CoreWeave (CRWV) Stock: Cramer Says the Real Backlog Is Bigger Than You Think

TLDR

• Jim Cramer claims CoreWeave’s contracted revenue backlog could be larger than the $99.4 billion already reported, citing third-party debt document analysis.
• CoreWeave hit $2.08 billion in Q1 2026 revenue, up 112% year over year, but posted a $740 million net loss.
• The backlog grew from $30.1 billion in Q2 2025 to nearly $100 billion by March 2026, driven by commitments from Meta and OpenAI.
• Major institutional investors including Vanguard increased their positions, while the CEO and CFO sold stock under pre-arranged 10b5-1 plans.
• CRWV trades around $117.95 with a Wall Street average price target of $131.52 and a Moderate Buy consensus rating.

On his June 16 Mad Money segment, Jim Cramer made a case that CoreWeave (CRWV) already has more contracted demand than Wall Street currently expects — and that the next earnings report could prove it.

CoreWeave, Inc. Class A Common Stock, CRWV

CRWV opened at $117.95 on Friday. The stock is up 49% year to date but still down roughly 28% over the past 12 months. The 52-week range runs from $63.80 to $187.00.

The $99.4 billion backlog as of March 31, 2026 is already a striking number. It was anchored by a $21 billion commitment from Meta signed in March and roughly $22.4 billion in total commitments from OpenAI. CEO Michael Intrator called it “the strongest bookings quarter in CoreWeave’s history.”

The trajectory behind that figure is just as striking. Backlog stood at $30.1 billion in Q2 2025, climbed to $55.6 billion in Q3, hit $66.8 billion in Q4, then jumped to nearly $100 billion last quarter.

If Cramer’s source is right and the debt documents point to additional contracted demand, the figure reported at the next earnings call — currently estimated for around August 13, 2026 — could move materially higher.

The Growth Case

Revenue supports the build-fast argument. 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 company in history to reach $5 billion in annual revenue.

The company crossed 1 GW of active power in Q1 2026 and holds over 3.5 GW of contracted power, with a target of more than 8 GW by 2030. NVIDIA invested $2 billion in Class A stock and extended an $8.5 billion non-recourse delayed draw term loan facility. CoreWeave was also named NVIDIA Exemplar Cloud for inference on GB200 NVL72 hardware.

Institutional interest has picked up. Vanguard raised its position by 275.6% in Q4 to 27.9 million shares worth roughly $2 billion. Deutsche Bank grew its stake by over 22,000%. Caitong International lifted its holdings by 35.8%, making CRWV its sixth-largest position at approximately $9.99 million.

The Risk Side

The Q1 print also showed why the bull case isn’t without friction. CoreWeave posted a $740 million net loss. EPS came in at -$1.40, missing the -$1.20 consensus estimate. Interest expense doubled to $536 million, and CapEx hit $7.695 billion in a single quarter. Total liabilities now stand at $50.814 billion, with a debt-to-equity ratio of 3.68.

CEO Michael Intrator sold 200,000 shares on June 16 at an average of $116.65, totaling $23.33 million. CFO Nitin Agrawal sold 58,429 shares at $116.70 for $6.82 million. Both transactions were executed under pre-arranged 10b5-1 plans.

A securities fraud class action alleging concealed data center construction delays also remains active in the background.

The Wall Street consensus sits at a Moderate Buy, with 20 Buy ratings, 12 Holds, and 2 Sells. The average price target is $131.52.

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