CoreWeave Revenue Backlog Surges to $55.6 Billion Despite Revised Guidance
AI infrastructure provider CoreWeave announced today a nearly doubled revenue backlog of $55.6 billion, driven by contracts with major players like Meta and OpenAI, though the company also lowered its full-year revenue guidance and saw its stock price dip in after-hours trading.
The surge in future revenue commitments, up from $30 billion last quarter, includes “remaining performance obligations” (RPOs) and other estimated future revenue. This growth is fueled by significant contracts, including a recent deal with French AI startup Poolside. While revenue for the quarter beat analyst expectations at $1.4 billion – up from $584 million in the same quarter last year – CoreWeave revised its 2025 revenue guidance down to a range of $5.05 billion to $5.15 billion, a slight decrease from previous estimates. This comes as demand for AI computing power continues to rapidly increase, putting strain on infrastructure providers.
The downward revision is attributed to delays in data center construction due to supply chain pressures impacting the industry. “While we are experiencing relentless demand for our platform, data center developers across the industry are also enduring unprecedented pressure across supply chains,” CEO Michael Intrator stated during an analyst call. The company’s capital expenditure (capex) for 2025 is now projected to be between $12 billion and $14 billion, significantly lower than the previously forecast $20 billion to $23 billion, though capex is expected to more than double in 2026. CoreWeave’s financial picture also shows increasing debt, with $9.7 billion in bills due within the next 12 months and a total of $14 billion in current and longer-term debt – a rise from $7.6 billion and $11 billion last quarter, respectively. You can learn more about the challenges of data center infrastructure on Gartner’s website.
Despite reporting a net loss of $110 million for the quarter – an improvement from $359.8 million in the same period last year – adjusted EBITDA reached $838 million. Analysts remain divided on CoreWeave’s long-term prospects, with some expressing concern about the company’s substantial financial commitments relative to its current revenues and cash flow. However, the company maintains confidence that its contracted revenues will ultimately outweigh its obligations, pointing to recent deals like a $14.2 billion agreement with Meta to provide computing capacity. For more on the financial implications of AI, see this report from the Federal Reserve.
Company officials stated they are working closely with their third-party data center developer to mitigate the delays and maintain the value of existing contracts.
