CoreWeave posts 168% revenue jump, raises 2026 forecast amid surging AI compute demand
CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year over year, raised its 2026 revenue outlook to $13.0 billion to $13.3 billion, and reported massive capacity demand despite mounting debt and interest costs.
CoreWeave reported third-quarter revenue of $3.66 billion, a 168% increase year over year that beat consensus estimates, alongside an adjusted operating income of $379 million and a net loss of $709 million. The company raised its full-year 2026 revenue guidance to between $13.0 billion and $13.3 billion, up from a previous range of $12 billion to $13 billion, while forecasting annual capital expenditures of $37 billion to $39 billion.[1][5][12][13][15]
The artificial intelligence infrastructure provider revealed that it is largely sold out through 2027, with qualified demand running at 10 times available capacity through 2027 and demand for 2028 already exceeding offered supply. Total revenue backlog expanded to approximately $132.5 billion, up from $104 billion in June. Furthermore, pricing for previous-generation Nvidia Ampere and Hopper chips rose 30% to 50% quarter over quarter, surpassing their original contract rates as CoreWeave re-contracts hardware past depreciable lifespans.[3][7][9][11][14]
CoreWeave's rapid build-out continues to prompt scrutiny over financing. Quarterly net interest expense reached $846 million against $207 million in operating income, and free cash flow burn rose to approximately $7.5 billion. However, more than 75% of committed capital expenditures through 2027 are tied to investment-grade and enterprise customers, and the company expects $9 billion in customer prepayments and deposits over the coming three months. Management projected the business will reach positive adjusted net income in the first half of 2028.[1][2][8][10][16][17][18]
Key facts
- CoreWeave reported Q3 revenue of $3.66 billion, up 168% year over year, beating analyst estimates.
- CoreWeave raised its full-year 2026 revenue guidance to between $13.0 billion and $13.3 billion.
- Total revenue backlog rose to roughly $132.5 billion, up from $104 billion in June.
- Qualified compute demand is 10 times available capacity through 2027, and all capacity offered so far for 2028 has been sold.
- Rental pricing for older Nvidia Ampere and Hopper GPUs increased 30% to 50% quarter over quarter, exceeding original contract rates.
- Net interest expense reached $846 million in Q3, roughly four times operating income of $207 million.
- CoreWeave expects to turn adjusted net income positive in the first half of 2028 and for the full year 2028.
Sources · 9 sources
- CB
Coin Bureau@coinbureauPost on X ·
JUST IN: CoreWeave jumps over 6% after hours after reporting a smaller-than-expected $709 MILLION Q3 loss. Revenue rose 168% from a year ago to $3.66 BILLION, beating the $3.56 BILLION Wall Street expected. It also raised its 2026 revenue forecast to $13.0 BILLION to $13.3 BILLION. Meanwhile, its net interest bill hit $846 MILLION, about 4 times its $207 MILLION operating income.
Open source - WS
Wall St Engine@wallstenginePost on X ·
CoreWeave $CRWV says over 75% of its committed capex through 2027 is tied to investment-grade and enterprise customers About 25% is tied to AI labs and AI-native companies It has collected prepayments on 70% of its deals this year, with some customers funding up to 100% of the contract value upfront It is recontracting existing infrastructure at "meaningful premiums" to the original price Its weighted average cost of debt fell to 7.9% at the end of Q3, down 250 bps YoY
Open source - SB
Shay Boloor@StockSavvyShayPost on X ·
$CRWV says pricing for its older $NVDA Ampere and Hopper GPUs rose 30% to 50% last quarter and now exceeds their original contract rates with new deals extending beyond chips depreciable lives. That makes the ~300K GPUs coming off contract through 2028 particularly interesting as renewing them at today’s prices could generate ~$10B in ARR without any new GPU capex.
Open source - RÐ
RuntimeWire ðŸ�´â€�☠ï¸�@runtimewirePost on X ·
CoreWeave's AI boom is becoming a $37B-$39B capex bet. Its Q3 report shows revenue jumped more than $1B sequentially to $3.66B, while backlog reached $132.5B. $CRWV https://t.co/D8Ptg0xvJb Source: CoreWeave https://t.co/ZzqtAP04De
Open source - GU
GURGAVIN@gurgavinPost on X ·
COREWEAVE EARNINGS JUST CAME OUT *COREWEAVE 3Q REV. $3.66B, EST. $3.56B ( BEAT ✅ ) *COREWEAVE 3Q ADJ. EBITDA $2.26B, EST. $2.05B ( BEAT ✅ ) *COREWEAVE 3Q ADJ. OPER INCOME $379M, EST. $245.8M ( BEAT ✅ ) *COREWEAVE 3Q LOSS/SHR $1.27, EST. LOSS/SHR $1.46 ( BEAT ✅ ) $CRWV https://t.co/cHDrKZhJr4
Open source - CT
Coin TelegraphArticle ·
CoreWeave stock jumps 15% premarket after Q3 revenue beats estimates CoreWeave’s third-quarter revenue rose 168% to $3.66 billion, beating analyst estimates by 3.4%. Its revenue backlog reached $132.5 billion.
