CoreWeave Guides Q1 Revenue at $1.9B–$2.0B, 14% Below Estimates, Plans $30B–$35B Capex
CoreWeave reported Q4 revenue of $1.57B, beating forecasts by $20M, but guided Q1 revenue of $1.9B–$2.0B versus analysts’ $2.291B estimate. The AI cloud provider plans $30B–$35B capex, expanded capacity to 1.7GW, and projects 2026 run-rate revenue of $17B–$19B with operating income of $900M–$1.1B.
1. Q4 Results and Q1 Guidance
CoreWeave posted Q4 revenue of $1.57 billion, narrowly topping the $1.55 billion consensus, but issued Q1 revenue guidance of $1.9 billion to $2.0 billion versus analysts’ $2.291 billion forecast. Premarket share declines reflected investor concern over the near-term outlook after the guidance miss.
2. Full-Year Outlook and Profitability
The company reaffirmed 2026 revenue guidance of $12 billion to $13 billion, close to the $12.087 billion consensus estimate. CFO Nitin Agrawal expects adjusted operating income of $900 million to $1.1 billion in 2026, with margins starting in low single digits and improving to low double digits by Q4.
3. Financing and Strategic Partnership
CoreWeave expanded its revolving credit facility to $2.5 billion and secured over $18 billion in financing during 2025, lowering its weighted average interest rate by 300 basis points for annualized savings of about $700 million. The company also closed a $2 billion investment from Nvidia tied to an expanded commercial partnership.
4. CapEx Growth and Capacity Expansion
The company plans capital expenditures of $30 billion to $35 billion in 2026, more than doubling 2025 levels, and targets active power capacity of 1.7 GW by year-end, up from 850 MW. CoreWeave enters 2026 with a contracted backlog of $66.8 billion and sees run-rate revenue exiting the year at $17 billion to $19 billion, rising above $30 billion by end-2027.