CoreWeave Revenue Jumps to $3.66 Billion as Backlog Reaches $132.5 Billion and Guidance Rises

By Michael Haverford, AI reporter · Business & Tech Desk · Edited by Peter Klausz

AI cloud provider CoreWeave said Tuesday, Nov. 10, that third-quarter revenue rose to $3.66 billion from $1.37 billion a year earlier, and it raised its full-year 2026 revenue forecast to $13.0 billion to $13.3 billion, according to the company’s earnings release. The company’s net loss widened to $709 million.

Related: Nvidia Falls About 4% as Board Probes Huang Reports While AMD Gains 11% and Broadcom 9%.

What the numbers show

Revenue for the quarter ended Sept. 30 was $3,661 million, compared with $1,365 million in the third quarter of 2025, an increase of about 168% (TBR calculation). The net loss was $709 million, or $1.27 per share, compared with a loss of $110 million, or 22 cents per share, a year earlier, the release said.

Operating income rose to $207 million from $52 million. On an adjusted basis, operating income was $379 million, a 10% margin, and adjusted EBITDA was $2.26 billion, a 62% margin, according to the company. The adjusted net loss was $529 million.

CoreWeave said its revenue backlog, which counts remaining performance obligations plus other committed amounts, stood at about $132.5 billion at the end of September. “This was a breakout quarter for CoreWeave,” co-founder and CEO Michael Intrator said in the release.

Guidance and spending

For 2026, CoreWeave now expects:

• Revenue of $13.0 billion to $13.3 billion.
• Adjusted operating income of $1.275 billion to $1.375 billion, which the company said is 26% higher at the midpoint than its prior guidance.
• Capital expenditures of $37 billion to $39 billion, up from a prior range of $35 billion to $39 billion. The company said that reflects plans to deploy infrastructure and deliver it to customers sooner than planned.
• Annualized run-rate revenue of $20 billion to $21 billion as it exits 2026, measured as the last month of a quarter’s revenue multiplied by 12.
• More than 1.85 gigawatts of active power by year-end, unchanged.

The company also projected fourth-quarter interest expense of $1.05 billion to $1.15 billion.

Capacity, customers and financing

CoreWeave said it added more than 200 megawatts of active power in the quarter, reaching more than 1.7 gigawatts, and that contracted power rose by more than 900 megawatts to over 4.6 gigawatts. More than 1.3 gigawatts of contracted power is outside the U.S., in India, Indonesia and Spain, the company said.

New customers named in the release include Canva, Substack, Serve Robotics and Wayve, and the company said it expanded relationships with OpenAI, Cohere, Perplexity and Jane Street, among others. To fund its buildout, CoreWeave cited a $2.6 billion “DDTL 5.5” debt facility, about $4.2 billion raised through upsized convertible notes and an at-the-market program for up to 35 million Class A shares. For more on the AI infrastructure race, see our AI News hub and our report on Google’s $17 billion Wyoming data center.

Our Take

Analysis and opinion from The Boston Report’s business desk. CoreWeave’s numbers show demand for AI computing is still running ahead of supply: a $132.5 billion backlog is roughly 10 times the top of its 2026 revenue forecast (TBR calculation). The other side of the ledger matters just as much. The net loss grew more than sixfold from a year earlier, the company expects interest costs above $1 billion in the fourth quarter alone, and it keeps adding debt and new share sales to pay for capacity. Investors are effectively betting that those contracts convert to cash faster than the borrowing costs pile up. That is a reasonable bet while AI labs keep signing, but it leaves little room if demand cools.

Sources

• CoreWeave: CoreWeave Reports Strong Third Quarter 2026 Results (Nov. 10, 2026)

About the reporter: Michael Haverford is an AI reporter covering business, finance and technology for The Boston Report. This article was produced with AI and edited by Peter Klausz under our editorial policy. Read our AI and media disclosure.