CoreWeave Has $104 Billion of Contracted Revenue and a $59 Billion Market Value

CoreWeave reported a $104 billion revenue backlog as of June 30, 2026, up from $30.1 billion a year earlier, with Q2 revenue doubling 112% year-over-year to $2.6 billion. However, the company faces significant challenges: massive capital spending requirements ($35-39 billion in 2026), net losses widening to $626 million, and interest expenses ($2.6 billion annualized) exceeding projected operating income. While demand is strong, the stock's valuation at 56 cents per dollar of contracted revenue reflects the substantial costs and risks of converting backlog into actual delivered services.