CoreWeave Statistics 2026
By Axis Intelligence Research
Co-author: Mia Scarlett | Last updated: November 5, 2026 | License: CC BY 4.0
CoreWeave reported $2,575 million of revenue in Q2 2026, up 112.5%, and a $104.2 billion revenue backlog. Yet only 40.5% of its contracted power was switched on. Axis Intelligence Research’s Contracted Power Energization Ratio (CPER™) tracks that gap, the factor that decides how fast the backlog becomes revenue.
Quick Answer
CoreWeave reported $2,575 million of revenue in Q2 2026, up 112.5% year over year, with a 59% adjusted EBITDA margin. It guides 2026 revenue of $12.4–13.2 billion. Axis Intelligence Research calculates that signed contracts schedule about $21.3 billion a year of revenue through June 2028, and that each $10 of share price equals about $5.5 billion of market cap.
Key Findings
- CoreWeave reported Q2 2026 revenue of $2,575 million, up 112.5% from $1,212 million in Q2 2025, and guides full-year 2026 revenue of $12.4–13.2 billion.
- Axis Intelligence Research finds CoreWeave’s Contracted Power Energization Ratio (CPER™) reached 40.5% at June 30, 2026 (1.5 GW active of 3.7 GW contracted), up from 20.3% at September 30, 2025.
- Axis Intelligence Research estimates CoreWeave’s Backlog Conversion Run-Rate (BCRR) at $21.3 billion a year: 41% of its $103.7 billion of remaining performance obligations falls due by June 2028.
- Microsoft’s share of CoreWeave revenue went from 35% in 2023 to 62% in 2024 and 67% in 2025. By Q2 2026, the largest customer was 36% of quarterly revenue, per the 10-Q.
- Axis Intelligence Research calculates that each $10 of CoreWeave’s share price equals about $5.5 billion of market capitalization, based on 551.5 million shares outstanding at July 31, 2026.
Most CoreWeave coverage leads with the share price or the debt. This page starts with the filing items behind both: revenue and margins, what the business is worth at a given share price, and the gap between power that is energized and power that is only contracted. Every figure traces to a CoreWeave SEC filing, results release, investor presentation or earnings call, and every derived metric shows its formula inline. The financing side ($35.1 billion of debt, loan spreads and the GPU Debt Strain Index) is covered in depth in our neocloud statistics analysis and only summarized here.
How Much Revenue Does CoreWeave Make?
CoreWeave’s revenue was $5,131 million in fiscal 2025, up 167.9% from $1,915 million in 2024. Revenue in 2023 was $229 million, so 2024 was 8.4 times the prior year. Growth has slowed in percentage terms but not in scale: a single quarter, Q2 2026, brought in $2,575 million, more than CoreWeave’s entire 2024 revenue.
CoreWeave quarterly revenue and revenue growth
| Quarter | Revenue ($M) | Basis | Source |
|---|---|---|---|
| Q4 2024 | 747 | Reported | CoreWeave Q4/FY2025 results release |
| Q1 2025 | 982 | Reported | CoreWeave Q1 2026 results release |
| Q2 2025 | 1,212 | Reported | CoreWeave Q2 2026 results release |
| Q3 2025 | 1,365 | Reported | CoreWeave Q3 2025 results release |
| Q4 2025 | 1,572 | Reported | CoreWeave Q4/FY2025 results release |
| Q1 2026 | 2,078 | Reported | CoreWeave Q1 2026 results release |
| Q2 2026 | 2,575 | Reported | CoreWeave Q2 2026 results release |
| Q3 2026 | 3,450–3,600 | Company guidance | CoreWeave Q2 2026 Outlook Presentation |
The Q2 2026 figure comes from CoreWeave’s second-quarter 2026 results release. That release also reported first-half 2026 revenue of $4,653 million. Year-over-year growth was 112.5% in Q2 2026, and sequential growth was 23.9%.
CoreWeave revenue 2026: guidance
On the Q2 2026 earnings call, CFO Nitin Agrawal raised 2026 revenue guidance to $12.4–13.2 billion. The midpoint, $12.8 billion, would be 149.5% above 2025. He also guided an exit 2026 annualized run-rate revenue (ARR) of $18.5–19.5 billion. CoreWeave defines ARR as the last month of the quarter’s revenue multiplied by 12.
