Jim Cramer: CoreWeave’s Backlog ‘May Be Much Greater’ Than Wall Street Thinks

The post Jim Cramer: CoreWeave’s Backlog ‘May Be Much Greater’ Than Wall Street Thinks appeared first on 24/7 Wall St..

Jim Cramer used his June 16 Mad Money Mad Dash segment to make the case that CoreWeave’s contracted revenue pipeline could be even larger than what the Street currently models.

“It’s got the best handle in the buildout. And this morning, [a research note] comes up with a piece looking at the debt documents showing that the backlog may be much greater when they report,” Cramer said of the AI cloud operator.

He paired that observation with a vivid pitch for the company’s execution: “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 bigger-backlog thesis comes from a third-party research note reviewing CoreWeave’s debt documents, not from the company itself, so investors should treat the upside as a possibility rather than confirmed guidance.

Why Cramer’s Backlog Claim Matters

CoreWeave (NASDAQ:CRWV) already disclosed a striking number on its Q1 2026 earnings release: a $99.40 billion revenue backlog as of March 31, 2026, anchored by a $21 billion commitment from Meta signed in March. CEO Michael Intrator called it “the strongest bookings quarter in CoreWeave’s history.”

The trajectory is what gives Cramer’s call its punch. Backlog moved from $30.1 billion in Q2 2025 to $55.6 billion in Q3 2025, then $66.8 billion in Q4 2025, before reaching nearly $100 billion last quarter. OpenAI alone accounts for roughly $22.4 billion in total commitments, and NVIDIA added a $2 billion Class A stock investment alongside a $8.5 billion non-recourse delayed draw term loan facility.

If the research note Cramer flagged is right and the debt documents imply additional contracted demand, the next reported backlog figure could move materially higher. The next earnings report is currently estimated for around August 13, 2026, though it has not yet been company-confirmed.

The Build-Fast Argument

Cramer’s “rocket into space” framing aligns with CoreWeave’s operating metrics. The company surpassed 1 GW of active power in Q1 2026, holds over 3.5 GW of contracted power, and is targeting more than 8 GW by 2030. Intrator described the positioning succinctly: “We sit between the models and the silicon, delivering the infrastructure, software, and expertise required to build and run AI at scale.” CoreWeave was also named NVIDIA Exemplar Cloud for inference on NVIDIA GB200 NVL72.

Revenue is keeping up. Q1 2026 sales hit $2.078 billion, up 112% year over year, beating consensus by 6%. Full-year 2025 revenue came in at $5.131 billion, up 168%, making CoreWeave the fastest cloud in history to reach $5 billion in annual revenue.

The Risk Wall’s Other Side

The same Q1 print showed why pre-earnings enthusiasm carries risk. CoreWeave posted a $740 million net loss, EPS missed at -$1.40 versus a -$1.20 estimate, interest expense doubled to $536 million, and CapEx ballooned to $7.695 billion in a single quarter. Total liabilities now stand at $50.814 billion. A securities fraud class action alleging concealed data center construction delays also remains in the background.

Shares trade at $114.52 as of midday June 16, with the stock up 49% year to date but still down 28% over the past year. Market cap sits near $51.52 billion. The Wall Street consensus price target is $140.18, with 19 Buy and 3 Strong Buy ratings against 11 Holds and 2 Sell-equivalents.

What Investors Should Watch

The next backlog disclosure is the gating event for Cramer’s thesis. If management confirms the larger pipeline implied in the debt-document review, the conversation shifts to execution speed and financing capacity. If the figure underwhelms, the widening loss profile and capital intensity become the headline. For now, CoreWeave’s role as the specialized GPU cloud that builds first, ships first, and sells out fastest remains the bull case. The math on debt service and dilution remains the bear case. The August update will tell investors which side is closer to right.

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