CoreWeave Raises 2026 Revenue Forecast to $13.3 Billion as Quarterly Revenue Grows
Key Facts
CoreWeave reported on November 10, 2026, results for the third quarter ended September 30, raising its full-year revenue forecast to a range of $13.0–$13.3 billion, signaling continued expansion in its AI-related cloud computing business. Quarterly revenue was $3.66 billion, compared with $1.37 billion in the same period a year earlier, beating the average analyst estimate of $3.55 billion. The figures came as infrastructure companies face questions about the scale of demand and the sustainability of data-center spending. But the growth trajectory comes with substantial losses and high funding needs, as the company also raised its annual capital-spending forecast. Closing data showed CoreWeave shares ended the November 10 session at $48.73, while Nvidia shares closed at $168.89.
The company posted a generally accepted accounting principles net loss of $709 million, compared with a loss of $110 million in the third quarter of 2025. Basic and diluted loss per share was $1.27, versus $0.22 a year earlier. On an adjusted basis, CoreWeave reported a net loss of $529 million, while adjusted operating income was $379 million, with a 10% margin. These measures highlight the gap between revenue growth and the business's ability to generate net profit, as expanding operating capacity requires significant investment. The figures cited here did not include a year-over-year comparison for adjusted operating income or its margin.
The contracted revenue backlog rose to about $132.5 billion at the end of September, from $104 billion at the end of June, according to Reuters. The expansion reflects the value of future contracts recorded by the company, but coincides with accelerating spending needed to prepare capacity to serve customers. Capital expenditure in the third quarter was $14.5 billion, up from $9.4 billion in the previous quarter, Reuters reported. The company said it added more than 200 megawatts of active power during the quarter, bringing the total to more than 1.7 gigawatts. Contracted power also increased by more than 900 megawatts, exceeding 4.6 gigawatts.
CoreWeave said it expects capital expenditure of between $37 billion and $39 billion during 2026, citing plans to deploy infrastructure and deliver it to customers ahead of schedule. At the same time, it raised its annual revenue forecast to $13.0–$13.3 billion. It also maintained its forecast for active power to exceed 1.85 gigawatts by year-end, and estimated annualized revenue at its 2026 exit run rate of about $20–$21 billion. The company expects interest expense of between $1.05 billion and $1.15 billion in the fourth quarter. These forecasts put the pace of converting new capacity and accumulated contracts into revenue at the center of results in the coming period.
Financing remains one constraint surrounding the expansion plan. Reuters reported that CoreWeave's total debt was about $46.9 billion at the end of September and that the company expects to raise less than $5 billion more through 2027. The company said it would not tap the unsecured debt markets at current yields, and that cash flows from existing customer commitments were sufficient to repay current debt and the additional borrowing needed to fulfill those contracts. The chief executive said customer prepayments and deposits could provide about $9 billion over the three months following the announcement. Meanwhile, Reuters reported that demand for the company's data-center power was about ten times available capacity and that most of its capacity had been sold through the following year. Together, these factors point to demand exceeding current capacity alongside heavy reliance on financing and continued project execution.
The chief executive said increased scrutiny of data-center construction and resource use could slow the pace of construction across the sector, but he did not expect a material change in CoreWeave's expansion plans or costs. Reuters quoted him as saying: "I think there is an issue with the pace of execution, but I don't think it will require a material change in the way we build our infrastructure." The company had forecast that it would become profitable on an adjusted basis in the first half of 2028, Reuters reported. After the results announcement, its shares rose 5% in extended trading on November 10, according to the same report. In premarket trading on November 11, CoreWeave shares jumped 10% and Nvidia shares rose 5%, with gains extending to shares of AI-related cloud companies. Shares of both companies had fallen in a selloff on November 5, with Nvidia down 9.3% and CoreWeave down 9.8%.