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$CRWV ( ▼ 11.4% ) printed Q1 revenue of $2.08 billion, up from $982 million a year ago. Backlog approached $100 billion, which the company called its strongest bookings quarter ever. Active power crossed 1 GW, with a stated path to more than 8 GW by 2030.
The debate has moved off demand. The print pushed three other items to the front.
First, the Q2 guide came in below where sellside and buyside numbers had drifted. After a backlog headline that size, the gap between near-term revenue and contracted backlog is now the question.
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Second, the implied 2H26 step-up. Full-year revenue is guided to $12 billion to $13 billion. To get there, the back half has to ramp materially from the Q1 run rate while gross margin recovers from the cost of bringing new sites online.
Third, capex. CoreWeave spent $7.7 billion on capex in Q1, against $1.4 billion in the year-ago quarter. Full-year capex is guided to $30 billion to $35 billion against revenue of $12 billion to $13 billion. Management cited higher component pricing as a driver of the increase.
Cash burn was $4.7 billion in the quarter. The company ended Q1 with $24.8 billion of debt and roughly $3 billion of cash. About $2 billion of that cash came from the Nvidia equity investment that closed in the quarter.
On the call, Intrator framed the company's position as sitting between the models and the silicon, and pointed to the shift from training to inference as supportive of that position. Anchor customers under contract include Microsoft, OpenAI and Meta.
The points investors raised after the print:
The capex-to-revenue ratio is roughly three times for 2026, versus a range closer to one third to one half at the hyperscalers. CoreWeave does not have a separate cash-generating business funding the build.
The capital structure is debt-heavy. The $24.8 billion debt balance compares to $3 billion of cash, and the next several quarters of build are funded primarily through borrowing.
The 2H margin recovery depends on utilization on newly energized sites and on contracted pricing holding as component costs rise.
What the company gave investors to track into Q2: utilization on the 1 GW already live, pricing on new bookings versus older backlog, and the split between the 2H ramp coming from sites already energized versus sites still in commissioning.
