CoreWeave raises 2026 revenue forecast to $13.3 billion as loss reaches $709 million
Key Facts
CoreWeave raised its 2026 revenue forecast to a range of $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion previously, after reporting third-quarter results on November 10. The results came as the company accelerated expansion of the infrastructure needed to serve its customers, and it said earlier-than-planned delivery of that infrastructure supported the forecast revision. Quarterly revenue was $3.66 billion, topping the average analyst estimate of $3.55 billion, according to LSEG data cited by Reuters. Revenue rose from $1.37 billion in the same period a year earlier, the report said. But business growth coincided with a much larger net loss and higher interest costs, putting the cost of financing expansion at the center of the results.
The company said revenue rose by more than $1 billion quarter over quarter, and adjusted operating margin reached double digits a quarter ahead of schedule. Its data showed adjusted operating income of $379 million in the third quarter, compared with $217 million in the same period of 2025. Adjusted operating margin was 10%, compared with 16% a year earlier, despite the increase in adjusted operating income. Meanwhile, the net loss widened to $709 million from $110 million a year earlier. Net interest expense also rose to $846 million, compared with $310 million in the third quarter of 2025, reflecting a heavier financial burden alongside investment.
The company’s backlog of contracts to fulfill is growing, with remaining performance obligations of about $132.5 billion as of September 30. CoreWeave defines this balance as remaining performance obligations and other amounts it expects to recognize in the future under committed contracts, subject to delivery conditions and service availability. During the third quarter, the company added more than 200 megawatts to its active capacity, bringing it to more than 1.7 gigawatts. It also increased contracted capacity by more than 900 megawatts, exceeding 4.6 gigawatts at quarter-end. Reuters said demand was about ten times available capacity and that the company was nearly sold out of capacity through the following year.
Expanding capacity requires rising investment: capital expenditure surged to $14.5 billion in the third quarter from $9.4 billion in the second quarter, Reuters reported. The company said it expects about $9 billion in customer prepayments and deposits during the three months following the results announcement. These amounts provide contract-linked financing as CoreWeave prepares to add more infrastructure. During the quarter, the company raised about $4.2 billion through an upsized convertible bond offering. It also established an at-the-market program to sell up to 35 million Class A shares and closed a $2.6 billion facility to support shorter-term contracts.
CoreWeave told Reuters it would not tap unsecured debt markets at current yield levels. Total debt stood at about $46.9 billion at the end of September, the report said, while the company is targeting adjusted profitability in the first half of 2028. These figures reflect the expansion plan’s reliance on a mix of customer financing, capital markets and credit facilities amid rising interest expense and capital spending. On construction, the chief executive said a possible regulatory shift after the midterm elections would not require a fundamental change in how the company builds infrastructure. He added that the need for greater transparency could slow projects, potentially affecting the pace at which new capacity is delivered.
The company also raised its 2026 adjusted operating income forecast to a range of $1.275 billion to $1.375 billion, an increase of 26% at the midpoint from its previous forecast. In after-hours trading following the results announcement on November 10, the stock rose 5%, Reuters reported, while it closed at $48.73 in the same session, according to EL7 data. The company defines its exit annualized revenue run rate as revenue in the final month of the quarter multiplied by 12; it is a measure of operating rate, not revenue realized for the year. CoreWeave’s ability to convert its backlog into deliveries and revenue while securing the financing needed to expand capacity remains central to its plan for the coming period. The company set the first half of 2028 as its target for adjusted profitability.