The Q3 2026 range of $3,450–3,600 million implies 158.3% year-over-year growth at its $3,525 million midpoint. Subtract the H1 actual and the Q3 midpoint from the full-year midpoint and Q4 2026 lands at $4,622 million. Annualized, that is $18.5 billion, the bottom of the exit ARR range. A December revenue figure times 12 would run above the Q4 average in a growing quarter.
Mia Scarlett: The guidance holds together arithmetically, which is worth stating. Plenty of growth companies guide a full year that their own quarterly ranges cannot reach. Here, the Q4 that the midpoints imply sits at the floor of the exit ARR range, so the year does not depend on a heroic December. The question for November 10 is not whether Q3 lands inside $3.45–3.6 billion. It is whether the nearly 500 MW energized in Q2 bills fast enough to push Q4 toward the top of the range.
What Is CoreWeave’s EBITDA Margin, and Is It Profitable?
CoreWeave’s adjusted EBITDA margin was 59% in Q2 2026 (adjusted EBITDA of $1,510 million), and its adjusted operating margin was 5%. On a GAAP basis it posted a $49 million operating loss and a $626 million net loss.
CoreWeave margins by quarter
| Quarter | Adj. EBITDA ($M) | Adj. EBITDA margin | Adj. operating income ($M) | Adj. operating margin | Adj. net loss ($M) | Source |
|---|---|---|---|---|---|---|
| Q2 2025 | 753 | 62% | 200 | 16% | (130) | Q2 2026 Earnings Presentation |
| Q3 2025 | 838 | 61.4%* | 217 | 15.9%* | (41) | Q2 2026 Earnings Presentation |
| Q4 2025 | 898 | 57.1%* | 88 | 5.6%* | (284) | Q2 2026 Earnings Presentation |
| Q1 2026 | 1,157 | 55.7%* | 21 | 1.0%* | (589) | Q2 2026 Earnings Presentation |
| Q2 2026 | 1,510 | 59% | 128 | 5% | (567) | Q2 2026 Earnings Presentation |
*Axis calculation: metric ÷ quarterly revenue. Unstarred margins are as reported by CoreWeave. All metrics in this table are non-GAAP.
The adjusted EBITDA margin bottomed at 55.7% in Q1 2026 and recovered in Q2. The adjusted operating margin fell from 16% to 1.0% over three quarters and then rebounded to 5%. The gap between the two is depreciation: per the 10-Q, depreciation and amortization of property and equipment reached $1.4 billion in Q2 2026, because new GPU fleets start depreciating before they bill a full quarter. Agrawal said Q2 was the quarter in which margins began expanding sequentially.
| GAAP line | Q2 2025 | Q2 2026 | FY2025 | Source |
|---|---|---|---|---|
| Operating income ($M) | 19 | (49) | (46) | Results releases |
| Net interest expense ($M) | 267 | 640 | 1,229 | Results releases |
| Net loss ($M) | (290) | (626) | (1,167) | Results releases |
Net interest expense in Q2 2026 was 5.0 times adjusted operating income. CoreWeave guides Q3 2026 adjusted operating income of $200–260 million against interest expense of $860–940 million. For full-year 2026, it guides adjusted operating income of $960 million to $1.15 billion. The interest burden is analyzed on our neocloud statistics page, which owns the canonical total debt figure: $35.1 billion at June 30, 2026.
What Is CoreWeave’s Market Cap, Enterprise Value and Revenue Multiple?
CoreWeave’s market value moves every trading day, so this page does not freeze a quote. Instead, Axis Intelligence Research publishes the conversion: the filed share count, debt and cash that turn any CRWV share price into market cap, enterprise value (EV) and revenue multiples. Enterprise value is market cap plus debt minus cash. A revenue multiple is EV divided by revenue.
Inputs:
- 551.5 million shares outstanding at July 31, 2026 (458,871,690 Class A plus 92,664,912 Class B, per the 10-Q).
- $35.1 billion of debt at carrying value.
- $5,524 million of cash and cash equivalents at June 30, 2026, which gives net debt of $29.5 billion.
Each $10 of share price equals about $5.5 billion of market cap.
