Coreweave Stock Gains 10 $1 Billion Customers as Backlog Nears $100 Billion
CoreWeave stock now has 10 customers committed to spending at least $1 billion each on its platform, a sign that its backlog is becoming more diversified even as the company keeps funding a large build-out. The company is still carrying the burden of heavy spending: shares are down 32% over the last 12 months, and management is guiding $31 billion to $35 billion in capital expenditures for the year.
Nearly $100 billion in revenue backlog gives CoreWeave a larger base to lean on as it expands, and management said financial services are already approaching $10 billion in that backlog. For investors, the immediate question is whether those long-duration commitments can support the financing needed for the next phase of growth without forcing the company to pay more for capital than it wants.
Jane Street Adds $6 Billion
$6 billion of capacity was added by Jane Street in the first quarter, and Hudson River Trading is a new customer. Those two names add another layer to a customer list that now includes 10 firms each tied to at least $1 billion of spending, which makes the backlog less dependent on one or two oversized relationships.
10 customers committed at least $1 billion each, and that concentration of large accounts helps explain why CoreWeave can point to nearly $100 billion in backlog even while the stock has fallen 32% over the last 12 months. A broader mix of large clients gives the company more room to keep building out infrastructure, but it also leaves the market watching how quickly those commitments turn into cash flow against the current spending plan.
CoreWeave Financing Below 6%
Less than 6% was the implied cost of CoreWeave’s new financing facility, and management described it as the first-ever investment-grade Delayed Draw Term Loan backed by HPC infrastructure. That structure matters because the company is pursuing $31 billion to $35 billion in capital expenditures for the year, a level that requires steady access to funding as the platform expands.
Nearly $100 billion in backlog and a financing facility priced below 6% give CoreWeave more flexibility than a simple growth story would suggest, but the spending plan is still enormous relative to the company’s current scale. If those large customer commitments keep accumulating, the backlog can support the build-out; if not, the financing burden will stay front and center for shareholders already sitting on a 32% 12-month decline.
