CoreWeave reported $104B of remaining performance obligations at 30 Jun 2026, up 245% from a year earlier and up 5% from the previous quarter. That is 13.7 years of trailing revenue already under contract. Book-to-bill last quarter: 2.90.
Net new backlog added in the latest quarter: $4.90B.
Over the last twelve months it turned about 14% of its opening backlog into revenue (12-month conversion).
The company reports 41% of the backlog due within the first 24 months.
Customer prepayments (contract liabilities) cover 9.3% of the backlog.
Twelve-month book-to-bill: 10.70, i.e. 10.70 of new orders for every 1 of revenue recognised.
Backlog growth minus revenue growth: +129 points — orders are running ahead of revenue.
By backlog size it ranks 13th among US filers the cockpit tracks.
Disclosed counterparties: Meta ($35.2B), OpenAI ($22.4B), Nvidia ($6.3B).
CoreWeave backlog history
Remaining performance obligations at each quarter end (bars) against trailing twelve-month revenue (line).
Amounts in USD. Source: SEC XBRL filings.
Quarter end
Backlog (RPO)
TTM revenue
Coverage
Customer prepayments
30 Jun 2026
$104B
$7.59B
13.7 yrs
$9.70B
31 Mar 2026
$98.8B
$6.23B
15.9 yrs
$7.50B
31 Dec 2025
$60.7B
$5.13B
11.8 yrs
$8.20B
30 Sep 2025
$50.0B
$4.31B
11.6 yrs
$5.30B
30 Jun 2025
$30.1B
$3.52B
8.5 yrs
$4.80B
31 Mar 2025
$14.7B
$2.71B
5.4 yrs
$4.00B
Who CoreWeave's backlog is with
Who the backlog is with: the curated counterparty ledger (company filings and releases)
CoreWeave reported $104B of remaining performance obligations at 30 Jun 2026, up 245% from a year earlier and up 5% from the previous quarter. That is 13.7 years of trailing revenue already under contract. Book-to-bill last quarter: 2.90.
How fast does CoreWeave's backlog turn into revenue?
Over the last twelve months CoreWeave recognised revenue equal to about 14% of the backlog it started each quarter with.
Who are CoreWeave's biggest backlog customers?
Disclosed counterparties: Meta ($35.2B), OpenAI ($22.4B), Nvidia ($6.3B).
About these numbers
Remaining performance obligations (RPO) are revenue a company has contracted but not yet recognised, as reported in its SEC filings (XBRL tag RevenueRemainingPerformanceObligation). Coverage = backlog ÷ trailing twelve-month revenue. Book-to-bill = (change in backlog + revenue) ÷ revenue. Conversion = revenue recognised ÷ the backlog at the start of each quarter, summed over four quarters. Counterparty values come from company filings and releases.