CoreWeave valuation grid (Axis Intelligence Research calculation)
| CRWV share price | Market cap ($B) | Enterprise value ($B) | EV ÷ 2026 revenue midpoint | EV ÷ exit ARR midpoint | EV ÷ BCRR | EV per active MW ($M) |
|---|---|---|---|---|---|---|
| $30 | 16.5 | 46.1 | 3.60× | 2.43× | 2.17× | 30.7 |
| $40 (IPO price) | 22.1 | 51.6 | 4.03× | 2.72× | 2.43× | 34.4 |
| $50 | 27.6 | 57.1 | 4.46× | 3.01× | 2.69× | 38.1 |
| $75 | 41.4 | 70.9 | 5.54× | 3.73× | 3.34× | 47.3 |
| $100 | 55.2 | 84.7 | 6.62× | 4.46× | 3.98× | 56.5 |
Source: Axis calculation from the Form 10-Q (shares, debt) and the Q2 2026 results release (cash). The calculation uses basic shares and excludes lease liabilities, options and convertible-note dilution. Denominators are the $12.8 billion revenue midpoint, the $19.0 billion exit ARR midpoint, the $21.3 billion BCRR and 1,500 MW of active power.
To use the grid, take the day’s CRWV price and read across, or multiply the price by 0.5515 to get market cap in billions of dollars. Because debt is roughly the size of market cap at prices near the IPO level, EV moves proportionally less than the share price. A 25% move in the stock moves EV by much less. This page is not investment advice.
Mia Scarlett: The quoted “revenue multiple” depends on which revenue you divide by, and with CoreWeave the choice changes the answer by about 40%. At $50 a share, EV is 4.46 times the 2026 revenue midpoint but 2.69 times what signed contracts already schedule per year. When you read a CoreWeave multiple, check the denominator first. The last column is the one infrastructure buyers recognize: what the market pays per megawatt that is already energized.
What Is CoreWeave’s Backlog, and How Fast Does It Turn Into Revenue?
CoreWeave reported a revenue backlog of $104.2 billion at June 30, 2026, up 246% from $30.1 billion a year earlier. That figure excludes more than $25 billion of net new customer commitments signed in early Q3 2026.
Revenue backlog vs remaining performance obligations
Remaining performance obligations (RPO) is the audited accounting figure: contracted revenue not yet recognized, reported under GAAP. Revenue backlog is CoreWeave’s own metric: RPO plus other amounts it expects to recognize under committed contracts. Per the Q2 2026 Earnings Presentation, the June 2026 backlog is $103.7 billion of RPO plus $0.5 billion of other amounts.
| Date | Revenue backlog ($B) | RPO ($B) | Source |
|---|---|---|---|
| Jun 30, 2025 | 30.1 | 30.1 | Q2 2026 Earnings Presentation |
| Sep 30, 2025 | 55.6 | n/d | Q3 2025 results release |
| Dec 31, 2025 | 66.8 | 60.7 | Q4/FY2025 release; Form 10-K |
| Mar 31, 2026 | 99.4 | n/d | Q1 2026 results release |
| Jun 30, 2026 | 104.2 | 103.7 | Q2 2026 Earnings Presentation; Form 10-Q |
At December 31, 2025, backlog ran $6.1 billion above RPO. By June 2026 the gap was $0.5 billion, so the headline backlog and the audited RPO now describe nearly the same contract book. Backlog rose 56.0% in the first half of 2026, and RPO rose 70.8%.
CoreWeave’s backlog is getting longer
| Recognition window | Share of backlog, Jun 2025 | Share of backlog, Jun 2026 | Source |
|---|---|---|---|
| Within 24 months | 50% | 40% | Q2 2026 Earnings Presentation |
| 25–48 months | 40% | 39% | Q2 2026 Earnings Presentation |
| Beyond 48 months | 10% | 21% | Q2 2026 Earnings Presentation |
The share of backlog due beyond four years doubled in a year, from 10% to 21%. In dollars, that is about $21.9 billion now against $3.0 billion then. New contracts are longer than the ones they join, which makes the book more durable and pushes more revenue past 2030.
The Backlog Conversion Run-Rate (BCRR)
The Form 10-Q for the quarter ended June 30, 2026 states that 41% of the $103.7 billion RPO is expected to be recognized over the 24 months ending June 30, 2028, 39% in months 25 to 48, and the remainder in months 49 to 78.
| Recognition window | Share of RPO | Value ($B, Axis calculation) | Source |
|---|---|---|---|
| Months 0–24 (to Jun 2028) | 41% | 42.5 | CoreWeave Form 10-Q |
| Months 25–48 (to Jun 2030) | 39% | 40.4 | CoreWeave Form 10-Q |
| Months 49–78 (to Dec 2032) | 20% (remainder) | 20.7 | CoreWeave Form 10-Q; Axis calculation |
The Backlog Conversion Run-Rate (BCRR) is an Axis Intelligence Research calculation: the RPO scheduled for the next 24 months, divided by two. It is the average annual revenue that signed contracts alone already schedule.
