CoreWeave's $104 billion contracted backlog, with $25 billion in fresh Q3 commitments, gives the company multi-year revenue visibility few high-growth rivals can match. CRWV trades 28% below analyst targets, but NVDA supplier concentration and a debt-to-equity of 8.94 make leverage the defining risk. It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor) At $107.73, CoreWeave (NASDAQ:CRWV) sits at an inflection point.
The stock ripped +19.28% on its first earnings beat as a public company, and the numbers reframe the risk/reward. CoreWeave rents purpose-built GPU cloud capacity to AI labs, hyperscalers, and enterprises. CEO Michael Intrator financed a data center buildout that reached 1.5 gigawatts of active power.
The -27.58% one-year return reflects market skepticism about the leverage required. Revenue hit $2.575 billion, up 112.32% year over year, and GAAP EPS of -$1.14 beat the -$1.447 consensus by 21.22%. Adjusted EBITDA doubled to $1.51 billion at a 59% margin, and operating cash flow flipped to $679 million from negative $251 million a year ago.
Contracted revenue backlog climbed to $104.2 billion, with another $25+ billion in net new commitments added in early Q3. Roughly half of the backlog runs beyond four years, giving CoreWeave rare revenue visibility in high-growth tech. New Q2 contracts came with contribution margins 5 to 10 percentage points above recent quarters, and management raised full-year 2026 revenue guidance to $12.4 billion to $13.2 billion.
Managed inference ARR scaled from $1 million to more than $100 million in months. SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock for Active Invest accounts.
See for yourself by clicking here now. Free cash flow was -$5.743 billion in the quarter, and CapEx guidance for the year is $35 billion to $39 billion. Interest expense jumped to $640 million from $267 million a year ago, with Q3 interest guided to $860 million to $940 million.
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