CoreWeave Guides $30-35B CapEx for 2026 Despite 110% Q4 Revenue Growth
CoreWeave posted Q4 2025 revenue of $1.57B, up 110% year-over-year, and backlog climbed 342% to $66.8B, while adjusted EBITDA margin reached 57% but net loss widened to $0.89 per share. It forecast 2026 CapEx of $30-35B—more than double 2025 levels—and revenue of $12-13B with 25-30% long-term margins.
1. Q4 2025 Financial Results
CoreWeave posted Q4 revenue of $1.57B, up 110% year-over-year, with adjusted EBITDA of $898M (57% margin) and net loss of $0.89 per share. The company ended the year with $4.2B in cash and $21B in debt, none maturing until 2029.
2. Capacity Expansion and Backlog
Active power capacity rose by 260MW to 850MW in Q4, while contracted power reached 3.1GW. Revenue backlog climbed 342% year-over-year to $66.8B, reflecting strong customer demand and reserved instance growth.
3. 2026 Guidance and Capital Plans
CoreWeave guided Q1 2026 revenue of $1.9-2.0B with adjusted operating income of $0-40M. Full-year 2026 revenue is expected at $12-13B alongside CapEx of $30-35B—more than double last year—with plans to exit 2026 at a run-rate revenue of $17-19B and target long-term margins of 25-30%.