BCRR = ($103.7B × 41%) ÷ 2 = $21.3 billion per year (July 2026 to June 2028).
On the backlog basis in the investor presentation (40% of $104.2 billion), the same calculation gives $20.8 billion, a cross-check within half a billion. BCRR is 1.66 times the $12.8 billion 2026 revenue midpoint and 1.12 times the $19.0 billion exit ARR midpoint. It excludes the more than $25 billion signed after June 30, and it assumes delivery happens on schedule.
Mia Scarlett: A BCRR above the exit ARR means the contracts are already ahead of the infrastructure. CoreWeave’s 2027 revenue is a delivery question, not a demand question. The CFO’s own numbers point the same way: more than 50% of backlog is attached to contracts where delivery has started, and he expects more than two-thirds by year-end. The backlog-to-revenue multiple and the backlog-to-debt view live on our neocloud statistics page.
How Much Power Does CoreWeave Have?
CoreWeave had 1.5 GW of active power at June 30, 2026, after adding nearly 500 MW in the quarter, and about 4.2 GW of contracted power as of August 11, 2026. Active power is energized and serving customers. Contracted power is secured under data center agreements, much of it not yet built.
CoreWeave active vs contracted power
| Date | Active power (MW) | Contracted power (MW) | Source |
|---|---|---|---|
| Dec 31, 2022 | ~10 | n/d | Form S-1/A |
| Dec 31, 2023 | ~70 | n/d | Form 10-K |
| Dec 31, 2024 | ~360 | ~1,300 | Form 10-K; Form S-1/A |
| Sep 30, 2025 | ~590 | ~2,900 | Q3 2025 results release |
| Dec 31, 2025 | >850 | ~3,100 | Form 10-K |
| Mar 31, 2026 | >1,000 | >3,500 | Q1 2026 results release |
| Jun 30, 2026 | 1,500 | ~3,700 | Q2 2026 results release |
| Aug 11, 2026 | n/d | ~4,200 | Q2 2026 Earnings Presentation; call |
| Dec 31, 2026 (guidance) | >1,850 | n/d | Q2 2026 earnings call |
| 2030 (target) | ≥8,000 | n/d | Q2 2026 earnings call |
CoreWeave added 650 MW of active power in the first half of 2026. On the August call, it raised its year-end target to more than 1.85 GW, from more than 1.7 GW. CEO Michael Intrator reiterated a target of at least 8 GW by 2030, which is 5.3 times the June 2026 active base.
The Contracted Power Energization Ratio (CPER™)
The Contracted Power Energization Ratio (CPER™) is a recurring Axis Intelligence Research index: active power divided by contracted power on the same date. It measures how much of a GPU cloud’s secured capacity is actually energized. A low reading means revenue is waiting on construction. A rising reading means the build-out is catching up with the contracts.
CPER™ = active power (MW) ÷ contracted power (MW) × 100
| Date | Active (MW) | Contracted (MW) | CPER™ | Source |
|---|---|---|---|---|
| Dec 31, 2024 | 360 | 1,300 | 27.7% | Axis calculation, 10-K and S-1/A |
| Sep 30, 2025 | 590 | 2,900 | 20.3% | Axis calculation, Q3 2025 release |
| Dec 31, 2025 | 850 | 3,100 | 27.4% | Axis calculation, Form 10-K |
| Mar 31, 2026 | 1,000 | 3,500 | 28.6% | Axis calculation, Q1 2026 release |
| Jun 30, 2026 | 1,500 | 3,700 | 40.5% | Axis calculation, Q2 2026 release |
| Dec 31, 2026 (guided) | 1,850 | 4,200 | 44.0% | Axis calculation, Q2 2026 call |
Where CoreWeave reports “more than” or “approximately,” CPER™ uses the stated figure as a floor. The year-end reading pairs guided active power with contracted power as of August 11, so any contract signed later will pull it down.
Mia Scarlett: From the end of 2024 through March 2026, CoreWeave signed power about as fast as it energized it, and CPER™ stayed between 20.3% and 28.6%. In Q2 2026, the active base grew by 50% while contracted power grew by 5.7%. Even if guidance is met, 2.35 GW of contracted power will still be waiting at year-end. That is more than CoreWeave’s entire active base today, and it is the physical work behind the 2027 and 2028 revenue in the BCRR.
