CoreWeave's Q1 2026 revenue surged 112% year-over-year to $2.078 billion, but margin compression and a $31–$35 billion 2026 capital expenditure plan signal a shift from growth darling to capital-intensive infrastructure utility.

CoreWeave reported Q1 2026 revenue of $2.078 billion (112% year-over-year increase) and a non-GAAP EPS of -$1.11, missing consensus by approximately 22%. Adjusted EBITDA margins compressed from 62% to 56% within a single year, indicating scaling friction.

The company increased its 2026 capital expenditure floor to $31 billion with a ceiling of $35 billion to service a $99.4 billion revenue backlog across 49 active data centers. Microsoft accounted for 67% of FY2025 revenue, creating concentrated dependency.

At $117 per share, the stock trades at 11 times trailing sales (up from 7 times last year). The Enterprise Value to Forward Revenue multiple compressed to 3.6x against the 2027 revenue estimate of $24 billion, down from 4.5x based on 2026 expected revenue of $12.6 billion, suggesting the market is discounting execution risk and capital intensity.