TLDR
- Jim Cramer suggests CoreWeave’s actual revenue backlog might surpass the disclosed $99.4 billion figure, based on third-party analysis of debt documentation.
- Q1 2026 revenue reached $2.08 billion, representing 112% year-over-year growth, though the company recorded a net loss of $740 million.
- Contracted backlog skyrocketed from $30.1 billion in Q2 2025 to approximately $100 billion by March 2026, fueled by major deals with Meta and OpenAI.
- Institutional stakeholders like Vanguard significantly expanded their positions, even as top executives sold shares through scheduled 10b5-1 trading plans.
- CRWV currently trades near $117.95, with Wall Street analysts setting an average target of $131.52 and a Moderate Buy rating.
During his June 16 Mad Money broadcast, Jim Cramer suggested that CoreWeave (CRWV) might be sitting on more contracted revenue than currently reflected in public filings — and upcoming earnings could reveal the extent of it.
CoreWeave, Inc. Class A Common Stock, CRWV
Cramer referenced analysis from a third-party research firm that examined CoreWeave’s debt filings, hinting the $99.4 billion backlog reported for Q1 2026 might not capture everything. “The backlog may be much greater when they report,” he noted.
CRWV began Friday’s session at $117.95. Shares have climbed 49% since the start of the year, though they remain approximately 28% below their peak from twelve months ago. The 52-week trading range spans from $63.80 to $187.00.
The $99.4 billion backlog figure reported as of March 31, 2026 represents substantial future demand. It includes a $21 billion agreement with Meta executed in March, plus around $22.4 billion in cumulative commitments from OpenAI. CEO Michael Intrator characterized it as “the strongest bookings quarter in CoreWeave’s history.”
The growth trajectory of that backlog has been remarkable. It measured $30.1 billion during Q2 2025, expanded to $55.6 billion in Q3, reached $66.8 billion in Q4, then surged to nearly $100 billion in the most recent quarter.
Should Cramer’s intelligence prove accurate and debt documents reveal additional contracted obligations, the number announced during the next earnings release — anticipated around August 13, 2026 — could increase substantially.
Cramer offered this perspective: “If you want to put a rocket into space with a data center… you might at least peruse CoreWeave’s work, because that’s the one that knows how to build them fast.”
The Growth Case
Revenue figures validate the rapid-execution narrative. Q1 2026 sales totaled $2.078 billion, representing 112% year-over-year expansion and exceeding analyst expectations by 6%. For full-year 2025, revenue reached $5.131 billion, marking 168% growth — establishing CoreWeave as the fastest cloud infrastructure provider ever to achieve $5 billion in annual sales.
The organization activated more than 1 GW of power capacity during Q1 2026 and maintains contracts for over 3.5 GW, targeting expansion beyond 8 GW by 2030. NVIDIA committed $2 billion in Class A equity and established an $8.5 billion non-recourse delayed draw term loan. CoreWeave also secured designation as NVIDIA Exemplar Cloud for inference operations on GB200 NVL72 infrastructure.
Institutional ownership patterns show growing confidence. Vanguard expanded its stake by 275.6% during Q4, accumulating 27.9 million shares valued at roughly $2 billion. Deutsche Bank increased its position by more than 22,000%. Caitong International boosted holdings by 35.8%, elevating CRWV to its sixth-largest investment at approximately $9.99 million.
The Risk Side
The Q1 results also highlighted significant headwinds. CoreWeave registered a $740 million net loss. Earnings per share landed at -$1.40, falling short of the -$1.20 consensus forecast. Interest expenses doubled to $536 million, while capital expenditures reached $7.695 billion within a single quarter. Total liabilities now amount to $50.814 billion, producing a debt-to-equity ratio of 3.68.
CEO Michael Intrator divested 200,000 shares on June 16 at an average price of $116.65, generating $23.33 million in proceeds. CFO Nitin Agrawal sold 58,429 shares at $116.70 for $6.82 million. Both sales occurred through previously established 10b5-1 trading arrangements.
A securities fraud class action alleging undisclosed data center construction delays continues to proceed.
Wall Street maintains a Moderate Buy consensus, featuring 20 Buy ratings, 12 Hold recommendations, and 2 Sell opinions. The mean price target stands at $131.52.
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