CoreWeave raises 2026 revenue outlook to $13.0 billion to $13.3 billion
Investing.com's coverage of the November 10 results puts third-quarter revenue at $3.66 billion, up 168% from $1.365 billion a year earlier. That beat the $3.55 billion analyst average compiled by LSEG, according to Reuters as relayed by Quartz. Revenue rose by more than $1 billion from the prior quarter, and adjusted operating income reached $379 million, a 10% margin. The GAAP net loss was $709 million, or $1.27 per share, compared with $110 million a year earlier.
Management raised its full-year 2026 revenue forecast to $13.0 billion to $13.3 billion, up from $12.4 billion to $13.2 billion set in August. The adjusted operating income range moved to $1.275 billion to $1.375 billion. Capital expenditure is now projected at $37 billion to $39 billion, with the low end lifted from $35 billion. The company expects more than 1.85 gigawatts of active power by year-end and an exit-2026 annualized run-rate revenue of $20 billion to $21 billion.
Revenue backlog reached $132.5 billion as of September 30, up 138% from $55.6 billion a year earlier and about $104 billion at the end of June. CEO Michael Intrator said roughly $9 billion in customer prepayments and deposits should arrive over the next three months. The company says it is funding the buildout with those prepayments, operating cash flow and financing backed by customer contracts. Fourth-quarter interest expense is guided to $1.05 billion to $1.15 billion.
Why it matters
For companies renting compute, the report points to tight capacity. Management says customer demand outstrips the capacity it can deliver, and the $132.5 billion backlog is more than ten times the 2026 revenue guidance on simple division. Customers that prepay or sign multi-year commitments may win better rates, but they take on more exposure if the provider's financing slows. Before committing to a long block, compare reserved and on-demand prices across providers and check delivery dates tied to power and data center readiness.
For investors and vendors, the funding model matters as much as growth. CoreWeave carried about $35.1 billion of debt at June 30 against $5.5 billion of cash, and some of its bonds have traded at yields above 16%. Vendors selling into neoclouds should watch payment timing and credit terms. Founders building on these platforms should ask how their provider plans to finance capacity through 2027, not just what it charges today.
Key points
- 1Third-quarter revenue reached $3.66 billion, up 168% year over year and above the $3.55 billion analyst consensus.
- 2Revenue backlog stood at $132.5 billion on September 30, up 138% from a year earlier.
- 3Full-year 2026 revenue guidance rose to $13.0 billion to $13.3 billion, up from $12.4 billion to $13.2 billion.
- 4Capital expenditure guidance is $37 billion to $39 billion, with the low end raised from $35 billion.
- 5
