CoreWeave Revenue Surges to $3.661 Billion as TSMC Approves AI Investments
Key Facts
CoreWeave revenue surged to $3.661 billion in the third quarter ended September 30, 2026, from $1.365 billion in the same period a year earlier, according to a filing with the U.S. Securities and Exchange Commission. The company reported results as its release helped support a rebound in AI stocks in Wednesday’s session, November 11. CoreWeave shares jumped 24.7% in that session, while the S&P 500 rose 1.3% and the Nasdaq Composite gained 1.6%, according to the Associated Press. The strong revenue figures came alongside a wider net loss, putting business growth and the costs of expansion at the center of the results. In a separate development reflecting TSMC’s expansion of AI-related investments, the company’s board approved investing up to $500 million in Anthropic shares and up to $500 million in OpenAI shares.
CoreWeave posted a net loss of $709 million in the third quarter, compared with a loss of $110 million in the third quarter of 2025, according to the filing. Diluted loss per share was $1.27, versus $0.22 a year earlier. By contrast, the company said its revenue backlog stood at about $132.5 billion as of September 30, 2026. The figure includes, by the company’s definition, performance obligations and other amounts it expects to recognize from committed customer contracts, subject to delivery conditions and service availability. Investing.com said revenue rose 168% year over year, attributing the increase to business growth, and reported that the contracted revenue backlog stood at about $132.5 billion.
CoreWeave raised its fiscal 2026 revenue forecast to a range of $13.0 billion to $13.3 billion and projected adjusted operating income of between $1.275 billion and $1.375 billion. The company said the midpoint of its new adjusted operating income range is 26% above the midpoint of its previous forecast. At the same time, it raised the lower end of its annual capital expenditure forecast to $37 billion, while keeping the upper end at $39 billion, compared with a previous range of $35 billion to $39 billion. The company attributed the increase to its expectation that infrastructure would be deployed and delivered to customers earlier than planned. The forecast indicates that expected revenue growth is running alongside a substantial capital spending commitment to expand operating capacity.
CoreWeave’s chief executive said the company expects to receive about $9 billion in customer prepayments and deposits during the three months following the results announcement on November 10. He added that funding sources also include financing backed by customer contracts and operating cash flow. The Associated Press quoted the chief executive as saying about $9 billion in prepayments and deposits was expected over the same period, noting that some analysts viewed this as progress toward self-funding the business. The report also cited investor concerns about the effect of higher interest rates on borrowing costs for CoreWeave and other companies. The U.S. bond market was closed Wednesday for Veterans Day, after yields jumped the previous day following an above-expected inflation reading, the agency said.
TSMC’s board approved an investment in Anthropic common shares at the initial public offering price, capped at $500 million, and authorized an investment of up to $500 million in OpenAI preferred shares, according to a company statement. The approvals set investment limits and do not mean the full amounts have already been spent. The board also approved up to $500 million to establish an investment company targeting the semiconductor sector and its related ecosystem. It also approved capital appropriations of about $40.93 billion, covering expansions in advanced technologies and advanced packaging, fab construction, and research and development investments for 2027. In the market, TSM shares closed at $413.35 and CoreWeave shares at $60.77 on November 11, while the S&P 500, after its rise, remained 2.6% below its record set the previous month.