CoreWeave backlog to pass $150 billion before 2028: forecast

CoreWeave's backlog has climbed steeply from $30.1 billion at the end of June 2025 to $66.8 billion by year-end, then $99.4 billion at the end of March and $104.2 billion at the end of June. The pace has been uneven quarter to quarter, and the second quarter added just $4.8 billion net even as Meta Platforms, Jane Street, and Anthropic agreements were announced. Some of those agreements date to earlier months, and revenue delivered under contract comes out of the backlog each quarter.

The contracts behind the number stretch years out. Of the $103.7 billion of remaining performance obligations inside the backlog, only 41% is expected to convert to revenue within 24 months. Management has said more than half of the backlog is attached to contracts where customer delivery has already started. Delivering that revenue is the expensive part, with net interest expense at $640 million in the second quarter alone, and CoreWeave must secure data center space and bring capacity online on schedule.

The forecast hinges less on the reported backlog and more on new demand. CoreWeave added more than $25 billion of net new customer commitments in the early weeks of the third quarter, which are not yet in the June figure, and Hudson River Trading announced a multi-year agreement in August. With three customers at 72% of second-quarter revenue, the timing of even one large commitment could push the prediction quarters late, even if the direction holds.