TLDR
- Jim Cramer believes CoreWeave’s revenue backlog might surpass the disclosed $99.4 billion figure, based on insights from third-party debt documentation analysis.
- The company generated $2.08 billion in Q1 2026 revenue, marking a 112% year-over-year increase, though it recorded a $740 million net loss.
- Contracted backlog expanded dramatically from $30.1 billion in Q2 2025 to approximately $100 billion by March 2026, fueled by major deals with Meta and OpenAI.
- Prominent institutional investors like Vanguard substantially increased their holdings, even as the CEO and CFO executed stock sales through scheduled 10b5-1 trading plans.
- CRWV currently trades near $117.95, with analysts setting 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) may possess significantly more contracted business than current Wall Street estimates reflect — and the upcoming earnings announcement could validate his thesis.
CoreWeave, Inc. Class A Common Stock, CRWV
Referencing analysis from a third-party research firm that examined CoreWeave’s debt documentation, Cramer indicated the $99.4 billion backlog revealed in Q1 2026 might understate the company’s actual commitments. “The backlog may be much greater when they report,” he remarked.
CRWV began Friday’s trading session at $117.95. The shares have climbed 49% year to date, though they remain approximately 28% below their level from twelve months ago. Over the past year, the stock has fluctuated between $63.80 and $187.00.
The $99.4 billion backlog figure reported as of March 31, 2026 represents an extraordinary commitment level. This total includes 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 growth pattern underlying that number is equally remarkable. 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.
Should Cramer’s information prove accurate and the debt filings indicate additional contracted obligations, the number disclosed during the next quarterly report — anticipated around August 13, 2026 — could rise substantially.
Cramer expressed his view directly: “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 Growth Case
Revenue performance reinforces the rapid-execution narrative. Q1 2026 sales reached $2.078 billion, representing a 112% year-over-year gain and exceeding analyst expectations by 6%. Full-year 2025 revenue totaled $5.131 billion, up 168% — establishing CoreWeave as the fastest cloud provider ever to achieve $5 billion in annual sales.
The organization surpassed 1 GW of operational power during Q1 2026 and maintains over 3.5 GW of contracted capacity, with plans to exceed 8 GW by 2030. NVIDIA committed $2 billion through a Class A equity investment and provided an $8.5 billion non-recourse delayed draw term loan facility. Additionally, CoreWeave received designation as NVIDIA Exemplar Cloud for inference workloads on GB200 NVL72 infrastructure.
Institutional ownership has expanded notably. Vanguard increased its position by 275.6% during Q4, accumulating 27.9 million shares valued at approximately $2 billion. Deutsche Bank expanded its stake by more than 22,000%. Caitong International boosted its holdings by 35.8%, elevating CRWV to its sixth-largest position at roughly $9.99 million.
The Risk Side
The Q1 results also illustrated why the bullish narrative faces challenges. CoreWeave incurred a $740 million net loss. EPS registered at -$1.40, falling short of the -$1.20 analyst consensus. Interest expenses doubled to $536 million, while CapEx reached $7.695 billion in just one quarter. Total liabilities currently stand at $50.814 billion, producing a debt-to-equity ratio of 3.68.
CEO Michael Intrator divested 200,000 shares on June 16 at an average price of $116.65, generating $23.33 million in proceeds. CFO Nitin Agrawal sold 58,429 shares at $116.70, totaling $6.82 million. Both transactions occurred through pre-established 10b5-1 trading arrangements.
A securities fraud class action lawsuit alleging undisclosed data center construction delays continues to progress in the legal system.
Wall Street maintains a Moderate Buy consensus rating, comprised of 20 Buy recommendations, 12 Hold ratings, and 2 Sell opinions. The average analyst price target stands at $131.52.
