CoreWeave Revenue Climbs 168% to $3.66 Billion, Raises 2026 Guidance

AI cloud provider CoreWeave (NASDAQ: $CRWV) reported third-quarter revenue of $3.66 billion on Tuesday, up 168% from a year earlier, as the company raised its full-year guidance.

The results offer a gauge of demand for AI infrastructure, a market increasingly attracting Bitcoin (CRYPTO: $BTC) miners such as MARA Holdings (NASDAQ: $MARA) and HIVE Digital Technologies (NASDAQ: $HIVE) as they diversify into high-performance computing. Despite the strong revenue growth, CoreWeave's net loss widened.

Revenue rose from $1.37 billion a year earlier and exceeded analysts' expectations of $3.54 billion. Operating income increased to $207 million from $52 million, while adjusted operating income climbed to $379 million. However, the adjusted operating margin narrowed to 10% from 16%.

Net interest expense surged to $846 million from $310 million, while the company reported a net loss of $1.27 per share, compared with a loss of $0.22 per share a year earlier. Capital expenditures remained substantial, with CoreWeave spending $9.4 billion on property and equipment during the quarter.

The company's revenue backlog reached approximately $132.5 billion as of Sept. 30. Active power capacity increased by more than 200 megawatts to over 1.7 gigawatts, while contracted power capacity expanded by more than 900 megawatts to over 4.6 gigawatts.

CoreWeave said it expanded existing relationships with customers including OpenAI, Jane Street, Perplexity and Cohere, while adding new customers such as Canva, Substack and Wayve. The company also raised approximately $4.2 billion through convertible senior notes and closed a $2.6 billion financing facility.

For 2026, CoreWeave now expects revenue of $13.0 billion to $13.3 billion and an annualized revenue run rate of $20 billion to $21 billion exiting the year. It raised its adjusted operating income forecast to $1.275 billion to $1.375 billion, an increase of 26% at the midpoint.

The company also raised the lower end of its capital expenditure forecast, now projecting spending of $37 billion to $39 billion, compared with its previous range of $35 billion to $39 billion. CoreWeave said the higher spending reflects expectations that it will deliver infrastructure to customers sooner than previously anticipated.

Chief Executive Michael Intrator described the quarter as a "breakout quarter" and said the company expects to receive approximately $9 billion in customer prepayments and deposits over the next three months.

The stock was last trading at $58.30.