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CoreWeave projects 2026 capital expenditure of 30 to 35 billion dollars
Wednesday, February 25, 2026 at 02:59 PM
CoreWeave has guided for $30 billion to $35 billion in capital expenditures for 2026, which exceeds previous analyst expectations. The CEO stated that this infrastructure spending is supported by firm contracts with major hyperscalers including Microsoft, Meta, and Google.
Context
CoreWeave shares plummeted 19% after reporting a fourth-quarter loss of $0.89 per share, missing the $0.72 consensus. While revenue of $1.57 billion slightly beat estimates, the stock’s 36% year-to-date rally was stalled by a massive 2026 capital expenditure forecast. The company plans to spend $30 billion to $35 billion on infrastructure next year, a figure far exceeding Wall Street expectations and raising concerns about its rising debt and capital intensity.
CEO Michael Intrator defended the budget, stating all spending is backed by contracted customers like Microsoft, Meta, and Google. Management is leveraging a $66.8 billion revenue backlog to justify the rapid expansion of its GPU-focused data centers. For investors, the narrative has shifted from pure AI growth to whether CoreWeave can efficiently deploy record-breaking capital while maintaining its path toward long-term profitability.
Sources (2)
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