CoreWeave's first quarter 2026 revenue beat estimates while revenue backlog surged to $99.4 billion.

CoreWeave reported first quarter revenue of $2.078 billion, a 112% increase year-over-year, and a net loss per share of ($1.40). Revenue surpassed analyst expectations of $1.97 billion, while the reported loss was wider than the consensus estimate for a loss of ($1.17).

Key Highlights

• Revenue backlog reached a record $99.4 billion, reflecting unprecedented demand and significant new customer contracts.
• The company secured a new $21 billion commitment from Meta in March and signed a new multi-year agreement with AI lab Anthropic.
• Adjusted EBITDA was $1.157 billion, representing a margin of 56%, though the company reported a GAAP operating loss of ($144) million as it continues to scale infrastructure.