A $25 Billion Reason to Buy CoreWeave Stock

CoreWeave (CRWV) stock is back in the spotlight after the company revealed a fresh wave of customer demand. The AI cloud provider said it has signed more than $25 billion in new customer commitments early in the third quarter of 2026, according to a company statement.

These commitments add to an already massive backlog. And it comes as CoreWeave's pricing power keeps growing, even as competition in the AI infrastructure space heats up. Here is what investors watching CoreWeave stock's price need to know.

CoreWeave Stock's Price Gets a Demand Boost

Since June 30, 2026, CoreWeave has kept signing new compute contracts, and at higher prices than before, according to the statement.

In the third quarter, the company signed short-dated customer deals lasting about three to six months. Those contracts are priced at roughly $40 million per megawatt, a figure calculated by dividing annualized revenue by the power needed to run the related clusters.

The company also confirmed something it first mentioned on its Aug. 11 earnings call. More than $25 billion in net new customer commitments came in early in the third quarter. This total was not included in the $104.2 billion revenue backlog CoreWeave reported as of June 30, 2026.

Total contracted power climbed too. It rose to about 4.2 gigawatts as of Aug. 11, up from roughly 3.7 gigawatts at the end of June, the company said.

To understand why this matters, it helps to know what CoreWeave does. The company builds and runs cloud infrastructure specifically for artificial intelligence workloads. It includes training AI models, running inference, and increasingly, serving enterprise clients that want their own dedicated AI compute.

CEO Mike Intrator has said repeatedly that the industry will not reach a balance between supply and demand for AI computing power until the end of the decade.

Speaking at the Goldman Sachs Communacopia and Technology Conference on Sept. 8, Intrator pointed to a shift among enterprise customers as a major driver of that demand.