Key Takeaways
- According to Jim Cramer, CoreWeave’s actual contracted revenue pipeline may significantly exceed the officially disclosed $99.4 billion figure, based on analysis of third-party debt documentation.
- First-quarter 2026 revenue reached $2.08 billion, representing a 112% increase year over year, though the company recorded a net loss of $740 million.
- The backlog experienced explosive growth from $30.1 billion in Q2 2025 to approximately $100 billion by March 2026, fueled primarily by major contracts with Meta and OpenAI.
- Institutional heavyweights like Vanguard have substantially increased their holdings, even as executive leadership executed stock sales through predetermined 10b5-1 trading programs.
- CRWV currently trades near $117.95, with Wall Street analysts establishing an average price target of $131.52 and maintaining a Moderate Buy rating.
During his June 16 Mad Money broadcast, Jim Cramer presented a compelling argument that CoreWeave (CRWV) possesses significantly more contracted business than current market expectations reflect — and the company’s upcoming earnings announcement could validate this thesis.
CoreWeave, Inc. Class A Common Stock, CRWV
Cramer referenced third-party analysis examining CoreWeave’s debt documentation, indicating the $99.4 billion backlog revealed in Q1 2026 may only capture part of the picture. “The backlog may be much greater when they report,” he stated.
CRWV began trading Friday at $117.95. Shares have climbed 49% year to date, though they remain approximately 28% below their level from twelve months ago. The stock has fluctuated between $63.80 and $187.00 over the past 52 weeks.
The $99.4 billion backlog recorded as of March 31, 2026 represents a remarkable figure by any measure. This was bolstered by a $21 billion agreement with Meta executed in March, plus approximately $22.4 billion in aggregate commitments from OpenAI. CEO Michael Intrator characterized it as “the strongest bookings quarter in CoreWeave’s history.”
The momentum behind that number tells an equally compelling story. The backlog measured $30.1 billion in Q2 2025, advanced to $55.6 billion in Q3, reached $66.8 billion in Q4, then surged to nearly $100 billion in the most recent quarter.
If Cramer’s information proves accurate and the debt documentation reveals additional contracted obligations, the figure announced during the next earnings call — tentatively scheduled for approximately August 13, 2026 — could increase substantially.
Cramer articulated it plainly: “If you want to put a rocket into space with a data center… you might at least peruse CoreWeave’s work, because that’s the one that knows how to build them fast.”
The Bull Thesis
Revenue figures support the rapid-deployment narrative. Q1 2026 sales totaled $2.078 billion, representing a 112% year-over-year increase and exceeding analyst estimates by 6%. Full-year 2025 revenue reached $5.131 billion, up 168% — establishing CoreWeave as the fastest cloud infrastructure provider in history to achieve $5 billion in annual sales.
The organization surpassed 1 GW of active power capacity in Q1 2026 and maintains over 3.5 GW of contracted power, targeting more than 8 GW by 2030. NVIDIA committed $2 billion through Class A stock purchases and provided an $8.5 billion non-recourse delayed draw term loan facility. CoreWeave earned designation as NVIDIA Exemplar Cloud for inference operations on GB200 NVL72 infrastructure.
Institutional accumulation has accelerated. Vanguard expanded its position by 275.6% during Q4 to 27.9 million shares valued at roughly $2 billion. Deutsche Bank increased its stake by over 22,000%. Caitong International boosted its holdings by 35.8%, elevating CRWV to its sixth-largest position at approximately $9.99 million.
The Challenge Variables
The Q1 results also illuminate why the optimistic scenario faces headwinds. CoreWeave reported a $740 million net loss. EPS registered at -$1.40, falling short of the -$1.20 consensus projection. Interest expenses doubled to $536 million, while CapEx reached $7.695 billion in a single quarter. Total liabilities currently total $50.814 billion, producing a debt-to-equity ratio of 3.68.
CEO Michael Intrator disposed of 200,000 shares on June 16 at an average price of $116.65, generating proceeds of $23.33 million. CFO Nitin Agrawal sold 58,429 shares at $116.70 for $6.82 million. Both sales were conducted through pre-established 10b5-1 trading arrangements.
A securities fraud class action lawsuit alleging undisclosed data center construction setbacks continues to proceed in the background.
Wall Street maintains a Moderate Buy consensus, comprising 20 Buy recommendations, 12 Hold ratings, and 2 Sell opinions. The average analyst price target stands at $131.52.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
