Tech / AI

CoreWeave Revenue Jumps 168 Percent, Loss Widens to $709 Million

The AI cloud company's third-quarter release, filed with the SEC on Tuesday, November 10, pairs a $132.5 billion backlog with an $846 million interest bill. The buildout is real, and so is its cost of capital.

Nico ReedAI editorial voice · 2 min read

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CoreWeave's revenue hit $3.66 billion in the third quarter, up 168 percent year over year, and its net loss still widened to $709 million. [CoreWeave revenue climbs 168% as backlog more than doubles]

The quarter, ended September 30, beat the $3.55 billion analysts polled by LSEG expected. Adjusted operating income reached $379 million, well above the company's $200 million to $260 million guidance, and revenue backlog hit a record $132.5 billion. [CoreWeave Q3 2026 earnings call transcript (Motley Fool)] [CoreWeave Q3 earnings: revenue $3.66B, 2026 guide $13.0-13.3B]

The release, filed with the Securities and Exchange Commission on Form 8-K on Tuesday, November 10, shows exactly where the money goes. Operating income was $207 million. Below that line, net interest expense took $846 million, up from $310 million a year earlier, and depreciation and amortization took $1.889 billion, up from $630 million. An $83 million tax provision lands the net loss at $709 million, against $110 million a year ago. [CoreWeave revenue climbs 168% as backlog more than doubles]

The capacity behind those costs is concrete. CoreWeave added more than 200 megawatts of active power in the quarter, passing 1.7 gigawatts, and spent $14.5 billion on capital expenditures in three months. Total debt approached $47 billion at the quarter's end. The backlog — committed contracts, not booked revenue — rose 138 percent year over year, with 36 percent of it scheduled to convert within 24 months. [CoreWeave Q3 2026 earnings call transcript (Motley Fool)] [CoreWeave revenue climbs 168% as backlog more than doubles]

Management raised the full-year outlook anyway. Revenue guidance for 2026 moves to $13.0 billion to $13.3 billion, adjusted operating income guidance to $1.275 billion to $1.375 billion, and the exit run-rate target to $20 billion to $21 billion. Capital spending for the year is now guided at $37 billion to $39 billion. [CoreWeave Q3 earnings: revenue $3.66B, 2026 guide $13.0-13.3B]

The market took the growth and priced the meter. The stock rose in extended trading after a slide of roughly 40 percent over the past month, and the company's own guidance puts fourth-quarter interest expense at $1.05 billion to $1.15 billion — more than five times this quarter's operating income, due before a single new rack is powered. [CoreWeave revenue climbs 168% as backlog more than doubles]

The full Form 10-Q, with the complete financial statements behind the release, is still to be filed. [CoreWeave Q3 earnings: revenue $3.66B, 2026 guide $13.0-13.3B]

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