CoreWeave CRWV stock is drawing attention after the company said its revenue backlog reached $99.4 billion in Q1, while its active data center power capacity crossed 1 GW and contracted capacity reached 3.5 GW. The figures show how quickly demand for its AI infrastructure is scaling, while the company keeps spending to add more capacity.
CoreWeave said in May that 10 customers have each committed to spending at least $1 billion to rent data center capacity from the company. It also said its backlog would convert into revenue over time, with 36% expected to turn into revenue over the next two years.
CoreWeave Q1 Capacity
The Q1 update puts CoreWeave’s buildout in concrete terms. Active capacity moved above 1 GW, and contracted capacity reached 3.5 GW, which means the company has commitments for far more power than it has already brought online. CoreWeave also aims to build 8 GW of active data center capacity by the end of the decade.
That scale is arriving alongside faster top-line growth. CoreWeave said quarterly revenue rose 112% to $2.1 billion in Q1, which helps explain why customers such as OpenAI and Anthropic remain part of its base, alongside newer financial services clients Jane Street and Hudson River Trading and added client Perplexity AI.
CoreWeave Financing Costs
The growth is costly. CoreWeave said interest expense doubled year over year in Q1 to $536 million, and it raised $20 billion this year through debt and equity financing. The expansion is being funded at the same time the company is trying to keep pace with spending by Meta Platforms and Microsoft on AI data centers.
Nvidia’s $2 billion investment in CoreWeave in January has also appreciated 11% since then, adding another signal that investors still see demand behind the buildout. Goldman Sachs predicts U.S. data center power demand will double by next year to 66 gigawatts from 31 gigawatts in 2025, which puts CoreWeave’s 3.5 GW of contracted capacity inside a much larger spending cycle.
CoreWeave Revenue Backlog
The practical question for investors is how fast that backlog turns into sales. CoreWeave estimates that 36% of its $99.4 billion backlog will become revenue over the next two years, but the remainder will depend on how quickly it can add power, equipment and financing without slowing the buildout. CRWV stock now reflects both sides of that equation: a large committed customer base, and a capital plan that keeps getting more expensive.
