Home / Business and Economy / CoreWeave Backlog Soars 246% to $104B
CoreWeave Backlog Soars 246% to $104B
11 Sep
Summary
- CoreWeave's revenue backlog reached $104.2 billion by June, a 246% increase year over year.
- Major clients like Meta Platforms have secured capacity through 2032.
- Over half of CoreWeave's backlog is already attached to active customer contracts.
AI cloud provider CoreWeave ended June with an impressive revenue backlog of $104.2 billion, marking a significant 246% increase compared to the previous year. This backlog has seen rapid growth, escalating from $30.1 billion at the end of June 2025 to its current substantial figure.
Major clients are committing for the long haul. Meta Platforms expanded its agreement in March, securing capacity through December 2032. Trading firm Jane Street also committed approximately $6 billion, and AI developer Anthropic entered into a multi-year agreement. These contracts extend far into the future, with only 41% of the remaining obligations expected within the next 24 months.
More than half of CoreWeave's backlog is already generating revenue, as customer deliveries have commenced for these contracts. The company's revenue recognized in the second quarter was approximately $2.6 billion, up 112% year over year. Management anticipates exiting 2026 with an annualized revenue run rate between $18.5 billion and $19.5 billion.
