CoreWeave revenue rises 168% as backlog reaches $132.5 billion

By Nathan Brooks

CoreWeave reported $3.661 billion in third-quarter 2026 revenue on November 10, 2026, up 168% year over year, with a revenue backlog of approximately $132.5 billion. CoreWeave also raised its full-year outlook, but reported a net loss of $709 million as interest and depreciation costs increased.

Growth drivers

CoreWeave's third-quarter earnings presentation attributed revenue growth to strong execution, favorable pricing and demand for its AI cloud platform. Backlog increased 138% from $55.6 billion a year earlier, with new and existing AI labs, hyperscaler cloud customers, enterprises and AI-native customers contributing to the expansion.

Backlog conversion schedule

CoreWeave defines backlog as remaining performance obligations and other estimated future revenue under committed customer contracts. The measure is not revenue already earned.

Recognition depends on delivery and service availability, and CoreWeave expects 36% within 24 months, 38% in months 25 through 48 and 26% after 48 months. The company cautions that the balance can fluctuate because of the nature and size of committed contracts.

Capacity commitments

CoreWeave reported that active power exceeded 1.7 gigawatts after the company added more than 200 megawatts during the quarter, doubling its active footprint since the start of 2026. Total contracted power rose by more than 900 megawatts to over 4.6 gigawatts.

Profit and financing costs

CoreWeave reported operating income of $207 million, up from $52 million a year earlier, lifting operating margin to 6% from 4%. It also reported net interest expense of $846 million, up from $310 million, and depreciation and amortization of $1.889 billion, up from $630 million.

The company said those increases helped explain why net loss widened from $110 million to $709 million. The result left quarterly interest expense far larger than operating income.

Capital spending and cash flow

CoreWeave's company-defined capital expenditures reached $14.5 billion, 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, while operating activities generated $1.975 billion.

The revised 2026 outlook

CoreWeave's November outlook presentation raised full-year revenue guidance to $13.0 billion to $13.3 billion from $12.4 billion to $13.2 billion in the August forecast. Adjusted operating income guidance increased to $1.275 billion to $1.375 billion, a 26% rise at the midpoint.

That adjusted measure excludes stock-based compensation, acquisition-related costs and amortization of acquired intangibles. Expected annualized run-rate revenue at the end of 2026 increased to $20 billion to $21 billion from $18.5 billion to $19.5 billion, based on multiplying revenue from the quarter's final month by 12.

CoreWeave now expects full-year capital expenditures of $37 billion to $39 billion, up from a previous low end of $35 billion. The company raised that low end because it expects to deploy infrastructure and deliver it to customers sooner than planned, and forecast fourth-quarter interest expense of $1.05 billion to $1.15 billion.

Financing the buildout

During the quarter, CoreWeave raised approximately $4.2 billion through an upsized offering of convertible senior notes. It 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.” CoreWeave expects approximately $9 billion of customer prepayments and deposits in the next three months.

What does this change for CoreWeave's customers and investors?

For CoreWeave customers, the backlog and more than 4.6 gigawatts of contracted power point to a larger delivery pipeline. The schedule remains long: CoreWeave expects 26% of backlog recognition after 48 months, and recognition depends on delivery and service availability.

For investors, the issue is whether operating cash generation and customer-backed financing can fund the buildout without net losses continuing to grow alongside revenue. The next results will test whether prepayments, new debt and a capital-spending plan of $37 billion to $39 billion can turn contracted demand into delivered capacity without widening losses.