CoreWeave Reports $3.66 Billion Quarterly Revenue and $132.5 Billion Backlog

CoreWeave reported third-quarter revenue of $3.661 billion, more than double the prior-year figure and above the roughly $3.55 billion analysts expected, and raised its 2026 revenue outlook. Its net loss widened to $709 million as interest costs climbed, and the stock has fallen sharply over the past month, which makes the report a closely watched read on AI infrastructure demand and financing for US investors.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

CoreWeave, a Nasdaq-listed cloud provider focused on artificial intelligence workloads, said on Tuesday that revenue for the quarter ended September 30 reached $3.661 billion, up from $1.365 billion a year earlier. The results were released after the market closed, and the company held its earnings call at 5:00 p.m. Eastern time.

Revenue and backlog

Cnbc reported that the revenue figure topped the roughly $3.55 billion that analysts expected. The company said its revenue backlog stood at approximately $132.5 billion as of September 30. CNBC put the June figure at $104 billion, which means the backlog rose by more than $28 billion in the quarter.

The company defines backlog to include remaining performance obligations, plus other amounts it expects to recognize as revenue under committed customer contracts, subject to delivery and service availability. Chief executive Michael Intrator called the period a "breakout quarter," pointing to sequential revenue growth of more than $1 billion and adjusted operating margins in double digits.

Losses and borrowing

Operating income came in at $207 million, a 6% margin, compared with $52 million a year earlier. Net interest expense rose to $846 million from $310 million, which pushed the GAAP net loss to $709 million, or $1.27 per share, against a loss of $110 million, or $0.22 per share, in the prior-year quarter.

On an adjusted basis, the company reported adjusted EBITDA of $2.256 billion, a 62% margin, and adjusted operating income of $379 million, a 10% margin. CNBC reported that CoreWeave owed almost $47 billion in debt at the end of the quarter.

To fund its build-out, the company said it raised approximately $4.2 billion through an upsized offering of convertible senior notes. It also set up an at-the-market equity program covering up to 35 million Class A shares and closed a $2.6 billion financing facility designed to support shorter-duration customer contracts.

Guidance and capacity

CoreWeave raised its full-year 2026 revenue forecast to $13.0 billion to $13.3 billion and lifted its adjusted operating income range to $1.275 billion to $1.375 billion. It now expects 2026 capital expenditures of $37 billion to $39 billion, with the low end raised because it plans to deploy and deliver infrastructure to customers sooner than planned.

The company also said it expects fourth-quarter interest expense of $1.05 billion to $1.15 billion and an annualized revenue run-rate of $20 billion to $21 billion by the end of 2026. Intrator said the company expects about $9 billion in customer prepayments and deposits over the next three months. The company said it has more than 1.7 gigawatts of active power and still expects more than 1.85 gigawatts at year-end.

The company said it did not provide a GAAP equivalent for its adjusted operating income outlook, citing the difficulty of forecasting items such as share-based compensation and income taxes.

Why it matters for US investors

CoreWeave's results are a read on demand for AI computing capacity, which affects a wide group of US companies. Its customers named in the release include OpenAI, Jane Street and Perplexity, and the company competes with larger cloud providers such as Amazon and Oracle, which CNBC cited as also rushing to add capacity.

The stock has been under pressure. CNBC reported that shares had lost about 40% of their value over the past month, alongside a broader slide in AI infrastructure shares, and that neocloud providers have faced pressure from rising interest rates. Rollingout reported that the shares gained in after-hours trading following the release.

For investors, the key trade-offs in the report are the rapid revenue and backlog growth against higher interest costs, a larger loss and heavy spending plans that rely on outside financing. The company's ability to convert its backlog into delivered capacity, and to secure the expected customer prepayments, remains the central question for the business.

Sources

• CoreWeave Reports Strong Third Quarter 2026 Results investors.coreweave.com

Written with AI assistance on Nov 10, 5:01 PM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.