CoreWeave: $131B Backlog Tops $45B Market Cap

CoreWeave and Nebius posted explosive Q1 2026 results that underscore the neocloud bull case: CoreWeave contracted backlog valuation vs market cap history now lists $131 billion in contracted backlog versus a $45 billion market cap, with 90 percent of its $30 billion 2027 revenue target already pre-sold and 1GW active power capacity scaling toward 8GW by 2030. Nebius Meta compute lease agreement details and power capacity pipeline include a $12 billion committed Meta order plus $15 billion optional extensions, $9.3 billion cash, Q1 revenue of $399 million and a 4GW global buildout. The tweet from @MRRydon flags $AGPU as the next NASDAQ neocloud with comparable upside after investors missed the $CRWV and $NBIS runs this year.