CoreWeave Earnings Spotlight Capex And Debt
CoreWeave earnings showed Q1 revenue doubled and $99.4B backlog; guides $30 to $35B capex and rising interest costs raise funding and leverage risk.
KEY TAKEAWAYS
- Set 2026 capex guidance at $30 to $35 billion, roughly double prior year levels.
- Revenue more than doubled to $2.1 billion; backlog reached $99.4 billion.
- Long-term debt was $22.7 billion and net interest expense was $536 million.
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CoreWeave Inc. (NASDAQ: CRWV) reported Q1 2026 revenue more than doubled and backlog reached a record, but GAAP net loss widened as operating expenses and interest costs rose, raising questions about financing for an aggressive 2026 capital expenditure (capex) program.
Costs, Debt and Capex Outlook
CoreWeave set 2026 capex guidance at $30–$35 billion, roughly double the prior year, to fund data-center expansion and GPU deployment. Management described the program as a push to scale capacity for AI model developers and accelerate GPU deployments across its cloud footprint.
An 8-K filing summary showed long-term debt of $22.65 billion and net interest expense of $536 million in the quarter, alongside $8.5 billion of recent debt financing. The balance sheet listed total assets of $49.3 billion and liabilities near $46.0 billion. Short-term liquidity was tight, with a current ratio of 0.5 and quick ratio of 0.4, while marketable securities totaled $34 million.
Operating expenses rose to $2.22 billion from about $1.0 billion a year earlier, producing an operating loss of $144 million and widening the GAAP net loss to $740 million, or a 36% margin, compared with a $315 million loss in Q1 2025.
Revenue Growth and Backlog Expansion
CoreWeave reported Q1 revenue of $2.08 billion, up 112% from $982 million a year earlier, with backlog reaching $99.4 billion as of March 31, 2026, after increasing roughly $50 billion during 2025. Adjusted EBITDA was $1.16 billion, a 56% margin. Gross margin stood near 71.7%, and operating cash flow totaled $3.0 billion for the quarter.
Full-year 2025 revenue was $5.1 billion, highlighting rapid revenue acceleration ahead of this year’s capacity expansion. Demand has been driven by large AI computing commitments, with major deals announced with Meta, Microsoft, OpenAI, and Anthropic, which the company cites as supporting the surge in bookings and backlog.
The capex guidance, combined with the long-term debt and quarterly interest burden, presents a significant funding challenge for 2026. However, the company’s adjusted EBITDA and operating cash flow provide substantial cash generation. The balance between rapid scaling and rising leverage will be central to investor assessments as CoreWeave deploys its planned infrastructure.
"Record First Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud," the company said in its May 7 press release. [source:1]
