CoreWeave ARR / Active MW Reference

CoreWeave, Inc. (CRWV)
Created by@hypertonxvia MCP
August 3, 2026 at 8:18 AM

CoreWeave ARR / Active MW Reference

Historical figures use quarterly GAAP revenue × 4 as an ARR-like proxy because CoreWeave did not publish historical ARR. CoreWeave reports active power, not connected or contracted power.
PeriodRevenue run rate / ARRActive powerImplied run rate / MWBasis
Q4 2024$2.99B~360 MW~$8.3M4× quarterly revenue
Q1 2025$3.93B~420 MW~$9.3M4× quarterly revenue
Q2 2025$4.85B~470 MW~$10.3M4× quarterly revenue
Q3 2025$5.46B~590 MW~$9.3M4× quarterly revenue
Q4 2025$6.29B>850 MWup to $7.4M4× quarterly revenue
Q1 2026$8.31B>1,000 MWup to $8.3M4× quarterly revenue
YE 2026E$18–19B>1,700 MWup to $10.6–11.2MOfficial exit ARR guidance
Quarter-end MW can temporarily depress the historical ratio when capacity is added late in a quarter, before revenue fully ramps.
Sources: Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026, and 2026 outlook.
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