CoreWeave

CoreWeave in the enterprise

As of November 5, 2026. Every figure links to its source; company-reported numbers are labeled as such.

CoreWeave is a specialist AI cloud: it builds and runs data centers packed with Nvidia AI chips and rents that capacity, mostly under multi-year contracts, to AI labs, big tech companies and a growing list of ordinary enterprises. Revenue more than doubled to $2.6 billion in the quarter ended June 2026, and the company raised its 2026 revenue forecast to $12.4-13.2 billion. Its signed-but-not-yet-billed backlog stood at about $104 billion at the end of June, before more than $25 billion of new commitments added in the following weeks (company figures).

Its customer list reads like a roster of AI's biggest spenders. Microsoft supplied about two-thirds of 2025 revenue; Meta has committed about $35 billion in total, including a $21 billion expansion running to 2032; OpenAI's contracts total $22.4 billion; and Anthropic signed a multi-year deal in April 2026. CoreWeave says nine of the ten leading AI model builders now use it, and it is broadening beyond them, adding industrial and software names such as Caterpillar, Bentley Systems and Grammarly, plus trading firms Jane Street and Hudson River Trading. It also says recent contracts are being signed at higher prices, about $40 million of annual revenue per megawatt of power.

The risks are concentration, debt and execution. CoreWeave's two largest customers produced about 65% of revenue in early 2026. It is still losing money ($626 million net loss in the June quarter, driven by $640 million of interest costs) and plans $35-39 billion of capital spending in 2026, funded largely with borrowing. Investors should watch how quickly it turns its roughly 4.2 gigawatts of contracted power into working capacity (about 1.5 gigawatts was live at the end of June) and whether newer customers reduce its reliance on a few giants.