NEW YORK, July 26, 2026, 15:05 EDT — U.S. cash markets closed
CoreWeave ended Friday at $71.88, down 11.4%. Shares finished the week 1.8% lower.
A preliminary calculation puts two-year RPO recognition near $35.6 billion. That approaches the upper end of one year’s capital budget.
Microsoft NASDAQ:MSFT and Meta Platforms NASDAQ:META report after Wednesday’s close, offering the next customer-spending tests.
CoreWeave closed Friday at $71.88, down 11.4%. The fall erased its midweek rebound and left the stock 1.8% lower for the week.
At Friday’s close, its equity value was about $37.9 billion. Revenue backlog stood at $99.4 billion, or 2.62 times that figure.
The headline backlog is long-dated. CoreWeave reported $98.8 billion of remaining performance obligations, or RPO. Only 36% is expected to be recognized by March 2028.
That portion equals about $35.6 billion, based on a preliminary reporter calculation. CoreWeave plans $31 billion to $35 billion of capital spending in 2026 alone. Revenue is not cash flow.
The comparison below uses Friday’s equity value as a common yardstick. The measures differ in timing and accounting treatment.
Measure
Amount
Versus Friday equity value
Equity market value
$37.9 billion
1.00x
Revenue backlog
$99.4 billion
2.62x
Expected 24-month RPO recognition
$35.6 billion
0.94x
2026 capital-spending guidance
$31 billion-$35 billion
0.82x-0.92x
Debt at March 31
$24.9 billion
0.66x
Preliminary reporter calculation: 36% of $98.8 billion. The multiples are scale comparisons, not valuation ratios.
The selling spread across the neocloud group. Nebius Group NASDAQ:NBIS dropped 14.8% Friday. IREN NASDAQ:IREN lost 8.7%, while Applied Digital NASDAQ:APLD fell 9.0%.
Those parallel moves suggest the rout was not company-specific. Friday’s hardware weakness also followed renewed concern over hyperscaler spending and AI-infrastructure financing.
CoreWeave’s week was volatile. Shares gained 8.9% Tuesday and 3.9% Wednesday, then surrendered those gains over the final two sessions.
Orders remain substantial. First-quarter revenue more than doubled to $2.08 billion, while backlog reached $99.4 billion. Chief Executive Michael Intrator called it “the strongest bookings quarter in CoreWeave’s history.” CoreWeave
Profit conversion lagged. Adjusted operating margin narrowed to 1% from 17%. Net interest expense rose to $536 million from $264 million.
Cash demands were heavier. Operating cash flow reached $2.98 billion, against $7.70 billion of property purchases. Financing activities supplied another $3.91 billion.
Funding is expensive. CoreWeave priced $1.25 billion of dollar notes in June with a 9.625% coupon. A €2 billion tranche carried an 8.5% coupon.
Backlog also carries execution assumptions. The RPO figure is net of estimates for delivery delays, service credits and capacity CoreWeave may resell.
Microsoft reports fiscal fourth-quarter results after Wednesday’s close. It accounted for about 67% of CoreWeave’s 2025 revenue.
Meta reports the same day. Its CoreWeave commitments total $35.2 billion and extend through December 2032.
Their spending plans will provide the week’s clearest demand check. Any slowdown would weaken CoreWeave’s backlog-conversion case.
Risks remain high. Customer concentration magnifies any spending pause. Construction delays, component inflation and refinancing costs could widen the funding gap.
Bookings are not the near-term constraint. The next rerating rests on cash conversion and financing discipline.
What caused CoreWeave shares to drop 11.4% on Friday?
CoreWeave ended the session at $71.88, marking a drop of 11.37% on Friday. Shares began trading at $79.50 and closed near the session’s low. Trading volume stood at 25.5 million shares, falling short of the 65-day average of 28.7 million. The Nasdaq slipped 0.64%, while the Philadelphia Semiconductor Index lost 4.5%. CoreWeave’s losses considerably outpaced both indices. Sector-wide selling in AI stocks appears to have played a role, but the precise driver remains unclear.
When is CoreWeave scheduled to announce its second-quarter earnings?
CoreWeave has yet to announce the date for its second-quarter report on its investor calendar. The most recent scheduled earnings call was held on May 7 for first-quarter results. External calendars presently estimate possible dates between August 11 and August 18, but those remain tentative until CoreWeave makes an official announcement.
