Wall Street already knew CoreWeave was growing fast.
But after its first-quarter 2026 earnings call, CEO Mike Intrator made something crystal clear: the company is winning business while locking up the AI infrastructure market for years to come
The numbers backing that claim are hard to dismiss. CoreWeave (CRWV) generated $2.1 billion in revenue during the first quarter, up 112% from the same period a year ago and 32% higher than the previous quarter. But the bigger story is what’s already signed and sitting in the pipeline.
The $100 billion backlog is key for CRWV stock CoreWeave’s contracted revenue backlog hit $99.4 billion by the end of Q1, nearly four times what it was a year ago and up roughly 50% from the previous quarter. Think of it this way: that backlog is essentially a giant stack of signed checks from customers, waiting to be cashed as infrastructure comes online. More importantly, the company says 75% of its target of more than $30 billion in annualized revenue exiting 2027 is already under contract, before accounting for any customer renewals.