How Many Data Centers and GPUs Does CoreWeave Have?
CoreWeave operated 51 data centers as of June 30, 2026, eight of them added in 2026, per its October 27, 2026 announcement of Danish capacity and a global network backbone and its Q2 2026 Earnings Presentation.
The last GPU count CoreWeave published was more than 250,000 GPUs at December 31, 2024, a majority of them NVIDIA Hopper models, per its IPO registration statement (Form S-1/A). Neither the 2025 10-K nor the 2026 10-Q updates the count, so any current GPU figure that does not cite a newer CoreWeave filing should be treated with caution.
Data centers, GPUs and site size
| Date | Data centers | Active MW | Avg. MW per site* | GPUs | GPUs per active MW* | Source |
|---|---|---|---|---|---|---|
| Dec 31, 2022 | 3 | ~10 | 3.3 | >17,000 | 1,700 | Form S-1/A |
| Dec 31, 2023 | 10 | ~70 | 7.0 | >53,000 | 757 | Form S-1/A; Form 10-K |
| Dec 31, 2024 | 32 | ~360 | 11.3 | >250,000 | 694 | Form S-1/A; Form 10-K |
| Dec 31, 2025 | 43 | >850 | 19.8 | n/d | n/d | Form 10-K |
| Jun 30, 2026 | 51 | 1,500 | 29.4 | n/d | n/d | Oct 27, 2026 release; Q2 release |
*Axis calculation from the reported figures; GPU counts are floors.
The average site went from 3.3 MW in 2022 to 29.4 MW in June 2026, 8.8 times larger. It added about 10 MW in the first half of 2026 alone. GPUs per active megawatt fell from 1,700 to 694 between 2022 and 2024, as each GPU generation draws more power per chip. In 2024, the average CoreWeave site held about 7,812 GPUs. CoreWeave now grows by energizing larger campuses rather than by adding locations.
CoreWeave outside the United States
- Europe: nine data centers across five geographies (the United Kingdom, Spain, Sweden, Norway and Denmark), 17.6% of the 51-site count. Most of the 22.5 MW planned for Copenhagen is online.
- India: a planned 240 MW in Navi Mumbai with AdaniConneX (three 80 MW buildings, with an option for up to 240 MW more), announced October 6, 2026. The first phase is expected in mid-2028.
- Indonesia: 360 MW, which Intrator said would begin coming online in about 18 months.
- Total outside the U.S.: more than 1 GW contracted as of August 11, 2026, at least 23.8% of the 4.2 GW total.
The 10-K described operations in six countries at the end of 2025. For GPU-hour pricing across providers, see our GPU prices data.
Who Are CoreWeave’s Biggest Customers?
Microsoft accounted for approximately 67% of CoreWeave’s 2025 revenue, per the fiscal 2025 Form 10-K. That was up from 62% in 2024 and 35% in 2023, per the S-1/A. In 2024, the top two customers together accounted for about 77% of revenue.
CoreWeave customer concentration in 2026
| Customer (10-Q label) | Q2 2025 | Q2 2026 | H1 2025 | H1 2026 | Source |
|---|---|---|---|---|---|
| Customer A | 71% | 36% | 72% | 40% | Form 10-Q, Jun 30, 2026 |
| Customer B | <10% | 26% | <10% | 23% | Form 10-Q, Jun 30, 2026 |
| Customer C | <10% | 10% | <10% | <10% | Form 10-Q, Jun 30, 2026 |
The 2026 10-Q does not name these customers. The largest customer’s share of quarterly revenue fell 35 percentage points in a year, but three customers still made up 72% of Q2 2026 revenue. Concentration has spread from one buyer to three. It has not disappeared.
Named contracts and investors
- Meta: initially committed to pay up to approximately $14.2 billion through December 2031 (Form 10-K). CoreWeave then signed a new $21 billion Meta commitment in March 2026, per its Q1 2026 results release filed with the SEC.
- OpenAI: the 10-K discloses an OpenAI commitment of up to approximately $6.5 billion through May 31, 2031.
- Anthropic: a multi-year agreement announced April 10, 2026, with no disclosed value. CoreWeave says 9 of the 10 leading AI model providers now use its platform (company-reported).
