CoreWeave Revenue Jumps 168% to $3.661 Billion, Backlog Hits $132.5 Billion

CoreWeave reported third-quarter 2026 revenue of $3.661 billion on November 10, 2026, a 168% increase year over year, while its revenue backlog reached approximately $132.5 billion, up 138% from $55.6 billion a year earlier. The AI cloud provider raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion, up from the $12.4 billion to $13.2 billion range it issued in August, even as its net loss widened to $709 million on rising interest and depreciation costs.

The results land at a moment when investors are scrutinizing whether hyperscale AI infrastructure builders can convert contracted demand into profitable operations. CoreWeave's numbers show both sides of that equation at work: explosive top-line growth and a financing structure in which quarterly interest expense now exceeds operating income.

What drove the 168% revenue increase?

The earnings presentation attributes the revenue growth to strong execution, favorable pricing, and customer demand for CoreWeave's AI cloud platform. The company did not break out growth by customer segment, but it identified a broad base of contributors to backlog expansion:

• New and existing AI labs
• Hyperscaler cloud customers
• Enterprises
• AI-native customers

Backlog, which consists of remaining performance obligations (contracted revenue not yet earned) and other estimated future revenue under committed customer contracts, more than doubled from $55.6 billion a year earlier. Recognition of that revenue depends on delivery and service availability, and CoreWeave cautioned that the balance can fluctuate because of the nature and size of its committed contracts.

The company provided a timeline for how it expects to convert that pipeline. CoreWeave expects 36% of backlog to be recognized within 24 months, 38% in months 25 through 48, and 26% after 48 months. That schedule means roughly a quarter of the $132.5 billion total sits beyond a four-year horizon, a structural feature of the long-duration contracts that now anchor its business.

How fast is the physical footprint expanding?

Active power, the electricity capacity actually deployed and running, exceeded 1.7 gigawatts after CoreWeave added more than 200 megawatts during the quarter. That figure doubles the company's active footprint since the start of 2026. Total contracted power, the broader measure covering capacity secured under agreement, rose by more than 900 megawatts to over 4.6 gigawatts.

The gap between 1.7 gigawatts active and 4.6 gigawatts contracted frames the capital challenge ahead: nearly three gigawatts of capacity remains to be built, financed, and delivered.

Why did the net loss widen to $709 million?

Operating income improved to $207 million from $52 million a year earlier, lifting operating margin to 6% from 4%. That progress did not carry through to the bottom line.

• Net interest expense rose to $846 million from $310 million.
• Depreciation and amortization increased to $1.889 billion from $630 million.

Those two cost lines explain why net loss widened from $110 million a year earlier despite the stronger operating result. The company's debt-financed buildout means the gap between operating profitability and net profitability is widening rather than narrowing, a dynamic that will shape how markets value the business as it scales.

How much is CoreWeave spending?

CoreWeave's company-defined capital expenditures reached $14.5 billion for the quarter, compared with $1.85 billion a year earlier. The measure covers additions to property and equipment, including assets acquired under finance leases, less changes in construction in progress.

On a cash-flow basis, purchases of property and equipment, including capitalized internal-use software, totaled $9.441 billion. Operating activities generated $1.975 billion over the same period.

The November outlook presentation raised full-year capital expenditure guidance to $37 billion to $39 billion. CoreWeave lifted the previous $35 billion low end because it expects to deploy infrastructure and deliver it to customers sooner than planned, an acceleration signal embedded in the spending forecast.

What did the raised guidance change?

The November outlook made three upward revisions to full-year 2026 targets:

• Revenue guidance increased to $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion in the August forecast.
• Adjusted operating income guidance, which excludes stock-based compensation, acquisition-related costs, and amortization of acquired intangibles, rose to $1.275 billion to $1.375 billion, a 26% increase at the midpoint.
• Expected annualized run-rate revenue at the end of 2026, calculated by multiplying revenue from the last month of the quarter by 12, moved to $20 billion to $21 billion, from $18.5 billion to $19.5 billion.

The run-rate figure is the most aggressive of the three. It implies CoreWeave expects monthly revenue in December 2026 to run at roughly $1.7 billion, meaningfully above the quarterly average implied by the full-year guidance range.

The company also forecast fourth-quarter interest expense of $1.05 billion to $1.15 billion, a figure that exceeds the quarter's $207 million of operating income by more than five times.

How is the buildout financed?

During the quarter, CoreWeave assembled multiple funding channels. It raised approximately $4.2 billion through an upsized offering of convertible senior notes, established an at-the-market program for up to 35 million Class A shares, and closed a $2.6 billion delayed-draw term-loan facility designed for shorter-duration customer contracts.

CEO Michael Intrator said funding sources also include financing backed by customer contracts and operating cash flow, with approximately $9 billion of customer prepayments and deposits expected in the next three months.

That $9 billion near-term inflow matters. It converts part of the backlog into cash before the corresponding infrastructure is delivered, easing the pressure created by $37 billion to $39 billion of planned annual capital expenditure against $1.975 billion of quarterly operating cash generation.

What is the open question?

The results frame the next stage of CoreWeave's expansion: converting contracted demand into delivered AI capacity requires substantial upfront spending and continued funding, while quarterly interest expense already exceeds operating income. The financial question the company has not yet answered is whether operating cash generation and customer-backed financing can support that buildout without net losses continuing to grow alongside revenue.