CoreWeave raises 2026 forecast to $12.4B–$13.2B after $5.1B in 2025 revenue

CoreWeave is growing at a pace that makes most tech companies look like they’re standing still. The GPU cloud infrastructure provider pulled in $5.13 billion in revenue for 2025, a 168% jump from the prior year, and it’s projecting that number to more than double again in 2026 with guidance of $12.4 billion to $13.2 billion. That revised range is actually higher than the company’s initial 2026 forecast of $12 billion to $13 billion. The numbers behind the rocket ship CoreWeave’s most recent quarterly results underscore why the company keeps ratcheting its targets upward. Q2 2026 revenue hit $2.58 billion, a 112% year-over-year increase. The company now projects an exit annualized run-rate revenue of $18.5 billion to $19.5 billion for 2026. Perhaps the most telling indicator of CoreWeave’s momentum is its contracted revenue backlog. That figure grew from $66.8 billion at the end of 2025 to $104.2 billion by June 30, 2026. That’s a 246% year-over-year increase. Microsoft and OpenAI sit among CoreWeave’s key customers. Spending big to grow bigger CoreWeave is planning capital expenditures of $30 billion to $39 billion for 2026. The company exited 2025 with more than 850 MW of power ca...