- Investors who are also partners: NVIDIA invested $2 billion in Class A common stock in Q1 2026. Jane Street made a $1 billion strategic investment in Q2 2026.
Committed contracts had a weighted-average duration of approximately five years at the end of 2025. On the Q2 call, Agrawal said new contracts included an approximately 25% price increase across SKUs.
Mia Scarlett: We will not guess who Customer A is in 2026, because the filing does not say. What the filings do show is the arc. Microsoft went from a third of revenue to two-thirds in two years, and then one buyer’s share was halved within a year. The second customer reached 26% of Q2 revenue from below the 10% disclosure line a year earlier. That is the footnote that reframes the “Microsoft-dependent” label still attached to most CoreWeave coverage.
How Much Does a CoreWeave Megawatt Earn?
Revenue per Energized Megawatt (RPEM) is an Axis Intelligence Research calculation. It divides annualized quarterly revenue by the average of opening and closing active power for the quarter, which turns revenue into a unit price for live capacity.
RPEM = (quarterly revenue × 4) ÷ average active MW in the quarter
| Quarter | Annualized revenue ($M) | Avg. active MW | RPEM ($M per MW-year) | Source |
|---|---|---|---|---|
| Q3 2025 | 5,459 | 530 | 10.3 | Axis calculation, Q3 2025 release |
| Q4 2025 | 6,288 | 720 | 8.73 | Axis calculation, Q4/FY2025 release |
| Q1 2026 | 8,312 | 925 | 8.99 | Axis calculation, Q1 2026 release |
| Q2 2026 | 10,300 | 1,250 | 8.24 | Axis calculation, Q2 2026 release |
| Exit 2026 (guided) | 19,000 | 1,850 | 10.3 | Axis calculation, Q2 2026 outlook |
RPEM dips in quarters when large blocks of capacity are energized late, because a megawatt counts in the denominator before it bills a full quarter. That happened in Q2 2026, when nearly 500 MW were added. The guided exit figures imply about $10.3 million per MW-year once the fleet is billing, helped by the approximately 25% SKU price increase disclosed on the call.
The Q3 2025 opening value (470 MW) is derived from the 120 MW CoreWeave said it added to reach approximately 590 MW. Because the inputs are rounded, read RPEM as a trend, not to the decimal.
How Much Is CoreWeave Spending on Capex in 2026?
CoreWeave guides 2026 capital expenditures of $35–39 billion, including $11.5–13.5 billion in Q3 alone. Two capex measures circulate, and both are correct:
- Company definition: additions to property and equipment, including finance-lease assets, less the change in construction in progress. On this basis, quarterly capex went from $2.9 billion in Q2 2025 to $1.9 billion, $6.8 billion, $8.2 billion and $9.4 billion ($9,352 million) in Q2 2026. First-half 2026 capex was $16,139 million.
- Cash flow statement: purchases of property and equipment were $6,422 million in Q2 2026, $14,117 million in the first half, $10,309 million in 2025 and $8,702 million in 2024.
In Q2 2026, the company-defined figure ran $2,930 million above cash purchases. Net property and equipment rose from $30,557 million to $46,736 million in six months.
In the quarter, CoreWeave raised approximately $18 billion across debt, convertibles and equity. The CFO said its weighted average cost of debt fell by almost 300 basis points over the past year, worth approximately $1.1 billion of annualized interest savings. Industry-wide spending is tracked in our AI capex tracker, and the sites it funds in the AI data center tracker.
CoreWeave at a Glance: IPO, Employees, Shares and Acquisitions
| Fact | Value | As of | Source |
|---|---|---|---|
| IPO price | $40.00 per share (Nasdaq: CRWV) | Priced Mar 27, 2025 | CoreWeave IPO pricing release |
| IPO size | 37.5 million shares (~$1.5B at the offer price) | Mar 27, 2025 | IPO pricing release; Axis calc. |
| Index inclusion | Selected for the Nasdaq-100 | Aug 11, 2026 | Q2 2026 Earnings Presentation |
| Employees | 2,189 (1,967 U.S.; 222 in 19 other countries) | Dec 31, 2025 | Form 10-K |
| Revenue per employee | $2.34 million | FY2025 | Axis calculation (5,131 ÷ 2,189) |
| Shares outstanding | 551.5 million (Class A 458.9M; Class B 92.7M) | Jul 31, 2026 | Form 10-Q |
| Weights & Biases acquisition | $1,029 million total purchase price | May 5, 2025 | Form 10-Q |
| GPU supplier | All GPUs in current infrastructure are NVIDIA | Dec 31, 2025 | Form 10-K |
| Managed inference ARR | >$100 million booked; ≥$250 million guided for end-2026 | Aug 11, 2026 | Q2 2026 earnings call |
| Next results | Q3 2026, November 10, 2026, 5:00 PM ET | Announced Oct 27, 2026 | CoreWeave investor relations |
Revenue per employee is high for a cloud provider because CoreWeave’s costs sit in GPUs, leases and power, not headcount. The guided $250 million of managed inference ARR is about 1.3% of the $19.0 billion exit ARR midpoint. Software is growing from a small base, but capacity leasing is still the business. CoreWeave’s listing sits in our AI IPO tracker, and its GPU supplier is profiled in NVIDIA statistics.
