CoreWeave, Inc. reported a significant increase in revenue backlog, reaching $55.6 billion in the last quarter. Major contracts with clients like OpenAI and Meta contributed to this growth. The company has added over $25 billion in backlog in the third quarter alone, demonstrating strong customer commitments and confidence in its platform.

CoreWeave emphasized the quality of its backlog, with no single customer accounting for more than 35% of the total backlog. Over 60% of the backlog is tied to investment-grade customers, highlighting the credit quality of contracted demand. The company’s capacity expansion strategy includes increasing active power footprint to 590 megawatts and expanding contracted power capacity to 2.9 gigawatts.

Despite temporary delays, CoreWeave assured that customer contracts remain intact, with affected customers agreeing to adjusted delivery schedules while maintaining full contract value. The company plans to significantly increase capital expenditure in 2026 to support its infrastructure investments and sustain hypergrowth. CoreWeave’s ability to execute against its backlog is supported by long-term contracts, diversified customers, and expanding infrastructure.

Amazon.com, Inc.’s AWS backlog grew to $200 billion in the third quarter, indicating strong customer commitments to its cloud services. Microsoft Corporation’s backlog reached approximately $392 billion, driven by demand for its cloud and AI services. CoreWeave’s stock has gained 12.2% in the past month and is trading at 9.49X Price/Book. The Zacks Consensus Estimate for CRWV’s earnings for 2025 has been revised downward.

Read more at Nasdaq: Can CoreWeave Convert Its $55B Backlog Into Profitable Growth?