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CoreWeave has brought 27% of its contracted power online behind a $66.8bn backlog
CoreWeave's revenue backlog reached $66.8bn at the end of 2025, or 13.4 times the $5bn of revenue it booked for the year. The contracts are conditioned on delivery, and 2.25 GW of its contracted power is not yet live.
The Investor · Invest desk
What happened
- CoreWeave's chief financial officer, Nitin Agrawal, said revenue backlog grew to $66.8 billion, more than four times where the company began the year, as of December 31, 2025.
- Chief executive Michael Intrator said 2025 was the year CoreWeave became the fastest cloud in history to reach $5 billion in annual revenue.
- The company added approximately 260 MW of active power capacity during the fourth quarter, taking its total active capacity past 850 MW.
- Total contracted power was expanded to approximately 3.1 GW, across what CoreWeave described as a further diversified portfolio of providers.
- CoreWeave raised about $2.6 billion in convertible senior notes through an upsized offering and expanded its revolving credit facility to $2.5 billion.
Compiled by The InvestorSomething wrong?How this is made
Why it matters
- constraint Backlog converts into revenue only as megawatts energise, so CoreWeave's 2026 top line is governed by a build schedule more than by any further order intake.
- decision A buyer renting GPUs next year now chooses between committing multi-year at terms the seller has already banked elsewhere and bidding for whatever capacity two hyperscalers and the named AI customers have not taken.
- exposure The notes and the revolver start costing money immediately while the matching revenue recognises only on delivery, and that timing gap sits with CoreWeave.
Backlog of $66.8bn against about 3.1 GW of contracted power works out to $21.55 for every watt the company has signed for [2]. Measured against 2025 revenue, the same backlog is 13.4 years [1]. The delivery schedule sets the timing.
Divide revenue by live capacity instead. Five billion dollars over 850 MW is $5.9m per megawatt-year [6]. Run 3.1 GW at that rate and the business earns roughly $18.2bn a year, which leaves the backlog at about 3.7 years of deliveries [7]. The $5.9m understates the rate, because 260 of those 850 MW only went live in the fourth quarter [7], so most of last year's revenue came off a smaller base and the real coverage is shorter than 3.7 years.
Getting to 3.1 GW is a construction schedule. The gap between live and contracted is 2.25 GW [4], and at the fourth quarter's pace of 260 MW that is about nine quarters of building [5]. CoreWeave's own definition conditions the total: revenue backlog is remaining performance obligations plus other amounts it estimates will be recognised in future periods under committed customer contracts, in each case "subject to the satisfaction of delivery and availability of service requirements" [6].
"Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads," Michael Intrator, the chairman and chief executive, said [5]. The release names Cognition, Crowdstrike, Cursor, Mercado Libre, Midjourney and Runway among the quarter's customer wins [11], and describes expanded relationships with "both existing hyperscaler cloud customers" [12]. The word "both" puts the hyperscaler count at two [12].
More than four times is a floor, so the year opened below $16.7bn of backlog and added more than $50bn over twelve months [8].
If a small number of counterparties hold most of the $66.8bn, then the backlog measures their funding and their willingness to keep paying, and the work is credit analysis [2]. Should the power schedule slip, the backlog ages while the money raised against it accrues cost: $2.6bn of convertible senior notes and a revolver expanded to $2.5bn, $5.1bn of new capacity in a single quarter [9][10][9].
In my view the $66.8bn is capacity pre-sold at prices the seller has already accepted, and $21.55 a watt is the number a 2026 renter argues from [2]. The reading fails if most of the total sits in the amounts CoreWeave estimates instead of contracted remaining performance obligations, and the release does not break out the two [14]. Forward-looking guidance came on the earnings call, not in the release [13].
What to watch
- The 10-K's split between remaining performance obligations and the estimated portion of the $66.8bn.
- First-quarter active power additions against the 260 MW added in the fourth quarter.
- Any customer concentration disclosure showing how much of the backlog the two hyperscaler accounts carry.