CoreWeave raises revenue forecast as quarterly sales climb

CoreWeave (CRWV) reported third-quarter revenue of $3.66 billion, up from $1.37 billion a year earlier, and raised its full-year 2026 revenue guidance. Shares rose 1.6% after hours at 5:10 p.m. ET, from a $48.76 close.

Here's how the company did:

• Revenue: $3.66 billion vs. $1.37 billion a year earlier, against a $3.62 billion estimate
• Diluted net loss per share: $1.27 vs. 22 cents a year earlier, against a $1.18 per share estimate
• Operating income: $207 million vs. $52 million a year earlier
• Net loss: $709 million vs. $110 million a year earlier
• Adjusted EBITDA: $2.26 billion vs. $838 million a year earlier

Revenue has risen in each of the last three quarters, from $1.36 billion in the third quarter of 2025 to $2.58 billion in the second quarter of 2026. Depreciation and amortization climbed to $1.89 billion from $630 million.

Adjusted operating income was $379 million, compared with $217 million a year earlier, a 10% margin down from 16%.

Co-founder and chief executive Michael Intrator said growth "is supported by multiple sources of funding, including financing backed by customer contracts, operating cash flow, and about $9 billion in customer prepayments and deposits expected in the next three months alone."

2026 guidance

The company raised its full-year 2026 revenue guidance to a range of $13.0 billion to $13.3 billion. Its full-year 2026 adjusted operating income guidance is now $1.275 billion to $1.375 billion, a 26% increase at the midpoint compared with its prior guidance.

The company raised its annualized run-rate revenue guidance to $20 billion to $21 billion to exit 2026. It continues to expect more than 1.85 gigawatts of active power at year-end.

For the fourth quarter of 2026, the company expects interest expense of $1.05 billion to $1.15 billion.

Full-year 2026 capital expenditures are now expected at $37 billion to $39 billion, raising the low end of the prior range of $35 billion to $39 billion, reflecting its expectation to deploy infrastructure and deliver it to customers sooner than planned.

Financing and capacity

CoreWeave raised about $4.2 billion through an upsized offering of convertible senior notes and established an at-the-market equity program for up to 35 million shares of Class A common stock. It also closed the $2.6 billion DDTL 5.5 Facility, designed to support shorter-duration customer contracts.

Revenue backlog was about $132.5 billion as of Sept. 30, 2026. It added more than 200 megawatts of active power, reaching over 1.7 gigawatts, and grew its total contracted power by more than 900 megawatts to over 4.6 gigawatts.

CoreWeave also entered into a multi-year agreement with Solidigm for priority access to enterprise SSD capacity.