CoreWeave Grew Revenue 168% to $3.66 Billion and Raised Its Forecast, but Still Lost $709 Million

CoreWeave needed a good quarter, and it got one on the top line. The AI cloud company reported third quarter revenue of $3.66 billion on Tuesday, up 168% from $1.37 billion a year earlier and above the $3.55 billion analysts expected.

It also raised its 2026 revenue forecast to $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion before. The shares had lost more than 40% over the past month on fears about the debt behind the AI buildout. They rose more than 7% in extended trading.

The loss grew faster than the sales

Revenue rose by more than $1 billion from the previous quarter, and operating income came in at $207 million. Then the interest bill arrived. Net interest expense was $846 million, up from $310 million a year earlier, and the net loss widened to $709 million, or $1.27 a share, from $110 million.

On its own adjusted measures the picture looks very different. Adjusted EBITDA was $2.26 billion, a 62% margin, and adjusted operating income reached $379 million. CoreWeave raised its full year adjusted operating income outlook to $1.275 billion to $1.375 billion, 26% higher at the midpoint than before.

Contracts first, then the money

The bull case rests on the backlog. CoreWeave says it has about $132.5 billion of revenue under committed customer contracts, up from $104 billion in June, with OpenAI, Jane Street, Perplexity and Cohere among the customers that expanded. It expects about $9 billion in customer prepayments and deposits over the next three months alone.

That money has a lot to fund. CoreWeave now plans $37 billion to $39 billion of capital spending this year and still expects more than 1.85 gigawatts of active power by year end, up from over 1.7 gigawatts at the end of September.

The results landed on a day of good news for the AI trade. OpenAI's quarterly revenue topped $10 billion for the first time, people familiar with the matter told Bloomberg, and Nasdaq 100 futures climbed 1.7% on Wednesday as investors returned a week before Anthropic is expected to price its IPO of up to $1.4 trillion.

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