CoreWeave Third-Quarter Revenue Rises 168% to $3.66 Billion: Backlog Reaches $132.5 Billion, Full-Year Guidance Raised to $13.0-13.3 Billion
CoreWeave, Inc. (Nasdaq: CRWV), a cloud provider built for super intelligence (SI) workloads, on November 10 reported results for the third quarter ended September 30, 2026: revenue of $3.661 billion, up 168% from $1.365 billion a year earlier and up more than $1 billion sequentially. Co-founder, chairman and chief executive Michael Intrator called it a breakout quarter for the company. Shares rose about 15% in early trading on November 11 after the report.
Operating income was $207 million, compared with $52 million a year earlier. Net interest expense rose to $846 million from $310 million a year earlier, and the net loss widened to $709 million, compared with a net loss of $110 million a year earlier, or $1.27 per share. On a non-GAAP basis, adjusted EBITDA was $2.256 billion and adjusted operating income was $379 million, a 10% adjusted operating margin reached a quarter ahead of plan.
Revenue backlog was approximately $132.5 billion as of September 30. The company added more than 200 megawatts of active power in the quarter to reach over 1.7 gigawatts, more than double its active footprint since the start of the year, and grew total contracted power by more than 900 megawatts to over 4.6 gigawatts. Intrator said growth is supported by multiple funding sources, including about $9 billion in customer prepayments and deposits expected in the next three months alone.
CoreWeave raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion and its adjusted operating income guidance to $1.275 billion to $1.375 billion. It now expects full-year capital expenditures of $37 billion to $39 billion, fourth-quarter interest expense of $1.05 billion to $1.15 billion, and annualized run-rate revenue of $20 billion to $21 billion exiting 2026. Founded in 2017 and headquartered in Livingston, New Jersey, CoreWeave listed on Nasdaq in March 2025 and provides computing infrastructure and software to leading foundation-model developers and enterprise customers.
Source: CoreWeave
Published by GSM · USA (original Chinese edition)
Photo: 图：数据中心机房内的服务器机柜（资料图，非 CoreWeave 设施）。图片来源：Gideonwills44，Wikimedia Commons，CC BY-SA 4.0。Photo: Server racks inside a data center (file photo, not a CoreWeave facility). Image: Gideonwills44, via Wikimedia Commons, CC BY-SA 4.0.
