CoreWeave, Inc.

Hello, everyone. Thank you for joining us and welcome to CoreWeave's first quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your hand, press star one again. I will now hand the conference over to CoreWeave. Please go ahead.

Thank you. Good afternoon and welcome to CoreWeave's first quarter 2026 earnings conference call. Joining the call today to discuss our results are Mike Entrader, CEO and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release, and in our quarterly report on Form 10-Q to be filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and certain non-GAAP financial measures, A reconciliation of gap-to-non-gap measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also be available on our Investor Relations website. And now, I'd like to turn the call over to Mike.

Good afternoon, everyone, and thank you for joining us. Q1 was a transformational quarter for Coreweave. We delivered our strongest quarter for customer bookings, signing more than $40 billion of new commitments and growing contracted revenue backlog to nearly $100 billion. We generated approximately $2.1 billion of revenue, up 32% quarter over quarter and 112% year over year. and surpassed one gigawatt of active power, a milestone only a handful of cloud companies have ever achieved as we convert contracted capacity into revenue-generating cloud services. We concluded Q1 stronger than ever. AI diffusion is accelerating, and our addressable market, customer base, and platform are all expanding rapidly. CoreWeave remains at the forefront of this generational shift. The four themes I would like to highlight today are, one, the demand environment is intensifying, driven by the hypergrowth of our existing customers and the rapid maturation of new enterprise verticals. Two, we have broadened the capabilities of our platform to serve every customer use case from training to inference to agentic workloads, positioning CoreWeave to benefit from sustained margin accretive growth. Three, we have reached hyperscale with more than 3.5 gigawatts of contracted power up more than 400 megawatts this quarter alone. with the substantial majority expected to be online by the end of 2027. And four, our financing engine has taken a significant leap forward, unlocking new sources of capital across markets at a lower weighted average cost, enabling CoreWeave to secure more than $20 billion of debt and equity year to date. Beginning with the demand environment, Quarry's addressable market is expanding and customers are choosing our platform for the long term. AI workloads are moving from training to inference, agents, and enterprise production across industries, which is increasingly compute intensive. As a result, our core customers, historically hyperscalers and foundation labs, are deepening their commitment to us, while an entirely new wave of enterprises are arriving and demanding access to Coreweave's platform at scale. This trend drove record revenue backlog additions in Q1 as we signed our initial Vera Rubin deals. while continuing to monetize our Blackwell, Hopper, and Ampere capacity. These new customer commitments mostly contribute towards our 2027 targets. Importantly, we expect them to be highly contribution margin positive and consistent with return profiles we have historically underwritten for new deployments. In Q1, we added Anthropic, as a customer to support the development and deployment of the Claude family of AI models. We also signed multiple new orders with Meta, including the $21 billion agreement announced in early April. The world's four preeminent AI model developers now rely on CoreWeave Cloud, as do nine of the 10 AI leaders outside of China. At the same time, new verticals are emerging that have already reached billion-dollar-plus scale. Within financial services, technology-driven firms are scaling their core machine learning workloads with CoreWeave. These are not AI labs, but rather enterprise customers who see the tangible financial impact and attractive returns that come from adopting CoreWeave Cloud. This vertical is already approaching $10 billion in our revenue backlog, driven by expanded commitments from existing partners like Jane Street, who added $6 billion of capacity in Q1, and new customers like Hudson River Trading. Physical AI and spatial computing has also surpassed $1 billion in revenue backlog contributions. Companies pushing the frontier of world models, robotics, autonomous driving, and scientific discovery are choosing CoreWeave because of our unique combination of performance, specialized infrastructure, and developer tools that accelerate training and deployments. Recent new customers include World Labs, Physics X, and Sunday Robotics. Taken together with our focused execution, these dynamics are driving CoreWeave's customer diversification. Today, we have 10 customers committed to spending at least $1 billion with CoreWeave. Serving this breadth of customers and workloads requires a mix of new and prior generations of NVIDIA GPUs as inference demand skyrockets and agents enter the workforce. As a result, demand is accelerating across the board. Average pricing for the A100s, H100s, H200s, and L40s all increased quarter over quarter, and we remain largely sold out for near-term capacity across our fleet. This validates what we have long believed. Demand for inference-ready compute across generations of GPUs is compounding. We expect this will be durable and accretive to our long-term margins and earnings power. The scale and quality of demand deserves a moment of context. Inference is the monetization of AI, and its acceleration is driving real-world productivity gains that are justifying increased investment and broader enterprise adoption. As a result, we added more backlog in a single quarter than most AI cloud platforms have in their history.