Data Center
CoreWeave: Revenue Inflecting in 2H, Margin and Profit Questions
CoreWeave’s Q1 was a bit of a mixed bag, with the company beating revenue estimates by 5.5% yet guiding Q2 revenue roughly (6.5%) below consensus. Despite the soft guide, management maintained its full year guide at $12 to $13 billion, suggesting a strong ramp into the back half of the year, with revenue forecast to accelerate more than 80 points from Q2’s guided 108% to 190% by Q4. Looking through 2026 and 2027, CoreWeave is targeting a rather aggressive ramp in active power, noting that it expects to have a “substantial majority” of its 3.5GW contracted power pipeline become active by the end of next year. For context, CoreWeave currently has >1GW active, adding roughly 150MW in the quarter. Bringing new capacity online is imperative for CoreWeave, as despite its backlog rising 49% QoQ to almost $100 billion, current backlog conversion looks to be largely priced in.
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