CoreWeave raised its full-year 2026 outlook after reporting third-quarter revenue of $3.66 billion, up 168% from $1.37 billion a year earlier. The AI cloud provider now expects 2026 revenue of $13.0 billion to $13.3 billion.
“This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially”— Michael Intrator, Co-founder, chairman and CEO of CoreWeave
Revenue backlog reached about $132.5 billion as of September 30. Adjusted EBITDA rose to $2.26 billion, a 62% margin, from $838 million a year earlier, and operating income came in at $207 million, up from $52 million.
The bottom line still reflects the cost of building at this pace. Net interest expense rose to $846 million from $310 million, and CoreWeave posted a net loss of $709 million, or $1.27 a share, compared with a loss of $110 million a year earlier.
Key facts
- 01CoreWeave Q3 2026 revenue rose 168% year over year to $3.66 billion.
- 02Revenue backlog stood at about $132.5 billion as of September 30, 2026.
- 03Full-year 2026 revenue guidance is now $13.0 billion to $13.3 billion, with capex of $37 billion to $39 billion.
- 04Net loss widened to $709 million as net interest expense climbed to $846 million.
- 05Active power passed 1.7 GW and total contracted power topped 4.6 GW.
Guidance moved up across the board. CoreWeave raised its full-year adjusted operating income forecast to $1.275 billion to $1.375 billion, which it said is a 26% increase at the midpoint over prior guidance, and lifted its target for annualized run-rate revenue exiting 2026 to $20 billion to $21 billion. Full-year capital expenditures are now expected at $37 billion to $39 billion, raising the low end of the prior $35 billion to $39 billion range, and fourth-quarter interest expense is guided at $1.05 billion to $1.15 billion.
Physical capacity is growing alongside the financials. CoreWeave added more than 200 megawatts of active power in the quarter to reach over 1.7 gigawatts, doubling its active footprint since the start of the year, and expects more than 1.85 gigawatts of active power at year-end. Total contracted power grew by more than 900 megawatts to over 4.6 gigawatts, including more than 1.3 gigawatts internationally across markets including India, Indonesia and Spain.
New customers in the quarter included Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack and Wayve. CoreWeave also expanded relationships with OpenAI, Perplexity, Cohere, Jane Street, Hippocratic AI and the Chan Zuckerberg Initiative.
The company also highlighted a collaboration with Leidos on AI cloud for defense and intelligence work, a multi-year agreement with Solidigm for priority enterprise SSD capacity, the launch of CoreWeave Forge, and Nvidia Vera Rubin NVL72 deployments coming online.
On financing, CoreWeave cited about $4.2 billion in convertible senior notes, an inaugural at-the-market program for up to 35 million Class A shares, and a closed $2.6 billion DDTL 5.5 facility. It also pointed to approximately $9 billion in customer prepayments and deposits expected in the next three months.
CoreWeave shares were up about 10% in Wednesday premarket trading after the report, lifting other AI infrastructure names, with IREN up 6%, Galaxy Digital up 5% and Cipher Digital up 7%.
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