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Coreweave Inc

Coreweave Inc (CRWV) Q1 2026 Earnings Call Transcript

Bullish Software - Infrastructure 46.52B USA
Next Earnings
2026-02-26

CoreWeave, Inc. operates a cloud platform that provides scaling, support, and acceleration for GenAI. The company builds the infrastructure that supports compute workloads for enterprises. Its products include GPU compute, CPU compute, storage services, networking services, managed services, and virtual and bare metal servers. The company's platform offers a fleet lifecycle controller, node lifecycle controller, tensorizer, and observability. Its services also include VFX and rendering, AI model training, AI interference, and mission control. In addition, the company develops a dataset optimization tool for machine-learning developers. CoreWeave, Inc. was formerly known as Atlantic Crypto Corporation and changed its name to CoreWeave, Inc. in December 2019. CoreWeave, Inc. was incorporated in 2017 and is based in Livingston, New Jersey.

CoreWeave posted strong 2025 results with record backlog and rapid capacity deployment, guiding 2026 revenue of $12–13B and CapEx of $30–35B, underpinned by a diversified customer base and expanded product stack.

⭐ Key Highlights

Revenue growth and backlog
2025 revenue exceeded $5.1 billion, up 168% YoY, with a revenue backlog of $66.8 billion, up more than fourfold in the year.
Capacity expansion and execution
End-2025 active power reached 850 MW, with ~260 MW added in Q4; contracted capacity exceeded 3.1 GW and nearly all is expected online by 2027.
Strategic monetization and product expansion
Platform evolution includes storage, Weights & Biases cross-sell, SUNK and Mission Control software, and NVIDIA collaboration to broaden margins beyond GPU infrastructure.
2026 guidance and CapEx plan
2026 expected revenue of $12–13B, adjusted operating income of $0.9–1.1B, with CapEx of $30–35B driven by contracted demand and expanding active power to ~1.7 GW by year-end.
Capital structure and liquidity improvements
Cash and equivalents around $4.2B; $2.6B raised via convertible notes; revolver expanded to $2.5B; WACC improved ~300 bps in 2025 and ~600 bps since 2023.
Strategic NVIDIA relationship and Rubin/Grace Blackwell impact
Expansion with NVIDIA, including testing and potential inclusion in NVIDIA reference architectures; next-gen Rubin GPU and Vera CPU/BlueField storage onboarding expected in 2026.

✔Positive Signals

  • Revenue backlog expanded to $66.8B, signaling durable demand
  • Rapid capacity deployment with 850MW active and 3.1GW contracted
  • Diversified customer base across hyperscalers, AI natives, and enterprises
  • Advancement and monetization potential of SUNK, Mission Control, and Weights & Biases
  • NVIDIA collaboration and stronger fixed-cost financing reducing cost of capital

✖Negative Signals

  • Q4 net loss of $452M and high interest expense ($388M)
  • Near-term margins expected to trough in Q1 2026 before expanding
  • Significant CapEx spend ($30–35B in 2026) raises deployment risk if demand slows
  • Depreciation and cost of revenue rise as deployed capacity comes online ahead of revenue
  • Guidance excludes potential upside from proprietary cloud stack monetization

📊Financial Results

  • Q4 revenue: $1.6B, up 110% YoY
  • Full-year 2025 revenue: ~$5.1B, up 168% YoY
  • Q4 Adjusted EBITDA: $898M, margin 57%
  • Q4 Adjusted operating income: $88M (down from Q4 2024 on higher capex)
  • Q4 net loss: $452M; Adjusted net loss: $284M

🔮Future Guidance

  • 2026 revenue guidance: $12B–$13B (approx. 140% YoY at midpoint)
  • 2026 adjusted operating income: $0.9B–$1.1B
  • 2026 CapEx: $30B–$35B, tied to signed contracts and doubling active power to ~1.7GW by year-end
  • Q1 2026 revenue: $1.9B–$2.0B; Q1 adjusted operating income: $0–$40M; Q1 interest expense: $510M–$590M
  • Long-term margin target: 25%–30% in mature periods; potential upside from proprietary cloud stack monetization starting 2026

💡Interesting Insights

  • Licensing CoreWeave's proprietary cloud stack outside own data centers could unlock substantial long-term upside not reflected in 2026 guidance

Detailed Analysis

AI-generated summary of Coreweave Inc earnings call transcript.

CoreWeave delivered a landmark year, generating over $5.1B in revenue (up 168% YoY) and expanding contracted backlog to $66.8B. The company added ~260MW in Q4 to reach 850MW active, and contracted capacity surpassed 3.1GW with most capacity slated to come online by 2027. Management highlighted a platform shift toward higher-margin, multi-product monetization (storage, Weights & Biases integration, SUNK/Mission Control) and deeper NVIDIA collaboration, with expectations to monetize beyond data centers via licensing. 2026 guidance calls for $12–13B revenue, $0.9–1.1B adjusted operating income, and CapEx of $30–$35B tied to already signed contracts, as margins are projected to ramp from a Q1 trough to low-double-digit by year-end. The business remains funded by a strong balance sheet and diversified financing, including a new $2.6B convertible and an expanded revolver, with net debt costs trending lower. The outlook assumes continued demand for AI infrastructure, with a potential upside from proprietary cloud-stack monetization not included in 2026 guidance.

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