Overview

• CoreWeave reports a $30.1 billion contracted backlog that jumped 86% year over year and doubled year to date, driven by hyperscale expansions and an OpenAI commitment.
• Management projects $5.15–$5.35 billion in 2025 revenue, with the backlog equaling nearly six times that figure and providing multi-year visibility.
• Guidance calls for $20–$23 billion in 2025 capital expenditures, underscoring aggressive data-center and power build-out requirements.
• Shares have fallen about 34% from their peak following lock-up expirations and uncertainty around the Core Scientific acquisition, even as Q2 revenue rose 207% to $1.21 billion.
• Analyst commentary cites potential upside from reports of very large OpenAI GPU rental spending, which remains unconfirmed.