Earnings
CoreWeave Lifts 2026 Revenue Outlook to $13.0-13.3 Billion as Backlog Reaches $132.5 Billion
The AI cloud provider reported third-quarter revenue of $3.66 billion, but a $709 million net loss and $846 million of net interest expense show the cost of its build-out.
HedgeWeekly News Desk ·
CoreWeave reported third-quarter revenue of $3.66 billion, up from $1.37 billion a year earlier and above its own forecast of $3.45 billion to $3.60 billion. The company posted a net loss of $709 million, against $110 million a year ago, and adjusted operating income of $379 million, a 10% margin.
It raised its 2026 revenue guidance to $13.0 billion to $13.3 billion. Adjusted operating income guidance rose to $1.275 billion to $1.375 billion, and planned capital expenditure is $37 billion to $39 billion as the company aims to deliver capacity to customers sooner than planned. Revenue backlog stood at about $132.5 billion on 30 September.
The cost of funding the build-out stood out. Net interest expense was $846 million for the quarter, and CoreWeave guided to $1.05 billion to $1.15 billion in the fourth quarter. Chief executive Michael Intrator said customer prepayments and deposits of about $9 billion are expected over the next three months. The shares were up more than 13% in premarket trading on Wednesday, according to Kitco.
For funds and allocators, the print tests whether contracted demand can outrun financing costs. Backlog is a commitment, not revenue or cash, and net interest expense of $846 million is up from $310 million a year ago, roughly in step with the rise in revenue. Investors will watch whether prepayments arrive as guided and how the company funds a capex plan of this size.