How did CoreWeave (NASDAQ:CRWV) perform in Q1 2026?

CoreWeave reported Q1 2026 net revenue of $2.08 billion, a 112% increase compared to Q1 2025. The surge in revenue was driven by strong bookings, marking the company's best quarter ever. Despite the top-line growth, the company reported a GAAP net loss of $740 million, or $1.40 per share, reflecting high capital expenditures for infrastructure expansion. Non-GAAP adjusted EBITDA rose to $1.16 billion, but adjusted EBITDA margin compressed to 56% due to accelerated deployment of new GPU clusters.

What drove CoreWeave's revenue growth in Q1 2026?

CoreWeave's revenue growth in Q1 2026 was primarily driven by unprecedented demand for its AI-native cloud platform. The company experienced its strongest bookings quarter in history, boosted by high-profile multi-billion dollar infrastructure commitments from AI pioneers such as Meta, Anthropic, and Jane Street. This growth reflects the industry's shift from AI model training to large-scale inference.

How did CoreWeave’s profitability perform in Q1 2026?

CoreWeave reported a GAAP net loss of $740 million, or $1.40 per share, in Q1 2026, compared to a loss of $315 million in the prior year. This widening loss was driven by heavy investments in physical infrastructure, particularly data centers, as the company surpassed 1 gigawatt (GW) of active power capacity. On a non-GAAP basis, adjusted EBITDA rose to $1.16 billion, but adjusted EBITDA margin compressed to 56% as new GPU clusters were deployed.

How is CoreWeave expanding its infrastructure?

CoreWeave is aggressively expanding its infrastructure, surpassing 1 gigawatt (GW) of active power capacity in Q1 2026, with a target of 8 GW by 2030. This expansion is essential to meet the growing demand for AI-native cloud services. The company is investing heavily in new data centers and GPU clusters to support AI labs and enterprises that require large-scale cloud capacity, positioning itself as a major player in the AI cloud space.

What is CoreWeave’s backlog for future revenue?

CoreWeave's revenue backlog, known as remaining performance obligations, reached nearly $100 billion in Q1 2026, providing multi-year visibility into future revenue. This backlog is supported by large infrastructure commitments from AI pioneers like Meta, Anthropic, and Jane Street. The backlog reflects strong demand for CoreWeave’s cloud platform, especially in AI model inference and training.

Tech

CoreWeave revenue surges 112% as AI cloud backlog approaches $100B

Written by Isaac FrancisPublished May. 7 2026Last Updated May. 7 2026

CoreWeave (NASDAQ:CRWV) delivered a quarter of "unprecedented demand" for its AI-native cloud platform, reporting first-quarter 2026 results that saw revenue more than double year-over-year.

The Roseland, New Jersey-based company, which describes itself as "The Essential Cloud for AI," posted net revenue of $2.08 billion for the period ended March 31, 2026, a 112% increase compared to $982 million in the first quarter of 2025.

The surge was driven by what CEO Michael Intrator described as the strongest bookings quarter in the company's history.

CoreWeave’s remaining performance obligations—its revenue backlog—soared to nearly $100 billion, providing multi-year visibility as the industry shifts from AI model training to large-scale inference.

This backlog was bolstered by high-profile multi-billion dollar infrastructure commitments from AI pioneers including Meta, Anthropic, and Jane Street.

While the top line saw hypergrowth, the company’s heavy investment in physical infrastructure impacted the bottom line.

CoreWeave reported a GAAP net loss of $740 million, or $1.40 per share, compared to a loss of $315 million in the prior year.

The widening loss reflects the massive capital expenditures required to bring new data centers online; the company surpassed 1 gigawatt (GW) of active power capacity during the quarter and is targeting 8 GW by 2030.

On a non-GAAP basis, adjusted EBITDA rose to $1.16 billion, up from $606 million a year ago.

However, adjusted EBITDA margin compressed to 56% from 62% as the company accelerated the deployment of new GPU clusters.

Adjusted operating income was $21 million, as CoreWeave navigated the "lowest margin point" of its 2026 deployment cycle before newly active clusters reach full utilization.

Operationally, the company is now larger than the 15 largest neo-clouds across North America and Europe combined.

Its full-stack platform, which integrates networking, orchestration (CoreWeave Kubernetes Service), and storage, has become a primary alternative for AI labs unable to secure sufficient capacity from legacy cloud providers.