CoreWeave Posts $3.66bn Q3 Revenue and Raises 2026 Outlook

CoreWeave reported third-quarter 2026 revenue of $3,661 million, compared with $1,365 million a year earlier, and a net loss of $709 million, compared with $110 million. The figures are in the company’s 10 November release and in an 8-K dated the same day, filed after the US close, with the press release attached as Exhibit 99.1.

Interest expense, net, was $846 million in the quarter. Adjusted EBITDA, a non-GAAP measure CoreWeave uses alongside its GAAP results, was $2,256 million, or 62% of revenue. Revenue backlog was approximately $132.5 billion as of 30 September 2026. The company raised its full-year 2026 revenue guidance to a range of $13.0 billion to $13.3 billion and said it still expects more than 1.85 gigawatts of active power at year-end, with capital expenditure now put at $37 billion to $39 billion.

Revenue rose; the net loss widened with interest costs

On a GAAP basis, CoreWeave made an operating income of $207 million in the third quarter, up from $52 million a year earlier, after operating expenses of $3,454 million. The net loss still widened, and diluted loss per share was $1.27, compared with $0.22. Net interest expense of $846 million, against $310 million in the same quarter of 2025, is the line that sits between those two results.

The company’s own adjusted figures, which it presents as a supplement and which should not be read as a substitute for the GAAP loss, were stronger on the operating line and still negative at the bottom. Adjusted operating income was $379 million, or 10% of revenue. Adjusted net loss was $529 million. A year earlier, adjusted EBITDA was $838 million, or 61% of revenue.

CoreWeave defines revenue backlog as remaining performance obligations plus other amounts it estimates will be recognised as revenue in future periods under committed customer contracts, in each case subject to delivery and the availability of service. That $132.5 billion figure is therefore a contracted and estimated book, not cash already earned. In the same release it said it had “added more than 200 MWs of active power to reach over 1.7 GW, doubling our active footprint since the start of the year,” and that total contracted power had grown “more than 900 MW to over 4.6 GW.” International contracted power was “more than 1.3 GW,” including India, Indonesia and Spain, a geographic spread that follows earlier steps such as CoreWeave’s Copenhagen site and its network extension into Asia and the India entry noted in TSN’s earlier infrastructure check.

Michael Intrator, co-founder, chairman and chief executive, called it “a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan.” He also pointed to “approximately $9 billion in customer prepayments and deposits expected in the next three months alone.”

CoreWeave raised its 2026 revenue and capex outlook

The guidance changes sit in the same 10 November release. Full-year 2026 revenue is now $13.0 billion to $13.3 billion, which the company describes as a raise. Adjusted operating income guidance was also raised, to $1.275 billion to $1.375 billion, which it said was a 26% increase at the midpoint against its prior range. Capital expenditure is now $37 billion to $39 billion; the company said it had raised the low end of a previous $35 billion to $39 billion range because it expects to deploy infrastructure and deliver it to customers sooner than planned.

Two other forward figures sit beside that capex bill. CoreWeave expects interest expense in the fourth quarter of $1.05 billion to $1.15 billion, and it raised its annualised run-rate revenue guidance to $20 billion to $21 billion on the way out of 2026. That run-rate, the release says, is calculated by taking revenue from the last month of the quarter and multiplying it by 12.

The unsecured-debt remark that has circulated since the call is not in the release or the 8-K. It comes from DCD’s report of the earnings call, published on 12 November 2026. According to that account, Intrator said the average cost of debt across the business is 7.9%, and that, “looking ahead, we will not use the unsecured debt market to fund our business at current yields, nor do we need to.” DatacenterDynamics also attributed to him a plan to finance remaining capital expenditure mostly through delayed-draw term loans matched to customer contracts. Those comments should be read as call remarks relayed by DCD, not as text from the filed release.

Other operators in the same reporting season have been setting out their own data-centre earnings, including Galaxy’s third-quarter results. CoreWeave’s filing is a separate company account, and the comparison is one of timing rather than of a shared set of figures.

Growth, interest costs and a booked backlog are different facts

The quarter is easier to misread if the revenue line, the GAAP loss and the backlog are collapsed into a single verdict. They are three different facts from the same filing. Revenue of $3,661 million, more than double the year-earlier figure, and a backlog of about $132.5 billion show the scale of contracted demand CoreWeave is reporting. The net loss of $709 million, against $110 million a year earlier, shows that this scale is arriving with a much larger interest bill: $846 million in the quarter, with $1.05 billion to $1.15 billion already guided for the fourth. Adjusted EBITDA of $2,256 million, at a 62% margin, sits in between as the company’s preferred operating measure, and it is still a non-GAAP figure.

The raised 2026 revenue range of $13.0 billion to $13.3 billion, the year-end power target of more than 1.85 gigawatts, and capex of $37 billion to $39 billion are guidance, not results. They depend on the same delivery conditions the company already attaches to its backlog definition. The $9 billion of prepayments and deposits Intrator said he expects in the next three months is also a company expectation, set out in the release, not cash already on the books.

DCD’s account of the call adds a financing colour that the 8-K itself leaves out: an average cost of debt of 7.9%, and a statement that the unsecured market is not, at current yields, how the company plans to fund the business. That is useful context for the interest line, and it remains second-hand from the call. None of these figures is a recommendation about the shares. The next official checks are the ones the company has already put in writing: fourth-quarter interest expense, and whether active power is above 1.85 gigawatts at the year-end.

Sources

1. CoreWeave, “CoreWeave Reports Strong Third Quarter 2026 Results,” 10 November 2026. https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Third-Quarter-2026-Results/default.aspx
2. CoreWeave, Current Report on Form 8-K, Items 2.02 and 9.01, dated 10 November 2026, accession 0001769628-26-000461, with Exhibit 99.1. https://www.sec.gov/Archives/edgar/data/1769628/000176962826000461/crwv-20261110.htm
3. DCD (DatacenterDynamics), “CoreWeave CEO addresses ‘volatility in the capital markets’ as company posts $3.66bn in revenue,” 12 November 2026. https://www.datacenterdynamics.com/en/news/coreweave-ceo-addresses-volatility-in-the-capital-markets-as-company-posts-366bn-in-revenue/

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