Open source - SE
Serenity@aleabitoredditPost on X ·
$CRWV ER and read through for $NBIS and other Neoclouds: “We have 10x as much qualified demand as available capacity”. - interest in 2028 capacity already amounts to several times what CoreWeave has available - CoreWeave raised prices by 25% in July, +10% later in Q3, and more to come in Q4 - Ampere and Hopper rental pricing rose 30–50% quarter over quarter (older GPUs) - better financing conditions (higher prepayments, lower interest 7–7.5% for new loans) - positive adjusted net income in the first half of 2028. So we’re seeing higher pricing esp. for older GPUs…better financing mechanics, and extreme demand imbalance where you have 10x demand > supply. Same issues are there for this company in specific with interest rates, but I’d argue other Neoclouds are in a better spot. But it’s wild to witness AI infrastructure names crash while demand keeps growing
Open source - CN
CNBC@CNBCPost on X ·
CoreWeave earnings put debt-fueled AI build-out under scrutiny https://t.co/l6ZrTX7rQT
Open source - WS
Wall St Engine@wallstenginePost on X ·
CoreWeave $CRWV says pricing for its older Nvidia Ampere and Hopper GPUs rose 30% to 50% QoQ in Q3, above their original contract prices More than 130,000 GPUs come off contract in 2027 and about 170,000 in 2028 Renewing them at current prices would add nearly $10B of annualized revenue with no new capex It is signing multi-year deals that run past the GPUs' depreciable lives
Open source - SB
Shay Boloor@StockSavvyShayPost on X ·
$CRWV expects ~$9B in customer prepayments and deposits over the next three months with some customers now funding up to 100% of their contract value upfront. And while the market worries about how neoclouds will finance their buildouts the customers buying compute are increasingly the ones paying for it.
Open source - TE
Techmeme@TechmemePost on X ·
CoreWeave reports Q3 revenue up 168% YoY to $3.66B, vs. $3.55B est., a net loss of $709M, and a $132.5B revenue backlog, up from $104B as of June (@jordannovet / CNBC) (Visit Techmeme dot com for the link and full context!)
Open source - SB
Shay Boloor@StockSavvyShayPost on X ·
$CRWV CRUSHED THEIR Q3 EARNINGS • Revenue: $3.66B vs. Est. $3.54B • EPS: ($1.24) vs. Est. ($1.55) • Adj. Operating Income: $379M vs. Est. $246M • Total Contracted Power: ~3.7 GW • Active Power: ~1.7 GW (doubled since start of year) • Backlog: $133B (+30% sequential growth) FY26 Guidance • Revenue: $13.2B vs. Est. $12.5B • CapEx $38B vs. Est. $36B • Exit ARR: $21B
Open source - WS
Wall St Engine@wallstenginePost on X ·
COREWEAVE $CRWV Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $3.66B (Est. $3.55B) 🟢; +168% YoY 🔹 Adj. Operating Income: $379M (Est. $234M) 🟢 🔹 Adj. EBITDA: $2.26B (Est. $2.04B) 🟢; +169% YoY 🔹 Adj. Net Loss: -$529M (Est. -$677M) 🟢 🔹 GAAP EPS: -$1.27 Raises FY26 Guide: 🔹 Revenue: $13.0B-$13.3B 🔹 Adj. Operating Income: $1.3B-$1.4B 🔹 CapEx: $37B-$39B; from $35B-$39B 🔹 Active Power: >1.85 GW 🔹 Run-Rate Revenue: $20B-$21B Other Q3 Metrics: 🔹 Revenue Backlog: ~$132.5B 🔹 Active Power: >1.7 GW; +200 MW added 🔹 Contracted Power: >4.6 GW; +900 MW added 🔹 International Power: >1.3 GW Announcements: 🔹 CoreWeave Forge: AI development environment launched 🔹 Vera Rubin NVL72: 4.8x greater token throughput 🔹 Convertible Notes: ~$4.2B raised 🔹 DDTL 5.5 Facility: $2.6B closed Comments: 🔸 “This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan.” 🔸 “approximately $9 billion in customer prepayments and deposits expected in the next three months alone.”
Open source - WS
Wall St Engine@wallstenginePost on X ·
CoreWeave $CRWV says it's "largely sold out through 2027," and all 2028 capacity offered so far has also been sold. Qualified demand is 10x available capacity through 2027, while 2028 demand is already several times supply. It sees no material risk to its 2027 deliveries. https://t.co/nTBkQEKrWW
Open source - WS
Wall St Engine@wallstenginePost on X ·
COREWEAVE $CRWV RAISES FY REV. TO $13.0B - $13.3B, SAW $12B TO $13B
Open source - WS
Wall St Engine@wallstenginePost on X ·
CoreWeave $CRWV spent nearly $4 on capex for every $1 of Q3 revenue. It says it's deploying customer infrastructure ahead of schedule. Debt and lease obligations topped $50B in June; its 2030 bonds yield 15.2% Q3 interest expense was $846M, over 4x its $207M operating income. https://t.co/t5HvzCbRSt
Open source - WS
Wall St Engine@wallstenginePost on X ·
COREWEAVE $CRWV BURNED ABOUT $7.5B OF FREE CASH FLOW IN Q3, UP FROM $1.6B A YEAR AGO
Open source - WS
Wall St Engine@wallstenginePost on X ·
CoreWeave $CRWV expects to turn adjusted net income positive in the first half of 2028, and for the full year 2028 It expects its adjusted net loss to "reduce meaningfully" in 2027, and EBITDA minus interest to more than double "Adjusted operating income at $379 million nearly tripled from the second quarter, while interest expense rose about a third. That is the path to earnings," the CFO said
Open source