CoreWeave raises FY2026 sales guidance to $12.4B-$13.2B as AI infrastructure demand surges

CoreWeave just told Wall Street it expects to pull in between $12 billion and $13 billion in revenue for fiscal year 2026.

The Nasdaq-listed AI infrastructure provider initially laid out the guidance during its Q4/FY2025 earnings release in February 2026, then reaffirmed it during its Q1 2026 earnings report on May 7. Q1 revenue came in at $2.078 billion, a 112% year-over-year jump from $982 million in the same period last year.

A backlog the size of a small country’s GDP

As of March 31, 2026, CoreWeave’s contracted revenue backlog stood at $99.4 billion.

The company counts some of the most consequential names in AI among its customers, including OpenAI, Meta, and Jane Street.

CEO Michael Intrator has framed the company’s strategic position as sitting directly between AI models and the silicon they run on.

The capex question

CoreWeave’s 2026 capital expenditure guidance now sits at $31 billion to $35 billion. The lower end was actually revised upward from an initial $30 billion estimate, with the company citing rising component costs as the reason.

The company expects to exit 2026 with an annualized revenue run-rate of $18 billion to $19 billion.

Investor nerves beneath the surface

Despite the strong topline numbers, CoreWeave’s stock hasn’t been on a purely euphoric ride. Investor reactions to the Q1 earnings report were mixed, with concerns centered on the elevated capex guidance and the company’s Q2 outlook.

The next major checkpoint arrives on August 11, 2026, when CoreWeave reports Q2 earnings.

CoreWeave’s longer-term infrastructure roadmap adds another dimension. The company aims to reach over 8 gigawatts of active power capacity by 2030.

CFO Nitin Agrawal and the finance team will need to navigate a delicate balancing act over the coming quarters: fund massive infrastructure expansion while demonstrating a credible path to profitability that satisfies public market investors.

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