CoreWeave needed a lot of things to go right on Monday as it released third-quarter financial results, and one of the most critical was showing that its contracted future revenues could hit a $50 billion target Wall Street had set as a benchmark for the AI data-center and infrastructure operator.
In its announcement, CoreWeave confirmed it nearly doubled its revenue backlog, which includes “remaining performance obligations” (RPOs) and other amounts it estimates will be recognized as revenue, to $55.6 billion, up from $30 billion the previous quarter. The surging backlog, which represents future revenues from customers, was driven by contracts with Meta, OpenAI, and French AI startup Poolside. Earnings and revenue, meanwhile, both beat analysts’ consensus estimates.
