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The Motley Fool Predicts CoreWeave's Contracted Backlog to Exceed $150 Billion Before 2028
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In a September 2026 article on Yahoo Finance, Motley Fool analyst Daniel Sparks predicts that AI cloud provider CoreWeave's contracted revenue backlog will surpass $150 billion before 2028. CoreWeave reported a backlog of $104.2 billion as of June 2026, up 246% year-over-year. The prediction requires adding about $46 billion net over six quarters, representing roughly 28% annual growth—a significant slowdown from the 246% growth rate. Sparks notes that over $25 billion in new commitments were added in early Q3 2026, not yet reflected in the June figure. Major customers include Meta Platforms, which expanded its agreement by $21 billion through 2032, trading firm Jane Street with a $6 billion commitment, and AI developer Anthropic. The article acknowledges market doubts about delivery costs but focuses on demand growth. CoreWeave's stock traded at about $100, 35% below its 52-week high of $153.20.
Source report
Daniel Sparks, The Motley Fool Wed, September 9, 2026 at 5:57 PM PDT 5 min read
- CRWV
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Artificial intelligence (AI) cloud provider CoreWeave (NASDAQ: CRWV) ended June with a revenue backlog of $104.2 billion — up 246% year over year. My prediction is that the backlog passes $150 billion before 2028.
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That may sound aggressive for a growth stock trading at about $100 as of this writing, roughly 35% below its 52-week high of $153.20. But the market's doubts are mostly about what delivering the contracted revenue will cost. The forecast here is about the demand itself — and the growth it requires is more modest than it sounds.
From $30 Billion to $104 Billion
The backlog stood at $30.1 billion at the end of June 2025. It reached $66.8 billion by year-end, jumped to $99.4 billion at the end of March, and hit $104.2 billion at the end of June. The direction has been one way, but the pace swings from quarter to quarter.
Customers are committing for years at a time:
- Meta Platforms expanded its agreement with CoreWeave in March by about $21 billion, covering capacity through December 2032.
- Jane Street, a trading firm, committed about $6 billion in a deal announced in April.
- CoreWeave also announced a multi-year agreement with AI developer Anthropic that month.
The contracts stretch a long way out. Of the $103.7 billion of remaining performance obligations inside the backlog, only 41% is expected to convert to revenue within 24 months. The rest stretches across the following four and a half years.
However, these aren't commitments sitting idle. Management said on the second-quarter earnings call that more than half of the backlog is attached to contracts where customer delivery has already commenced.
What Does $150 Billion Require?
From $104.2 billion, passing $150 billion means adding about $46 billion, net, across the six quarters between the end of June and the end of 2027. That works out to growth of about 28% per year, or roughly 6% per quarter.
That would be a dramatic slowdown. After all, the backlog just grew 246% in a year (about $74 billion of net additions), so the forecast needs about one-ninth of that growth rate for a year and a half.
The additions are net of what CoreWeave delivers, however, and deliveries are ramping fast. The company recognized about $2.6 billion of revenue in the second quarter, up 112% year over year. Management expects to exit 2026 at an annualized revenue run rate of $18.5 billion to $19.5 billion. Every dollar delivered under contract comes out of the backlog. By next year, new signings will need to outrun more than $4.5 billion per quarter of deliveries before the total grows at all.
But more than half of the required $46 billion arguably arrived before the window's first quarter even closed. CoreWeave added more than $25 billion of net new customer commitments in the early weeks of the third quarter — none of which is in the June figure yet. Hudson River Trading, another trading firm, announced a multi-year agreement of its own in August as well.
The backlog moves in lumps.
Source
Yahoo FinanceWestern