CoreWeave's Backlog Is Huge. Here's the Risk Investors Shouldn't Ignore
This neocloud company needs to prove its business model is sustainable.
Overview
CoreWeave (NASDAQ: CRWV), the "neocloud" AI infrastructure provider that serves Meta Platforms (NASDAQ: META), Microsoft, OpenAI, and Anthropic, is growing like a weed. From 2025 to 2028, analysts expect its revenue to surge from $5 billion to $43 billion.
CoreWeave's contracted revenue backlog grew 246% year over year to $104 billion in the second quarter of 2026, leaving it well positioned to expand as the AI market grows. Therefore, it might seem odd that with an enterprise value of $91 billion, it's valued at just seven times next year's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
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Originally published at www.fool.com.