CoreWeave went into its third-quarter report with the stock down about 40% in a month, dragged by rising rates and a broad retreat from AI infrastructure names. It came out of it with a beat, a raise and a backlog that keeps getting bigger. Results landed after the close on November 10. Shares rose in after-hours trading and pulled other neoclouds such as Nebius and IREN up with them.
The quarter
Revenue was $3.661 billion, up 168% from $1.365 billion a year earlier and up more than $1 billion from the second quarter’s $2.575 billion. Analysts had expected about $3.54 billion. The adjusted loss per share of $1.27 was narrower than the $1.55 consensus.
Margins are moving the right way. Adjusted operating income was $379 million. CEO Michael Intrator noted the adjusted operating margin went from about 1% in the first quarter to 5% in the second and above 10% in the third, a quarter ahead of plan. That’s the operating leverage the bull case depends on: capacity that’s already built starts earning as it comes online.
The GAAP picture is rougher. The net loss widened to $709 million from $110 million a year ago, driven by interest and depreciation on a fleet that’s growing fast.
Backlog and guidance
Revenue backlog reached about $132.5 billion at September 30, up from $104.2 billion in June and $55.6 billion a year earlier. Management expects roughly $9 billion in customer prepayments and deposits over the next three months.
Full-year 2026 revenue guidance rose to $13.0 billion to $13.3 billion, ahead of the $12.86 billion analysts had pencilled in. Adjusted operating income guidance went to $1.275 billion to $1.375 billion, 26% higher at the midpoint than before. CoreWeave expects to exit the year at a $20 billion to $21 billion annualized run rate. Capex guidance is now $37 billion to $39 billion, with the low end raised.
The debt question
The worry hasn’t gone away. CoreWeave ended the quarter with about $4.12 billion of cash against nearly $47 billion of debt, and it expects $1.05 billion to $1.15 billion of interest expense in the fourth quarter alone. Higher rates hit neoclouds harder than hyperscalers because they borrow to build.
Management offered one useful reassurance. If it builds only for committed backlog, 2027 capex would stay roughly in line with 2026 while revenue and EBITDA grow significantly. Once initial contracts run off, CoreWeave owns the hardware outright, so renewals come with no new capital spending.
For the bigger picture on what the hyperscalers are spending, see our AI Capex Tracker. For how sentiment broke down last month, see the AI Market Analyzer reading. CoreWeave’s numbers say demand is still there. The selloff was about financing costs, and this quarter didn’t change that part of the argument.
