CoreWeave Raises 2026 Revenue Forecast to $13.3 Billion, Targets Higher Operating Run Rate
Key Facts
CoreWeave raised its fiscal 2026 revenue forecast to a range of $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion previously, according to its earnings statement released on November 10. The company also said it is targeting an annualized revenue run rate of $20 billion to $21 billion exiting the year. The measure is calculated by multiplying the final month of the quarter’s revenue by 12, so it is a targeted annualized rate at period-end rather than revenue generated during the fiscal year. The guidance came alongside quarterly revenue of $3.661 billion for the three months ended September 30. Chief Executive Mike Intrator said revenue increased by more than $1 billion quarter over quarter, and adjusted operating income margin reached the double digits a quarter ahead of schedule.
Third-quarter revenue was $3.661 billion, compared with $1.365 billion in the same period of 2025, an increase of about 168%. Revenue backlog rose to $132.5 billion on September 30, compared with $104 billion at the end of June, according to Reuters. The company also added more than 200 megawatts of active capacity during the quarter, bringing the total to more than 1.7 gigawatts, and said it expects to exceed 1.85 gigawatts by year-end. Contracted capacity increased by more than 900 megawatts to more than 4.6 gigawatts. “Customer contracts come first, and investment follows,” Intrator said, referring to linking spending to contracted demand.
CoreWeave raised the lower end of its 2026 capital expenditure forecast by $2 billion, to a range of $37 billion to $39 billion, compared with the previous range of $35 billion to $39 billion. It said the change reflects its expectation of deploying infrastructure and delivering it to customers ahead of schedule. Quarterly capital expenditure rose to $14.5 billion in the third quarter from $9.4 billion in the second quarter, according to Reuters. The company said demand is nearly 10 times available capacity, and most capacity is reserved through the following year. It also raised its 2026 adjusted operating income forecast to $1.275 billion–$1.375 billion, an increase of 26% at the midpoint compared with its previous guidance.
Revenue expansion came alongside a net loss of $709 million in the third quarter, while net interest expense reached $846 million. Total debt was about $46.9 billion at the end of September, according to Reuters, while the company said it expects to raise less than $5 billion in additional capital through 2027. CoreWeave said it raised about $4.2 billion through an expanded convertible note offering and closed a $2.6 billion financing facility during the quarter. On November 10, it also announced a program to sell up to 35 million Class A shares in the market. The figures highlight the financing demands of an expansion plan requiring substantial capital spending, alongside rising interest costs.
The company said it expects about $9 billion in customer prepayments and deposits during the three months following the earnings announcement. CRWV shares closed at $48.73 on November 10, while rising 5% in extended trading after the announcement, according to Reuters. The stock had fallen by more than 40% during the month ended on that date. Reuters reported that the company sees no material risk to data center construction from a potential change in the regulatory environment after the U.S. midterm elections. But Intrator pointed to the possibility of a slower pace of construction, saying it would require greater transparency and work with local communities.
CoreWeave forecast fourth-quarter 2026 interest expense of between $1.05 billion and $1.15 billion. This follows the company raising its adjusted operating income forecast and increasing expected capital expenditure, reflecting faster infrastructure deployment and delivery. Reuters also reported that strong demand for its cloud services drove revenue growth and eased concerns about the sustainability of demand for AI infrastructure despite rising debt. Execution of delivery and financing plans in the coming period will remain tied to the company’s expectations for demand and operating capacity. Expected customer prepayments during the three months following the announcement remain one of the near-term indicators management cited in the context of financing expansion.