CoreWeave Q4 Revenue Soars 110% to $1.6B with $66.8B Backlog
On March 2, Barclays maintained a Hold rating on CoreWeave with a $90 price target, while H.C. Wainwright reiterated a Buy rating and set a $180 target, implying over 130% upside. In fiscal Q4 2025, CoreWeave generated $1.6 billion in revenue, up 110% year-over-year, with backlog jumping to $66.8 billion.
1. Analyst Ratings Contrast
On March 2, Barclays reaffirmed a Hold rating on CoreWeave with a $90 price target, emphasizing valuation caution. That same day, H.C. Wainwright reiterated a Buy rating and set a $180 target, citing strong demand visibility and more than 130% upside potential.
2. Q4 2025 Financial Results
CoreWeave reported $1.6 billion in revenue for fiscal Q4 2025, marking a 110% year-over-year increase. During the period, contracted backlog rose by over $50 billion year-over-year, reaching $66.8 billion and enhancing revenue visibility.
3. Growth Drivers and Outlook
Analysts highlighted CoreWeave’s ability to rapidly activate large-scale compute resources and expand data centers ahead of peers. Future growth is expected to be driven by higher-margin software and services revenue, deeper customer adoption, and Nvidia’s validation of the company’s AI compute stack.