CoreWeave in 2027: What the Contracts and Guidance Already Lock In
CoreWeave has not issued 2027 guidance. What the filings already fix:
- Contracted revenue: BCRR schedules about $21.3 billion a year from July 2026 to June 2028, before the more than $25 billion signed after June 30.
- Entry run-rate: guidance implies CoreWeave enters 2027 at an $18.5–19.5 billion ARR.
- Physical gap: 2.35 GW of contracted power beyond the guided year-end active base must still be energized. India’s first phase is expected in mid-2028, and Indonesia about 18 months from August 2026.
- Contract length: 21% of backlog now sits beyond 48 months, against 10% a year earlier.
- Concentration: three customers were 72% of Q2 2026 revenue.
- Unit price: new contracts carry an approximately 25% SKU price increase, and the exit RPEM implies about $10.3 million per MW-year.
Mia Scarlett: For 2027, the variable to watch is CPER™, not the backlog. Signed contracts already schedule 1.66 times the 2026 revenue midpoint for each of the next two years. What a contract cannot do is energize a building. Each quarterly CPER™ reading shows whether the 2.35 GW is arriving on time, and each RPEM reading shows whether it bills at the price the contracts imply. Track those two and the 2027 revenue line is visible before it is reported. For how the wider AI build-out compares with the revenue it produces, see AI spending vs revenue.
Methodology
Collection. Axis Intelligence Research retrieved every CoreWeave source on November 5, 2026:
- From SEC EDGAR: the Form S-1/A filed March 20, 2025, the Form 10-K for fiscal 2025, and the Form 10-Q for the quarter ended June 30, 2026.
- Results releases for Q3 2025, Q4/FY2025, Q1 2026 and Q2 2026.
- The Q2 2026 Earnings Presentation, Outlook Presentation and corrected call transcript, all dated August 11, 2026.
- CoreWeave announcements of March 27, 2025 (IPO), April 10, 2026 (Anthropic), October 6, 2026 (India) and October 27, 2026 (Denmark, data center count and the Q3 results date).
Guidance is labeled as such. Backlog, power, data center and GPU counts are company-reported operating metrics, not audited figures. Non-GAAP measures follow CoreWeave’s definitions.
Derived metrics.
- CPER™ (Contracted Power Energization Ratio) = active MW ÷ contracted MW × 100, measured on the same date. Where CoreWeave reports “more than” or “approximately,” the stated figure is used as a floor.
- BCRR (Backlog Conversion Run-Rate) = (RPO × share recognized in months 0–24) ÷ 2, cross-checked against the presentation’s backlog basis.
- RPEM (Revenue per Energized Megawatt) = quarterly revenue × 4 ÷ the average of opening and closing active MW.
- Valuation grid:
- Market cap = price × 551,536,602 shares.
- EV = market cap + $35,068 million of debt − $5,524 million of cash.
- Site metrics: average MW per site and GPUs per MW are period-end ratios.
Every Axis calculation was run twice, in floating point and in exact rational arithmetic. Each formula appears in the CSV method_note column.
Scope. CoreWeave discloses power and site counts in rounded form, so CPER™ and RPEM carry a few points of rounding. The 2026 10-Q does not name its largest customers, and this page does not infer their identity. The latest published GPU count is from December 2024. The valuation grid uses basic shares and excludes leases and potential dilution. No live share price is stored on this page.
About This Dataset
The dataset contains 277 rows covering:
- CoreWeave revenue (2023 to Q2 2026, plus guidance) and quarterly margins.
- Revenue backlog and RPO with recognition timing.
- Active and contracted power from 2022, data centers and GPU counts.
