CoreWeave Has $104 Billion of Contracted Revenue and a $59 Billion Market Value

CoreWeave reported a $104 billion revenue backlog as of June 30, 2026, up from $30.1 billion a year earlier, signaling robust demand for its AI infrastructure services. Second-quarter revenue doubled year-over-year, rising 112% to $2.6 billion.

The company's financial profile remains aggressive. Capital expenditures are projected at $35-39 billion for 2026, while net losses widened to $626 million. Interest expenses running at a $2.6 billion annualized rate now exceed projected operating income, highlighting the balance-sheet strain of scaling its GPU-backed cloud infrastructure.

At current levels, CRWV trades at roughly 56 cents per dollar of contracted revenue—a valuation discount that reflects execution risk and the capital intensity required to convert its $104 billion backlog into delivered services and positive cash flow. The backlog represents multi-year commitments, but monetization depends on buildout timelines and customer acceptance milestones.