Overview
- CoreWeave raised 2026 revenue guidance to $12.4 billion–$13.2 billion and reports a contracted backlog of about $104.2 billion that underpins multi‑year demand.
- Management plans very large capital spending of roughly $30 billion–$39 billion for 2026 to expand power and GPU capacity and accelerate an exit run‑rate target above $18 billion.
- The company’s debt has ballooned into the tens of billions and interest expense now outpaces adjusted operating income, with recent convertible note offerings and insider share sales highlighting ongoing funding needs.
- CoreWeave depends heavily on Nvidia GPUs and a small group of large customers including Microsoft, OpenAI and Meta, which concentrates operational and commercial risk.
- Wall Street is divided on the stock as bullish views cite strong pricing power and improving margins while bearish views worry that rising rates and heavy leverage could squeeze cash flow and force costly refinancing.