CoreWeave Posts Q1 2026 Revenue of $2.08B, Backlog Hits $99.4B, Power Capacity Crosses 1 GW

Summary

CoreWeave reported Q1 2026 revenue of $2.078 billion (112% year-over-year, 32% sequential), with adjusted EBITDA of $1.157 billion (56% margin) and Q2 guidance of $2.45–$2.6 billion. The standout metric is the revenue backlog: $99.4 billion, up ~50% quarter-over-quarter and ~4× year-over-year, with 36% expected to convert within 24 months. Active power capacity crossed 1 GW with contracted power expanded to 3.5 GW and a stated path to 8 GW by 2030. HyperFRAME flags meaningful execution risk: a