Zhi Tong Cai Jing·2026-02-26 23:29Core Points - CoreWeave's Q4 revenue increased by 110% year-over-year to $1.57 billion, slightly exceeding market expectations of $1.55 billion, but the stock fell by 12% in after-hours trading due to a larger-than-expected loss of $0.89 per share [1] - The company projects 2026 full-year revenue between $12 billion and $13 billion, slightly below analyst expectations of $12.09 billion, with Q1 revenue guidance of $1.9 billion to $2 billion, also below the consensus of $2.29 billion [1] - CoreWeave's CEO noted that demand for NVIDIA graphics chips remains high, with the average price of the H100 processor fluctuating within 10% since the beginning of the year [1] Financial and Operational Highlights - The company plans to set its 2026 capital expenditure target at $30 billion to $35 billion, significantly higher than $10.31 billion in 2025 [2] - CoreWeave's active power capacity was 850 megawatts at the end of last year, with contracted power reaching 3.1 gigawatts, and it expects to exceed 1.7 gigawatts by the end of 2026 [2] - The company reported a surge in revenue backlog from $55.6 billion at the end of Q3 to $66.8 billion [2] Strategic Developments - CoreWeave has partnered with model developer Poolside to launch object storage services, increasing its credit line from $1.5 billion to $2.5 billion [3] - The company aims to compete with giants like Amazon AWS while focusing on specialized cloud infrastructure [3] - CoreWeave anticipates becoming the fastest cloud platform to reach $5 billion in annual revenue by 2025 [3]