# CoreWeave Reports Large Backlog Amid Elevated Debt Costs > Source: > Published: 2026-06-20 10:08:19.840604+00:00 # CoreWeave Reports Large Backlog Amid Elevated Debt Costs Per Seeking Alpha, CoreWeave is rated Buy with a $99.4 billion revenue backlog as of Q1 2026, driven by multi-year take-or-pay contracts with customers including Microsoft, OpenAI, Meta, and Anthropic. Seeking Alpha reports roughly 98% of Q1 2026 revenue came from those contracts. The article cites $24.9 billion in debt excluding operating leases and notes the DDTL cost of carry has fallen from 15% to 5.9%, while new unsecured notes at roughly 8.9% could reduce net interest expense. Seeking Alpha estimates 36% of RPO converts within 24 months and values CoreWeave at 7.66x EV/FY26E revenue and 5.18x 2026 Estimated Exit ARR, arguing the stock trades at a discount to peers despite execution risk. The $99.4B backlog figure is corroborated by CNBC and other outlets covering the Q1 earnings release. ### What happened CoreWeave reported a $99.4 billion revenue backlog as of March 31, 2026, per its Q1 earnings release and subsequent analyst coverage. Q1 2026 revenue reached $2.08 billion, up 112% year-over-year, per CNBC. Seeking Alpha, in a Buy-rated analysis, attributes the backlog to multi-year take-or-pay contracts with Microsoft, OpenAI, Meta, and Anthropic, and reports that roughly 98% of Q1 2026 revenue came from those contracts. A $21 billion commitment from Meta signed in March 2026 is separately confirmed by 24/7 Wall St. ### Debt and cost of capital Seeking Alpha reports $24.9 billion in debt excluding operating leases. Other outlets put end-of-Q1 debt at $17.3 billion, reflecting different inclusion criteria; post-Q1 capital raises including an $8.5 billion HPC-backed term loan have expanded the total. Seeking Alpha notes the DDTL cost of carry fell from 15% to 5.9% and new unsecured notes at approximately 8.9% are projected to reduce net interest expense - these figures are per Seeking Alpha's analysis and are not independently corroborated here. ### Valuation Seeking Alpha values CoreWeave at 7.66x EV/FY26E revenue and 5.18x 2026 Estimated Exit ARR and concludes the stock trades at a discount to GPU-cloud peers. Net loss in Q1 was $740 million, per CNBC. Capex guidance for full-year 2026 is $30-35 billion, roughly double 2025 levels. ### Why it matters for practitioners CoreWeave's $99.4 billion contracted backlog signals high committed demand for dedicated GPU capacity from major AI labs and hyperscalers. Industry pattern: boutique neoclouds that deliver low-latency, high-reliability GPU compute with operational SLAs can command premium pricing versus standard hyperscaler offerings. Execution risk remains concentrated customer exposure and large debt servicing obligations against long capital deployment cycles. ### What to watch Backlog conversion rates (RPO-to-revenue over the 36-month horizon), debt refinancing progress, customer concentration changes, and GPU utilization disclosures across Blackwell racks will be the key indicators for both investors and practitioners sourcing capacity. ## Scoring Rationale Real Q1 2026 data ($99.4B backlog, $2.08B revenue) is relevant to practitioners sourcing GPU capacity, but the article is primarily a Seeking Alpha investment-opinion Buy rating with analyst-specific valuation multiples and debt metrics. Confirmed facts are solid infrastructure context; the investment framing and single-analyst sourcing cap impact for a practitioner-oriented feed. Practice interview problems based on real data 1,500+ SQL & Python problems across 15 industry datasets — the exact type of data you work with. [Try 250 free problems](/problems)