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CoreWeave’s revenue backlog surges to $55.6B amid record AI cloud demand

CoreWeave’s revenue backlog soared to $55.6 billion in Q3, doubling within a quarter as demand for AI cloud infrastructure surged. Quarterly revenue climbed 134% year-on-year to $1.4 billion, while adjusted EBITDA hit $838 million. The company added 120MW of new data center capacity and launched object storage and federal cloud offerings. Despite a delayed facility project, CoreWeave expects 2025 revenue between $5.05–$5.15 billion, signaling continued aggressive expansion.

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