- Customer concentration from 2023, and capex on both definitions.
- The valuation grid, company facts, and the CPER™, BCRR and RPEM readings.
The data is in long format, one observation per row. Each row carries source_org, source_document, source_url, retrieved_date, is_primary, axis_calculated and a method_note.
Download: coreweave-statistics.csv ·
License: CC BY 4.0. Reuse requires attribution to “Axis Intelligence Research, CoreWeave Statistics 2026” with a link to this page.
Updates: the page is revised when CoreWeave files new results or a material contract, not on a calendar. CPER™ is a recurring index, with a new reading after each quarterly report.
Questions Analysts, Investors and Data Center Developers Ask About CoreWeave
What is CoreWeave’s revenue growth rate?
CoreWeave’s Q2 2026 revenue of $2,575 million was up 112.5% year over year and 23.9% from Q1 2026. Fiscal 2025 revenue of $5,131 million grew 167.9%. The midpoint of 2026 guidance, $12.8 billion, implies 149.5% growth.
What is CoreWeave’s EBITDA margin?
CoreWeave’s adjusted EBITDA margin was 59% in Q2 2026, on adjusted EBITDA of $1,510 million. Down from 62% in Q2 2025, it bottomed at 55.7% in Q1 2026 per Axis Intelligence Research’s calculation. The adjusted operating margin was 5%.
How do you calculate CoreWeave’s market cap and revenue multiple?
Multiply the CRWV share price by 551.5 million shares (July 31, 2026 10-Q): each $10 equals about $5.5 billion. Add $35.1 billion of debt and subtract $5.5 billion of cash for enterprise value, then divide by revenue. At $50, EV is 4.46 times the 2026 revenue midpoint.
Is CoreWeave’s $104.2 billion backlog the same as its RPO?
Almost. At June 30, 2026, CoreWeave’s revenue backlog of $104.2 billion was $103.7 billion of GAAP remaining performance obligations plus $0.5 billion of other committed amounts. At December 31, 2025, the gap was $6.1 billion.
How much of CoreWeave’s backlog becomes revenue by 2028?
CoreWeave’s 10-Q says 41% of its $103.7 billion RPO, about $42.5 billion, will be recognized in the 24 months ending June 30, 2028. Axis Intelligence Research’s Backlog Conversion Run-Rate (BCRR) puts that at $21.3 billion a year.
How many GPUs does CoreWeave have?
CoreWeave’s most recent disclosed count is more than 250,000 GPUs across 32 data centers at December 31, 2024, mostly NVIDIA Hopper models, per its S-1/A. Its 2025 10-K and 2026 10-Q do not update the count. They state that all GPUs in use are NVIDIA.
Is Microsoft still CoreWeave’s largest customer?
Microsoft was about 67% of CoreWeave’s 2025 revenue, up from 62% in 2024 and 35% in 2023. The June 2026 10-Q does not name customers: its largest, Customer A, was 36% of Q2 2026 revenue, down from 71% a year earlier.
How fast is CoreWeave energizing its contracted power?
Axis Intelligence Research’s Contracted Power Energization Ratio (CPER™) shows 40.5% of contracted power was active at June 30, 2026, up from 20.3% at September 30, 2025. On year-end guidance of more than 1.85 GW, CPER™ reaches about 44%.
When does CoreWeave report Q3 2026 earnings?
CoreWeave reports third-quarter 2026 results on November 10, 2026, with a call at 5:00 PM Eastern Time. Q3 guidance is $3.45–3.6 billion of revenue, $200–260 million of adjusted operating income and $11.5–13.5 billion of capex.
Cite This Page
APA: Axis Intelligence Research, & Scarlett, M. (2026, November 5). CoreWeave statistics 2026: Revenue, margins, valuation, backlog and power capacity. Axis Intelligence. https://axis-intelligence.com/coreweave-statistics/
MLA: Axis Intelligence Research, and Mia Scarlett. “CoreWeave Statistics 2026: Revenue, Margins, Valuation, Backlog and Power Capacity.” Axis Intelligence, 5 Nov. 2026, axis-intelligence.com/coreweave-statistics/.
Chicago: Axis Intelligence Research, and Mia Scarlett. “CoreWeave Statistics 2026: Revenue, Margins, Valuation, Backlog and Power Capacity.” Axis Intelligence, November 5, 2026. https://axis-intelligence.com/coreweave-statistics/.
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