawatt of active power and expanded contracted power to more than 3.5 gigawatts.
Overall, CoreWeave’s rapidly expanding backlog not only reflects AI demand but also provides a multi-year growth runway. Nonetheless, execution remains critical amid intensifying competition in the AI space from pure plays like Nebius (NBIS - Free Report) and bigwigs like Microsoft (MSFT - Free Report) .
Backlog Numbers for Competitors
Microsoft is one of the structurally dominant forces in the tech space. Azure is one of the biggest cloud platforms in the world. In the last reported quarter, commercial remaining performance obligation (“RPO”) stood at $627 billion, up 99% year over year. A substantial portion of the RPO growth was driven by large Azure commitments from OpenAI, underscoring strong demand for Azure’s AI and cloud infrastructure. The weighted average RPO duration, when including OpenAI, is nearly 2.5 years, indicating that a large portion of its contracts extend over multiple years.
In terms of revenue conversion, Microsoft added that about 25% of this RPO will be recognized in revenues in the next 12 months and the remaining will be recognized beyond that.
Nebius is another hypergrowth AI infrastructure pureplay company. The company does not report backlog metrics like CoreWeave to highlight demand indicators. However, long-term contracts with Meta and Microsoft offer forward revenue visibility.
The agreement with Meta is a five-year contract worth at least $27 billion, including $12 billion of committed capacity (delivery beginning in 2027) plus up to $15 billion of additional optional capacity over the contract term. Management also explicitly stated that average contract durations are extending meaningfully, alongside rising contract values. Further, it added that customer prepayments reached record levels and are being used to fund working capital. Customers are prepaying specifically to secure future capacity, indicating that demand is financially committed in advance.
CRWV Price Performance, Valuation and Estimates
Shares of CoreWeave have lost 4.3% over the past month against the Internet Software industry’s growth of 6.7%.
Image Source: Zacks Investment Research
In terms of price/book, CRWV’s shares are trading at 9.95X, higher than the Internet Software industry’s ratio of 4.56X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CRWV’s earnings for 2026 has been significantly revised downward over the past 60 days.
Image Source: Zacks Investment Research
CRWV currently carries a Zacks Rank #3 (Hold). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.