CoreWeave CEO says midterm results won’t dent $132.5 billion backlog

Michael Intrator says most of the AI cloud provider's Texas capacity is already permitted or under construction, insulating its pipeline from political shifts CoreWeave CEO Michael Intrator has a message for investors rattled by the midterm elections: the company’s backlog is staying put. Intrator said the recent midterm elections will not affect the AI cloud provider’s order book. His reason is that most of its Texas capacity is already permitted or under construction. That reassurance carries real weight. CoreWeave, listed on NASDAQ as CRWV, is sitting on a revenue backlog of approximately $132.5 billion, a pile of contracted future revenue that dwarfs its current annual sales. The comments came alongside CoreWeave’s Q3 2026 earnings, released on November 10-11. Revenue hit $3.66 billion, up 168% year-over-year. The backlog grew too.

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