CoreWeave Inc. (CRWV) reported first-quarter results after the bell Thursday with revenue of $7.84 billion, beating consensus of $7.10 billion, and adjusted EPS of $0.42 versus the $0.18 estimate. The annualized run-rate of $31.4 billion is on track to clear $34 billion exiting Q2. Management lifted full-year 2026 revenue guidance to "$48-52 billion" from the prior "$40-44 billion," with the midpoint of $50 billion implying 188% year-on-year growth. Shares jumped 14.6% to $112.40 in extended trading.
The contracted backlog stands at $94.6 billion as of March 31, up from $76.8 billion at year-end 2025, with the increase driven by an additional $14 billion of incremental contract wins from Microsoft and a new $4.6 billion seven-year commitment with Meta Platforms disclosed Wednesday. The Microsoft commercial relationship now represents approximately 31% of run-rate revenue.
Capacity and Energy
Power capacity online reached 940 MW at quarter-end, up from 720 MW at year-end 2025, with an additional 720 MW commissioned in April across Plano (Texas), Goose Creek (South Carolina) and Saint-Laurent (Québec). Total contracted capacity through 2027 stands at 4.6 GW. CFO Nitin Agrawal told analysts the company has secured power-purchase agreements for 6.4 GW of additional capacity targeted for 2028-2030 — a strategic priority given the broader hyperscale energy bottleneck.
Capex was $11.4 billion in Q1, with 79% directed to Nvidia GPU procurement. CoreWeave now operates approximately 360,000 H100/H200/B200 GPUs and has the largest Nvidia GB200 NVL72 deployment outside of Nvidia's own DGX Cloud, with 1,840 racks installed. The Vera Rubin pre-order book is approximately 12,400 racks for delivery between Q4 2026 and Q3 2028.
AI-Capex Read-Across
AI-infrastructure peers rallied in extended trade: Nvidia (NVDA) added 2.4%, AMD