CoreWeave Expands Data Center Capacity Amid $104 Billion Backlog

CoreWeave Holdings Inc. is expanding its data center compute capacity to achieve hyperscale, reporting a backlog of $104.2 billion and 4.2GW of contracted power capacity. The cloud infrastructure provider is pursuing an aggressive buildout to capture cloud market share and secure future high-margin revenue.

Growth is driven by durable GPU rental rates and strong demand for AI infrastructure. The company reports that annual recurring revenue for general compute and managed AI inference is accelerating through fiscal year 2026.

Despite this growth, the company maintains high leverage with a net debt to EBITDA ratio of 6.71x. Analysts expect a major inflection point in fiscal year 2028, at which time the company is projected to become profitable.