capital · May 20, 2026
CoreWeave Reports Q1 2026 Revenue of $2.1 Billion and $99.4 Billion Backlog
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CoreWeave reported record revenue of $2.1 billion for Q1 2026, representing a 112% year-over-year increase. Revenue backlog reached $99.4 billion as of March 31, 2026 driven by major commitments including a $21 billion deal with Meta and new wins with Anthropic. The company closed a $2 billion equity investment from NVIDIA earlier in the year and secured an $8.5 billion delayed draw term loan facility. Older Nvidia GPU fleets including A100 and H100 remained sold out with pricing increasing during the quarter while active power crossed 1 GW.
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