Which figures set the benchmark for CoreWeave’s second-quarter earnings?
Management issued second-quarter revenue guidance in the range of $2.45 billion to $2.60 billion. The midpoint points to approximately 21.5% growth over the first-quarter revenue. Adjusted operating income is forecast between $30 million and $90 million, translating to an adjusted operating margin of roughly 1% to 4%. Interest expense is projected between $650 million and $730 million. Quarterly capital expenditures are expected to total $7 billion to $9 billion. Revenue, on its own, may not resolve this debate.
Is CoreWeave's fast expansion likely to yield operating profits?
Revenue for the first quarter jumped 112% to $2.078 billion from $982 million. Adjusted EBITDA totaled $1.157 billion with a quarterly margin of 56%. However, adjusted operating income dropped to $21 million compared to $163 million. The adjusted operating margin declined sharply to 1%, down from 17% a year ago. GAAP operating loss expanded to $144 million, and net loss stood at $740 million. Depreciation and interest costs largely explain the disparity in profitability.
Is CoreWeave’s expenditure strategy supported by projected growth in 2026?
The company forecasts full-year revenue in the range of $12 billion to $13 billion. Expected capital expenditures are set between $31 billion and $35 billion. The midpoint of planned capital outlay is about 2.6 times the midpoint in projected yearly revenue. Exit annualized revenue is estimated to fall between $18 billion and $19 billion, annualizing December’s monthly revenue figure rather than total sales across twelve months. Achieving these goals depends on rapid rollout, strong utilization rates and customers beginning operations on schedule.
What is the scale of CoreWeave’s debt and interest obligations?
As of March 31, principal debt stood at $25.149 billion. On the same date, cash and equivalents amounted to $2.244 billion. Operating lease liabilities contributed an additional $10.050 billion in balance-sheet commitments. Net interest expense for the first quarter jumped 103% from a year earlier to $536 million. The company forecasts second-quarter interest expense in the range of $650 million to $730 million. Notes issued in June carried coupons of 9.625% on dollar-denominated debt and 8.5% on euro-denominated debt. A portion of the proceeds may be applied to repaying debt, making the current net debt level unclear.
What is the reliability of CoreWeave’s $99.4 billion revenue backlog?
Revenue backlog was $99.4 billion as of March 31. Official unsatisfied performance obligations came in a bit lower at $98.8 billion. Of the total, 36% is set to be recognized within the first 24 months, and a further 39% is due between months 25 and 48. The final 25% will be booked from months 49 to 84. Recognition of revenue continues to depend on delivery of capacity and service availability. The overall backlog is substantial, but a significant portion is not near-term.
Has CoreWeave addressed its risk related to customer concentration?
In the first quarter, two undisclosed clients generated 45% and 20% of revenue, making up a combined 65% of total sales for the period. A year prior, the highest concentration disclosed for a single customer reached 72%. However, CoreWeave cautions that customer identifiers may differ between reporting intervals, making direct comparison challenging. Additionally, Meta entered into a new commitment valued at $21 billion in March. Investors are not advised to assume connections between specific named customers and the percentages reported.
Does CoreWeave offer value at $71.88?
Based on April’s dual-class share count, Friday’s closing price suggests an equity value of $39.2 billion. That figure represents approximately 3.1 times the midpoint of 2026 revenue guidance. Shares remain around 80% higher than the $40 public offering price, but trade about 18% below the $87.20 investment price set by Nvidia in January. These comparisons do not factor in nearly $25 billion in debt reported as of March, lifting enterprise value substantially above just the equity total. The exact valuation multiple will depend on a more recent balance sheet.
What factors might cause CoreWeave to see unusual volatility this week?
CoreWeave was added to the Nasdaq-100 index in time for the start of trading on June 22. As of July 15, short interest reached 64.36 million shares, equal to 18.97% of the public float, though that figure was down 20.5% compared with June 30. Alphabet has announced that third-party compute resources would help fill its capacity gaps. Following that disclosure, its shares rose nearly 3% in after-hours trading. Earnings from Microsoft, Amazon, Meta and Apple are expected in the next week. Their spending outlooks could swiftly influence AI infrastructure market expectations.
Khadija Saeed is a financial markets reporter at TS2.tech. Her coverage ranges from stocks and technology to emerging industries and developments across global markets. She studied economics and finance at the London School of Economics and worked in market research before becoming a financial journalist. Follow Khadija Saeed on Google News.
