CoreWeave's CRWV massive revenue backlog offers strong visibility into future demand, but sustained growth depends on how well it converts those commitments. The company exited the second quarter of 2026 with $104.2 billion in revenue backlog, up 246% year over year. The number excludes more than $25 billion of net new customer commitments added in the early weeks of the third quarter. Management noted that more than half of the existing backlog was already tied to a contract where customer delivery had begun, with CoreWeave expecting that proportion to exceed two-thirds of the second-quarter backlog by year-end. Growing demand for AI infrastructure is driving the record backlog.
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