CoreWeave Posts Q3 Revenue Surge, Beats Estimates and Raises 2026 Guidance

CRWV reported third-quarter 2026 revenue of $3.66 billion after the close on November 10, up 168% from about $1.36 billion a year earlier and ahead of consensus estimates of roughly $3.54 billion to $3.56 billion. Adjusted EBITDA came in at $2.26 billion against a $2.05 billion estimate, a 62% margin. The GAAP net loss was $709 million, or $1.27 per share, narrower than the $850.4 million loss analysts had modeled.

Guidance moved up across the board. CoreWeave raised its full-year 2026 revenue outlook to $13.0 billion to $13.3 billion and lifted its exit annualized run-rate revenue guidance to $20 billion to $21 billion. Revenue backlog reached about $132.5 billion, up from $104.2 billion at the end of the second quarter, with more than 1.7 GW of active power and over 4.6 GW of contracted power. In the release, management also pointed to roughly $9 billion in customer prepayments and deposits expected over the next three months.

The financing side is what investors had flagged going in. Shares had fallen roughly 40% over the month before the print, and the yield on CoreWeave's 9.75% bond due 2031 stood at 15.5% on the day of the report. Company-defined capital expenditures were $14.5 billion in the quarter versus $1.85 billion a year earlier, and full-year 2026 capex guidance is now $37 billion to $39 billion, with the low end raised from $35 billion. Q3 interest expense was $846 million versus $310 million a year earlier, and the company guided Q4 interest expense to $1.05 billion to $1.15 billion, which ZeroHedge framed as a $1.1 billion quarterly interest bill against debt of about $47 billion. The current portion of recourse debt was $9.18 billion, with current liabilities of $24.39 billion as of September 30.

The stock closed the regular session at $48.73, down 0.5%, and jumped roughly 7% after hours on the beat and raise before giving back part of the gain. What to watch next: how CoreWeave plans to fund its 2027 build, which Wells Fargo had estimated could require capex of up to $66 billion and at least $25 billion more in debt, and how quickly the $132.5 billion backlog converts into revenue now that interest costs run above $1 billion a quarter.