CoreWeave’s $104B Backlog Is Demand — and Delivery Risk
CoreWeave reported $2.575 billion Q2 revenue, approximately $104 billion in June-end backlog and a $626 million net loss. Backlog depends on delivery and service availability; adjusted EBITDA of $1.510 billion is a separate non-GAAP measure.
CoreWeave reported $2.575 billion of second-quarter revenue, up from $1.212 billion a year earlier, and approximately $104 billion in revenue backlog at June 30. Revenue growth is about 112%, calculated from the company’s figures.
That backlog is a measure of contracted future demand, with delivery conditions attached. CoreWeave defines it to include remaining performance obligations and other estimated revenue under committed contracts, subject to delivery and service availability. It is not cash already collected.
The quarter’s financial picture#
The company reported a $626 million net loss, compared with $290 million in the prior-year quarter. Adjusted EBITDA was $1.510 billion, with a 59% adjusted margin, versus $753 million and 62% a year earlier. Adjusted EBITDA is a non-GAAP measure and does not erase the net loss.
CoreWeave’s release says the June-end backlog excludes more than $25 billion of additional commitments in early Q3. Those later commitments should not be described as revenue earned during Q2.
Limits#
The scale of future commitments makes delivery and service availability important conditions. The release’s risk discussion includes third-party suppliers, data-center partners, infrastructure execution and capital requirements. None of the backlog should be treated as guaranteed near-term recognized revenue.
The figures here are company-reported quarterly results. Analyst-consensus comparisons, market reaction and detailed backlog-duration estimates are not established by this account.
Correction (October 14, 2026): Used the primary release’s rounded backlog, clarified non-GAAP EBITDA and delivery conditions, and removed unverified consensus, duration-mix and cross-deal figures.