CoreWeave Revenue Jumps to $3.66 Billion, Prompting 2026 Forecast Upgrade
Key Facts
CoreWeave reported revenue of $3.661 billion for the quarter ended September 30 on November 10, 2026, topping the analyst consensus estimate of $3.55 billion, according to LSEG data cited by Reuters. In its earnings statement, the company raised its full-year revenue forecast, signaling continued growth in demand for its computing services. Revenue was $1.365 billion in the same quarter of 2025, putting the annual increase in the context of rapid expansion. But sales growth came alongside a larger quarterly loss and elevated interest expense. The stock closed at $48.73 on November 10, then rose about 5% in extended trading after the announcement, Reuters reported.
The company posted a net loss of $709 million in the third quarter, compared with a loss of $110 million a year earlier, according to its statement. Diluted loss per share was $1.27, versus $0.22 in the same period of 2025. Net interest expense rose to $846 million from $310 million a year earlier, adding a financing burden to results despite higher revenue. The figures highlight the gap between the company's commercial expansion and its current ability to turn it into profit. CoreWeave said it expects interest expense of between $1.05 billion and $1.15 billion in the fourth quarter of 2026.
The scale of future commitments showed the expansion of its demand base: revenue backlog stood at about $132.5 billion on September 30, 2026, the company said. Demand for its available capacity is about 10 times supply, and most of that capacity is reserved through the following year, the company said, according to Reuters. Those commitments support the revenue outlook but require the company to undertake a major infrastructure expansion to provide capacity to customers. Capital expenditure in the third quarter was $14.5 billion, up from $9.4 billion in the previous quarter, Reuters reported. The increase reflects the investment needed to keep pace with demand, while the cost of financing that expansion remains a prominent factor in results.
CoreWeave raised its 2026 revenue forecast to a range of $13.0 billion to $13.3 billion and lifted its adjusted operating income outlook to between $1.275 billion and $1.375 billion. The company said the new adjusted operating income range represents an increase of 26% at the midpoint compared with its previous forecast. This remains an adjusted measure of operating performance, at a time when the company posted a quarterly net loss and higher interest expense. The company is also targeting annualized run-rate revenue of between $20 billion and $21 billion by the end of 2026. Turning these forecasts into actual results depends on deploying infrastructure and delivering it to customers on schedule.
The company raised the lower end of its annual capital expenditure forecast to between $37 billion and $39 billion in 2026, compared with a previous range of $35 billion to $39 billion. It said the higher floor reflects expectations to deploy infrastructure and deliver it to customers ahead of schedule. Total debt was about $46.9 billion at the end of September, according to Reuters, putting the capital expansion in the context of substantial financing obligations. The company said it does not intend to enter the unsecured debt markets at current yields, and that cash flows from existing customer commitments are sufficient to repay current debt and the additional borrowing needed to fulfill those contracts. It also expects to raise less than $5 billion in additional capital through 2027.
The announcement followed a decline of more than 40% in CoreWeave shares during the previous month, amid investor concerns about heavy borrowing, higher interest rates and slow returns on investments, Reuters reported. The chief executive said the company expects to reach adjusted profitability in the first half of 2028, a future target that does not change the fact that it recorded a loss in the third quarter. He added that the company expects about $9 billion in customer prepayments and deposits over the three months following the announcement. That gives the company an expected source of funding tied to customer contracts as it continues investing in the power needed to fulfill them. Asked about scrutiny of data center construction and resource use, the chief executive said: "I don't think that will require a fundamental change in the way we build our infrastructure."