Cloud infrastructure provider CoreWeave reported third-quarter revenue of $3.66 billion and raised its full-year guidance on Tuesday, easing persistent market anxiety over an artificial intelligence spending slowdown.
CoreWeave Revenue Beats Expectations Despite Widening Net Loss
- CoreWeave posted third-quarter revenue of $3.66 billion, beating analyst expectations of $3.55 billion according to CNBC, while net loss widened to $709 million, or $1.27 per share.
- Management lifted its 2026 revenue guidance to between $13 billion and $13.3 billion, up from prior forecasts, alongside an adjusted operating income target of $1.275 billion to $1.375 billion.
- The company’s order backlog for unrecognized revenue reached approximately $132.5 billion as of September 30, up from $104 billion in June.
Revenue Grows 168% as Guidance Rises for 2026
Third-quarter revenue soared 168% from about $1.36 billion a year earlier, driven by relentless demand for graphics processing units and cloud infrastructure. The net loss of $709 million compared to a net loss of $110 million recorded in the same period last year. Adjusted earnings exclude stock-based compensation.
Executives pushed up their forecast for the full year 2026, now anticipating $13 billion to $13.3 billion in revenue. Analysts surveyed by Visible Alpha had expected $12.86 billion. Adjusted operating income is now projected between $1.275 billion and $1.375 billion, surpassing the $1.07 billion consensus tracked by Visible Alpha. In August, the company projected $960 million to $1.15 billion in adjusted operating income on $12.4 billion to $13.2 billion in revenue.
| Metric | Q3 Reported | Analyst Consensus |
|---|---|---|
| Revenue | $3.66 Billion | $3.55 Billion (LSEG) / $3.56 Billion (Bloomberg) |
| Earnings Per Share | Loss of $1.27 | Loss of $1.16 (LSEG) / Loss of $1.46 (Yahoo) |
| Full-Year 2026 Revenue Guidance | $13.0B – $13.3B | $12.86 Billion (LSEG) |
| Full-Year 2026 Adjusted Operating Income | $1.275B – $1.375B | $1.07 Billion (Visible Alpha) |
Stock Value Falls Amid Rising Debt and Interest Rates
The earnings announcement lands at a volatile juncture for CoreWeave and its neocloud peers. CoreWeave shares have lost over 40% of their value in the past month as investors rotate away from AI infrastructure assets. Rising interest rates have strained lending markets, pushing some CoreWeave bond yields above 16% and sparking scrutiny over its balance sheet. The company reported nearly $47 billion in debt at the end of the third quarter.
Chief Executive Officer Michael Intrator highlighted the operational milestone in the earnings release. “This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan,” Intrator said.
Cantor Fitzgerald analyst Brett Knoblauch told CNBC ahead of the results that a smaller supply of new data centers could benefit existing operators. “If less data centers are going to get built, there is less compute being brought online,” Knoblauch said. “If there’s less compute being brought online, that compute that is currently up and running and available is going to be worth more.”
Nvidia Investigation Impacts Neocloud Providers and Infrastructure Plans
Management anticipates reaching 1.85 gigawatts in active power by the end of 2026. Capital expenditures for the full year are targeted between $37 billion and $39 billion, reflecting aggressive data center expansion.
CoreWeave executives are scheduled to discuss the quarterly results with analysts on a conference call at 5 p.m. ET.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
