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CoreWeave's Revenue Jumps 168% to $3.66 Billion and Its Backlog Hits $132.5 Billion, but the Net Loss Widened to $709 Million

Business · By: AIReport Admin · 3 days ago · 👁 60
CoreWeave's Revenue Jumps 168% to $3.66 Billion and Its Backlog Hits $132.5 Billion, but the Net Loss Widened to $709 Million

CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year over year and above the roughly $3.55 billion consensus, and raised its full-year 2026 revenue guidance to $13.0-$13.3 billion. Its revenue backlog reached $132.5 billion. The net loss still widened to $709 million as net interest expense nearly tripled to $846 million.

CoreWeave, the AI-focused cloud provider, reported third-quarter revenue of $3.66 billion on Tuesday, a 168% increase year over year that beat the roughly $3.55 billion analysts expected. The stock rose more than 5% in after-hours trading on the print, and the company raised its full-year 2026 revenue guidance to between $13.0 billion and $13.3 billion.

Profitability metrics moved in the right direction on an adjusted basis. Adjusted EBITDA came in at $2.26 billion, and adjusted operating income reached $379 million, up 75% year over year. Management also said it expects to exit the year at an annualized revenue run rate of $20 billion to $21 billion, and that roughly $9 billion in customer prepayments and deposits should arrive over the next three months.

The unadjusted picture is far messier. The net loss widened to $709 million from $110 million a year earlier, producing a loss per share of $1.27 that was nonetheless better than the expected $1.46. The main culprit is the cost of the debt that funds CoreWeave's buildout: net interest expense nearly tripled to $846 million, more than double the adjusted operating income the company generated in the quarter.

The order book remains the core of the bull case. Revenue backlog stood at $132.5 billion at the end of September, a sum that dwarfs the company's current revenue base and reflects long-dated commitments from AI labs and enterprises racing to secure GPU capacity. Capital expenditure is the flip side of that demand: CoreWeave spent $14.5 billion in the quarter alone and guided to $37 billion to $39 billion for the full year.

The quarter is the latest evidence that the AI infrastructure buildout is still outrunning supply, but it also highlights how capital-intensive the business remains. The company has financed data centers and GPU fleets with successive rounds of debt, and interest costs will stay a heavy line item as long as rates do. The widened net loss despite record revenue shows the gap between adjusted profitability metrics and the fully loaded economics of GPU-backed lending.

Investors appeared to focus on the backlog and the raised guidance rather than the loss. The company enters 2027 with a committed revenue base measured in the hundreds of billions, an expanding fleet, and a bill for all of it that is growing just as fast.

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