CoreWeave files 8-K: results of operations
Item 2.02 Results of Operations and Financial Condition
CoreWeave Reports Strong First Quarter 2026 Results
Record First Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud
LIVINGSTON, N.J., – May 7, 2026 – CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today reported financial results for the first quarter ended March 31, 2026.
"This was the strongest bookings quarter in CoreWeave's history, with revenue backlog reaching nearly $100 billion. We surpassed 1 GW of active power and believe we are well on our way to more than 8 GW by 2030, having positioned our capital structure to scale with the opportunity ahead," said Michael Intrator, Co-founder, Chairman, and Chief Executive Officer. "AI natives and enterprise customers are choosing CoreWeave because we sit between the models and the silicon, delivering the infrastructure, software, and expertise required to build and run AI at scale. As the market moves from training to inference, that distinction matters more than ever. CoreWeave was built for exactly this." First Quarter 2026 Financial Highlights
Non-GAAP Financial Measures
(See “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.)
Additional First Quarter 2026 Financial Highlights
Revenue backlog 1 was $99.4 billion as of March 31, 2026.
1 Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.
First Quarter 2026 Highlights
• Customer Wins across AI Labs, Hyperscalers, and Enterprises
◦ Executed multiple new agreements with Meta, including a new $21 billion commitment signed in March
◦ Signed multi-year agreement with Anthropic to support the development and deployment of Anthropic’s Claude family of AI models
◦ Expanded relationships with existing enterprise and AI native customers including Cohere, Jane Street, and Mistral
◦ Partner of choice for leading AI pioneers and enterprises including Adaption Labs, Advaita Bio, Hudson River Trading, Perplexity, and World Labs
• Continued Rapid Scaling of Purpose-Built AI Infrastructure
◦ Surpassed 1 GW of active power
◦ Expanded total contracted power by more than 400 MW to over 3.5 GW while further diversifying portfolio of providers
• Key Technology Leadership Milestones
◦ Among the first cloud providers to be named NVIDIA Exemplar Cloud for inference on NVIDIA GB200 NVL72
◦ Announced CoreWeave Flexible Capacity Plans, including Flex Reservations and Spot, designed to allow customers to match their cloud consumption with the dynamic reality of modern AI workloads
◦ Introduced Dedicated Inference for customers moving from experimentation into sustained production, allowing them to select their GPU SKUs and runtimes while maintaining full visibility into infrastructure in production
◦ Launched CoreWeave ARENA TM to allow customers to run and evaluate real workloads on CoreWeave Cloud in production-ready environments
◦ Expanded capabilities of Weights & Biases platform across W&B Weave and W&B Models to accelerate the development of agentic and robotics-based products
• Strengthening Financial Position
◦ Secured first-of-its-kind DDTL 4.0 Facility, an $8.5 billion non-recourse 2 investment grade rated delayed draw term loan facility priced with a floating rate tranche of SOFR + 2.25% and a fixed rate tranche of approximately 5.9% 3
◦ Closed $2 billion Class A common stock investment from NVIDIA, reflecting NVIDIA’s confidence in CoreWeave’s business, team, and growth strategy
• Other Noteworthy Updates
◦ Expanded longstanding relationship with NVIDIA to accelerate the build-out of more than 5 GW of AI factories by 2030
Business Outlook
CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
2 The DDTL 4.0 Facility is non-recourse, except for limited guarantees related to customary non-recourse carve-out obligations.
3 As of the date of the initial draw; fixed interest rate of subsequent drawdowns is determined at the time of each draw by adding 2% to the margin determined using the yield of specified U.S. Treasury securities.
Webcast and Conference Call Information
CoreWeave will host an audio webcast to discuss the results for the first quarter of 2026, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed via the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and accompanying presentation.
Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.