CoreWeave beats revenue projections as backlog swells to nearly $67 billion

CoreWeave's stock experienced a decline of up to 7% in after-hours trading on Thursday, despite the AI-driven cloud infrastructure provider reporting fourth-quarter revenue that exceeded Wall Street's forecasts. The company announced a remarkable 110% year-over-year growth in revenue for the quarter. In a blog post, CEO Mike Intrator highlighted that CoreWeave became the fastest cloud platform to achieve over $5 billion in annual revenue by 2025. As of the end of the year, the company boasted an impressive 850 megawatts of active power capacity, with contracted power amounting to 3.1 gigawatts. Analysts had anticipated around 827 megawatts in active power, reflecting CoreWeave's strong operational performance. The company’s revenue backlog surged to $66.8 billion, up from $55.6 billion at the close of the previous quarter. For 2026, CoreWeave's capital expenditures were reported at $10.31 billion, which was below the consensus estimate of $12.90 billion from Visible Alpha. However, adjusted earnings before interest, taxes, depreciation, and amortization came in at $898 million, falling short of the StreetAccount consensus of $929 million. Following its public listing in March, CoreWeave reported a substantial debt of $21.37 billion as of December 31. The recent focus on AI investments has heightened scrutiny among software investors, particularly after significant announcements from competitors like Anthropic led to market volatility. CoreWeave's clientele includes major AI model creators such as Google and OpenAI, and the company’s stock has increased by 36% in the early days of 2026, contrasting sharply with a nearly 22% decline in the iShares Expanded Tech-Software Sector ETF during the same timeframe. In the latest quarter, CoreWeave forged a partnership with model builder Poolside and unveiled a new object storage service. The firm also expanded its credit facility to $2.5 billion from $1.5 billion, reinforcing its position in the competitive cloud infrastructure market, particularly against giants like Amazon Web Services. Executives are set to discuss these results and provide future guidance during a conference call scheduled for 5 p.m. ET.