A Backlog Four Names Can FillNarrow moat

CoreWeave's remaining performance obligations reached $103.7 billion at June 2026, up from $60.7 billion six months earlier, and it is filled substantially by four organisations — Microsoft, OpenAI, Meta and Google¹. On any conventional reading that is an extraordinary asset: years of revenue contracted in advance by the best-resourced technology companies on earth.

The concentration risk has its own root threat. What deserves separate attention is what a backlog of that shape does to the business. A supplier whose forward revenue depends on four decisions builds capacity against four capital plans, finances that capacity with debt secured on the equipment, and has no ability to reallocate if one of those plans changes. The commitments are real; the flexibility is not.

The diversification is genuine as far as it goes. A year ago the concentration was worse, and adding Meta, Google and OpenAI alongside Microsoft is real progress. But four hyperscale AI buyers are not four independent demand sources — they are four expressions of the same bet on AI compute, and they would revise their plans in the same conditions and at roughly the same time.

Watch the number of customers above 10% of revenue in each filing. Falling concentration would mean the customer base is genuinely broadening; a backlog growing while the customer count does not means CoreWeave is deepening the same four relationships.