CoreWeave Revenue Hits $3.66 Billion in Q3 as Backlog Swells to $132.5 Billion

CoreWeave posted record third-quarter 2026 revenue of $3.66 billion, up 168% from $1.37 billion a year earlier, as demand for artificial intelligence computing infrastructure kept climbing.

Revenue grew by more than $1 billion sequentially. The company's revenue backlog reached approximately $132.5 billion at September 30. That figure includes remaining performance obligations and other contracted amounts expected to convert into future revenue.

What did profitability look like?

Adjusted EBITDA rose to $2.26 billion from $838 million a year earlier. The adjusted EBITDA margin hit 62%, compared with 61% in the prior-year quarter. CoreWeave says the gain shows operating leverage as it expands data center capacity and customer commitments.

The GAAP picture is darker. CoreWeave recorded a net loss of $709 million, or $1.27 per share, against a loss of $110 million, or $0.22 per share, a year earlier. The adjusted net loss was $529 million, compared with $41 million. The widening losses reflect interest, depreciation, stock compensation and other costs tied to building a large-scale AI infrastructure platform.

What did management say?

Michael Intrator, Co-Founder and Chief Executive Officer of CoreWeave, called the results a milestone:

"This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating income more than doubling as we continue to scale with discipline."

How strong is the balance sheet?

CoreWeave ended September with $4.12 billion in cash and cash equivalents. It also held current and noncurrent restricted cash totaling approximately $2.28 billion. The position funds a capital-intensive expansion plan that requires substantial spending on data centers, computing equipment and supporting infrastructure.

What guidance did CoreWeave raise?

The company lifted its full-year 2026 revenue guidance to a range of $13 billion to $13.3 billion. It now expects adjusted operating income between $1.28 billion and $1.38 billion — a 26% increase at the midpoint from its prior forecast.

CoreWeave also guided to 2026 capital expenditures of $37 billion to $39 billion. It raised its year-end annualized run-rate revenue guidance to between $20 billion and $21 billion.

What comes next?

The raised outlook and the $132.5 billion backlog give CoreWeave significant revenue visibility. Execution, however, still depends on financing, construction, equipment availability, customer demand and the timely activation of contracted capacity. A company spending up to $39 billion a year on capex while losing $709 million a quarter will need every one of those levers to hold.