Key Notes
- CoreWeave’s third-quarter revenue rose 168% to $3.66 billion, with adjusted EBITDA of $2.26 billion and a 62% margin.
- Management raised its annual revenue outlook to $13-$13.3 billion and its capex floor to $37 billion, keeping the $39 billion ceiling.
- Net interest expense reached $846 million as the company posted a $709 million net loss and targeted $20-$21 billion in year-end annualized revenue.
CoreWeave (Nasdaq: CRWV) raised its 2026 revenue outlook after third-quarter sales surged to $3.66 billion, while lifting the minimum it expects to spend on infrastructure this year to $37 billion.
The AI cloud provider’s revenue rose 168% from a year earlier and about 42% from the second quarter, according to its November 10 results. Adjusted EBITDA reached $2.26 billion, giving the company a 62% margin, compared with $838 million and 61% a year earlier.
Today we announced our Q3 earnings:
🔹$3.7B revenue, up 168% YoY
🔹$379M adjusted operating income, well above guidance– CoreWeave (@CoreWeave) November 10, 2026
The figures show how quickly CoreWeave is turning new computing capacity into sales. Financing that expansion remains expensive: net interest expense reached $846 million in the quarter, and the company reported a $709 million net loss.
Revenue Outlook Rises as the Spending Floor Moves Up
CoreWeave now expects full-year revenue of $13 billion to $13.3 billion. It also raised its year-end annualized revenue run-rate target to $20 billion to $21 billion. That second measure takes the final month’s revenue and multiplies it by 12; it is an indication of the pace entering 2027, rather than revenue earned during 2026.
The capital-spending forecast is now $37 billion to $39 billion, compared with the previous $35 billion to $39 billion range stated in the release. The change raises the lower end by $2 billion while leaving the ceiling intact. Management said infrastructure should be deployed and delivered to customers sooner than planned.
At the midpoints, the spending plan is almost three times the annual revenue forecast. CoreWeave is purchasing capacity ahead of the sales it expects that equipment to generate, making the timing of customer payments and access to financing central to the buildout.
The company also raised its full-year adjusted operating income forecast to $1.275 billion to $1.375 billion, a 26% increase at the midpoint from its previous outlook.
Interest Costs Deepen the Net Loss
CoreWeave earned $207 million in operating income under US accounting rules, up from $52 million a year earlier. Adjusted operating income was $379 million, or 10% of revenue. Those figures sit well below adjusted EBITDA because depreciation and other expenses absorb much of the earnings generated by the computing fleet.
Interest then takes another substantial share. Net interest expense rose from $310 million a year earlier to $846 million, contributing to a net loss that widened from $110 million to $709 million. For the fourth quarter, the company expects interest expense of $1.05 billion to $1.15 billion.
The cash-flow statement shows the scale of the funding requirement. CoreWeave generated $1.98 billion in operating cash during the third quarter while spending $9.44 billion in cash on property and equipment, including capitalized internal-use software. Financing must bridge that gap as the company brings more infrastructure online.
That burden was at the center of October’s bond selloff, when higher borrowing yields accompanied a sharp decline in CRWV. Stronger sales help establish demand for CoreWeave’s capacity, but the interest bill shows why revenue growth alone does not resolve the financing question.
Customer Advances Help Fund the Buildout
Revenue backlog reached $132.5 billion at the end of September. The total covers committed customer contracts whose conversion into sales still depends on CoreWeave delivering the required services and capacity.
Active power exceeded 1.7 gigawatts after the company added more than 200 megawatts during the quarter. Contracted power surpassed 4.6 gigawatts, and management continues to expect more than 1.85 gigawatts of active power by year-end.
Chief Executive Michael Intrator said CoreWeave expects approximately $9 billion in customer prepayments and deposits over the next three months. Alongside operating cash flow and financing backed by customer contracts, those advances would help pay for equipment and facilities before all the associated revenue is recognized.
Goldman’s October upgrade rested partly on CoreWeave’s growth potential, even as the bank cut its price target. The new outlook puts a more immediate requirement in view: collecting those customer advances and delivering capacity quickly enough to support a $37 billion to $39 billion spending year.
