CoreWeave reports 168% revenue jump and wider loss on AI demand
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What happened
CoreWeave Inc. reported its third-quarter 2026 earnings on November 10, 2026, posting a 168% increase in revenue to $3.661 billion. The company raised its full-year revenue forecast and reported a backlog of $132.5 billion in contracted business. Despite the strong revenue growth, CoreWeave's net loss widened to $709 million due to higher interest and depreciation expenses. The company also raised additional funds through convertible notes and a new loan facility during the quarter.
Key details
- Third-quarter 2026 revenue: $3.661 billion, up 168% year-over-year
- Revenue backlog: $132.5 billion, up 138% from a year earlier
- Net loss for the quarter: $709 million
- Full-year 2026 revenue guidance raised to $13.0–$13.3 billion
- Capital expenditures for the year now expected at $37–$39 billion
Why it matters
Investors and customers relying on CoreWeave's AI cloud services now face a company with stronger-than-expected sales and a larger pipeline of future business. However, the wider net loss and increased debt mean CoreWeave must continue to secure funding to support its rapid expansion. This situation presents both opportunity and risk for stakeholders, as the company's ability to deliver on its commitments depends on managing high costs and ongoing financing needs.