CoreWeave Q3 Revenue Jumps 168% as Backlog Hits $132.5 Billion

CoreWeave (NASDAQ: CRWV) reported a 168% increase in third-quarter revenue as demand for its artificial intelligence cloud platform lifted its contracted revenue backlog to $132.5 billion. The company also sharply expanded infrastructure investment, spending $14.5 billion on capital expenditures during the quarter, while higher interest and depreciation costs contributed to a wider net loss.

Revenue reached $3.66 billion for the three months ended September 30, 2026, compared with $1.37 billion a year earlier. CoreWeave attributed the growth to customer demand, favorable pricing and execution across its AI cloud business.

GAAP operating income rose to $207 million from $52 million, with operating margin increasing to 6% from 4%. However, the company recorded a net loss of $709 million, or $1.27 per diluted share, compared with a loss of $110 million, or $0.22 per share, in the prior-year quarter. Net interest expense increased to $846 million from $310 million, while depreciation and amortization rose to $1.89 billion from $630 million.

Adjusted EBITDA reaches five-quarter high margin

Adjusted EBITDA increased to $2.26 billion from $838 million, while adjusted EBITDA margin edged up to 62% from 61%. CoreWeave said the margin was its highest in five quarters.

Adjusted operating income rose to $379 million from $217 million. The corresponding margin was 10%, up from 5% in the second quarter but below 16% a year earlier. Management attributed the sequential expansion to execution, rising prices, growth in short-term business and greater operating leverage as the company scaled.

Adjusted net loss widened to $529 million from $41 million. Adjusted net loss margin was negative 14%, compared with negative 3% in the third quarter of 2025 and negative 22% in the preceding quarter. CoreWeave’s adjusted figures exclude items including stock-based compensation, acquisition-related costs and certain noncash or nonroutine adjustments.

Backlog and infrastructure capacity expand

Revenue backlog rose 138% from $55.6 billion a year earlier to $132.5 billion, driven by business from existing and new AI laboratories, hyperscaler cloud customers, enterprises and AI-native companies. The total comprised $132.3 billion of remaining performance obligations and $200 million of other estimated future revenue under committed customer contracts.

CoreWeave expects to recognize 26% of the backlog within 24 months, 38% in months 25 through 48 and 36% after 48 months. The company cautioned that backlog can fluctuate because of the size and timing of committed contracts and remains subject to delivery and service-availability requirements.

Capital expenditures climbed to $14.51 billion from $1.85 billion in the year-earlier quarter as CoreWeave said it executed its infrastructure buildout ahead of schedule. Capital expenditures for the first nine months of 2026 totaled $30.65 billion.

The company added more than 200 megawatts of active power during the quarter, taking the total above 1.7 gigawatts, and secured more than 900 megawatts of additional contracted power, bringing that figure above 4.6 gigawatts. CoreWeave operated 52 active data centers as of September 30 and had added nine facilities during 2026. Its international footprint included more than 1.3 gigawatts of contracted power across markets including India, Indonesia and Spain.

Financing supports continued investment

CoreWeave raised approximately $4.2 billion through an upsized convertible senior notes offering and established an at-the-market program covering potential sales of up to 35 million Class A shares. It also closed a $2.6 billion delayed-draw term loan facility designed to finance shorter-duration customer contracts.

Business developments during the quarter included new customer engagements with Canva, Serve Robotics, Substack and Wayve, as well as expanded relationships with customers including Cohere, OpenAI and Perplexity. CoreWeave also launched CoreWeave Forge, an open development environment for building and improving AI models and agents, and entered a multi-year agreement with Solidigm for priority access to enterprise solid-state-drive capacity.

The presentation did not provide formal revenue or earnings guidance. Management’s infrastructure and growth expectations remain subject to risks involving customer demand, contracted power, capital structure, SSD availability and the company’s ability to bring capacity online. CoreWeave also noted that third-quarter results are not necessarily indicative of future operating performance.