CoreWeave revenue jumps to $3.661 billion in third quarter as company raises outlook
Key Facts
CoreWeave reported results on November 10 for the third quarter ended September 30, 2026, with revenue of $3.661 billion, compared with $1.365 billion in the year-earlier period. LSEG data cited by Reuters showed revenue topped analysts’ average estimate of $3.55 billion. The stock rose more than 7% in extended trading on November 10 after the announcement, Reuters reported. It then climbed more than 15.6% before the market opened on November 11, according to a Reuters update, while the Associated Press reported a 10.7% gain at 9:35 a.m. Eastern time. Reuters linked the morning move in part to the company’s expectation of reaching adjusted profitability in the first half of 2028.
Revenue growth coincided with the net loss widening to $709 million in the third quarter, compared with $110 million a year earlier. Net interest expense rose to $846 million from $310 million in the year-earlier period. Still, the Associated Press said the quarterly loss was smaller than analysts had expected, supporting the stock in Wednesday trading. The interest figures highlight the cost of financing the company’s expansion of cloud computing infrastructure. Coverage also cited investor concerns about rising interest rates in the bond market and the resulting increase in borrowing costs.
Revenue backlog reached about $132.5 billion as of September 30, including remaining performance obligations and other amounts the company expects to recognize later under committed customer contracts. Recognition of those amounts remains subject to service availability and delivery, according to the company’s filing. On operating capacity, CoreWeave added more than 200 megawatts of active capacity during the quarter, bringing the total to more than 1.7 gigawatts. It also increased contracted capacity by more than 900 megawatts to more than 4.6 gigawatts. The figures reflect an expanding infrastructure and contract base as revenue accelerates, while execution and delivery remain conditions for converting commitments into recognized revenue.
The company raised its 2026 revenue forecast to a range of $13.0 billion to $13.3 billion. It also raised its adjusted operating income forecast to $1.275–$1.375 billion, a 26% increase at the midpoint compared with its previous outlook. At the same time, it raised the lower end of its annual capital expenditure forecast to $37 billion, keeping the upper end at $39 billion, after a previous range of $35–$39 billion. The company said the higher floor reflects its expectation of deploying infrastructure and delivering it to customers earlier than planned. The outlook puts revenue growth and faster delivery alongside substantial capital requirements.
CoreWeave expects fourth-quarter 2026 interest expense of between $1.05 billion and $1.15 billion. It also raised its year-end annualized revenue run-rate forecast to a range of $20–$21 billion. The chief executive said the company expects about $9 billion in customer prepayments and deposits over the three months following the results announcement. The company was scheduled to discuss its third-quarter results on a call whose details were published at 5 p.m. Eastern time on November 10. It said the recording and transcript would be available on its investor relations website after the call.
The results follow revenue of $2.575 billion in the second quarter of 2026, compared with $1.212 billion in the second quarter of 2025. Reuters’ report on the third-quarter results had cited revenue rising from about $1.37 billion a year earlier and topping the $3.55 billion forecast. Interactive Brokers chief market analyst Steve Sosnick said the earnings report helped ease some concerns about returns on heavy spending on artificial intelligence. Higher borrowing costs remained a concern for investors, according to the Associated Press. The third-quarter results thus put revenue growth and a raised outlook against widening losses and rising interest expense.