CoreWeave reported quarterly revenue of $3.66 billion, surpassing the $3.55 billion expected by LSEG consensus. The company's revenue grew 168% from approximately $1.36 billion a year earlier. During the period, CoreWeave recorded a net loss of $709 million, or $1.27 per share, compared to a net loss of $110 million in the previous year.
Executives raised the company's 2026 financial outlook, now forecasting adjusted operating income between $1.275 billion and $1.375 billion on revenue ranging from $13 billion to $13.3 billion. This guidance exceeds previous projections from August, which estimated $960 million to $1.15 billion in adjusted operating income and $12.4 billion to $13.2 billion in revenue. The updated figures also sit above analyst expectations polled by Visible Alpha and LSEG.
Demand for artificial intelligence infrastructure appears to remain robust, as the company reported a revenue backlog of $132.5 billion, up from $104 billion in June. To support this growth, CoreWeave is targeting $37 billion to $39 billion in full-year capital expenditures, representing 155% growth at the midpoint of that range. The company also announced plans to establish its first data centers in Asia and launched the Forge service for running and evaluating AI models.
CoreWeave reported nearly $47 billion in debt at the end of the third quarter. The company's performance comes as investors have recently rotated out of AI infrastructure companies, contributing to a 40% loss in CoreWeave's value over the past month. Some of the company's bond yields recently exceeded 16% as rising interest rates have impacted market access to capital.
Management maintains a target of 1.85 gigawatts in active power by the end of 2026. The company's results arrived as the broader sector faces volatility, including a recent 10% drop in Nvidia shares following news that the company's board hired Wachtell, Lipton, Rosen & Katz to investigate CEO Jensen Huang regarding potential compromises to national security or company secrets.
