CoreWeave Raises 2026 Revenue Guidance Amid $104 Billion Backlog
CoreWeave raised its 2026 revenue guidance to as much as $13.2 billion following a surge in hyperscaler demand for compute capacity.
CoreWeave reported second-quarter results featuring a $104.2 billion backlog, driven by hyperscaler demand for compute that continues to exceed available supply. The cloud computing company raised its 2026 revenue guidance to a range between $12.4 billion and $13.2 billion.
Management projects a year-end exit run rate of $18.5 billion to $19.5 billion with adjusted EBITDA margins of 59%. To sustain this expansion, the company is guiding capital expenditures of $35 billion to $39 billion for 2026.
As of the end of the second quarter, the company carries $35.07 billion in debt. This asset-level debt is structured against contracted revenue, with most capacity pre-sold to ensure repayment within initial contract terms. CoreWeave faces risks including high leverage, customer concentration, and potential margin compression if the supply of compute normalizes.
