CoreWeave just closed its third quarter of 2026 with $3.66 billion in revenue. That figure is more than $1 billion higher than the previous quarter and 168 percent above the same period last year. The number also cleared Wall Street’s expectations of roughly $3.55 billion.
The company has increased its full-year revenue estimate to between $13 billion and $13.3 billion. They are now aiming for an adjusted operating income of $1.275 to $1.375 billion. Those targets are significantly greater than what management had planned only a few months ago. This quarter’s adjusted operating margin was 10 percent, which is a full quarter ahead of schedule. To give a fuller view, adjusted EBITDA was $2.26 billion, or 62 percent of revenue. On the other hand, GAAP operating income was $207 million, and the net loss for the quarter was $709 million, owing to $846 million in net interest expenses, which were incurred to finance the company’s rapid expansion.
- Capture every conversation clearly: Four microphones capture voices from up to 5 meters (16.4 feet) away...
- Award-winning design: Winner of the iF, Red Dot Design, and the 2026 Good Design Awards. Just 2.99 mm...
- Everything Included: Includes Plaud Note Pro, magnetic case, magnetic ring, charging cable, and a free...
At the end of September, CoreWeave had a massive $132.5 billion in committed future revenue, and the firm has stated that it expects roughly $9 billion in consumer prepayments over the next six months. These are the kind of financial inflows that, combined with contract-backed financing and cash from operations, will help fund the remainder of CoreWeave’s expansion. CoreWeave’s active power capacity has increased to an impressive 1.7 gigawatts, more than doubling from just a year ago. Contracted power is significantly higher, at more than 4.6 gigawatts. The company still expects to have more than 1.85 gigawatts online by the end of 2026. Full-year capital spending is now forecast to be in the range of $37 billion to $39 billion; while the low end of that range is slightly higher than originally estimated, this is mostly due to the company providing infrastructure to customers more quickly.
Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve were among the key industry players that won new business this quarter. CoreWeave also strengthened its partnerships with OpenAI, Cohere, Perplexity, Jane Street, Hippocratic AI, and the Chan Zuckerberg Initiative. The company launched Forge, an integrated platform that allows companies to create, train, and deploy AI models. They also began running their first multi-rack NVIDIA Vera Rubin systems and impressed with their performance on the most recent MLPerf inference benchmarks.
CoreWeave has generated about $4.2 billion in finance through an upsized convertible senior notes transaction, established an at-the-market equity program, and secured a $2.6 billion delayed-draw term loan facility. The goal is now to rely mostly on asset-level secured financing and consumer cash, rather than incurring more expensive parent-level unsecured debt.
When all of this is considered, the image emerges of a company that is still operating at full capacity to meet demand for specialized AI computing services. Revenue is increasing quickly, margins are improving, and the backlog continues to expand. The only problem is that all of this expansion is costing them a lot of money, as evidenced by the interest rate and net loss. For the time being, consumers continue to sign up for more, and CoreWeave continues to expand power and machines to meet their demands.
