CoreWeave (NASDAQ:CRWV) reported third-quarter revenue of $3.7 billion, up 168% from a year earlier, and raised its full-year outlook as demand and higher pricing for AI computing capacity helped lift operating margins.
The company also outlined plans to fund its expansion largely through asset-level lending, customer prepayments and operating cash flow. CEO Mike Intrator said CoreWeave does not intend to use unsecured debt to fund the business at current yields, while CFO Nitin Agrawal said the company expects to raise less than $5 billion in incremental parent-level capital through 2027.
Revenue increased by more than $1 billion from the second quarter and exceeded the high end of the company’s guidance. Adjusted operating income was $379 million, above its forecast of $200 million to $260 million. Adjusted operating margin reached 10%, compared with 5% in the prior quarter.
CoreWeave’s net loss widened to $709 million from $110 million a year earlier, as interest expense rose to $846 million from $310 million. Adjusted EBITDA increased 169% year over year to $2.3 billion, and operating cash flow was $2 billion.
Higher pricing and a growing backlog
Revenue backlog reached approximately $133 billion, up 138% year over year. Agrawal said more than half was attached to contracts under which customer delivery is expected to begin by the end of 2026.
Intrator said CoreWeave raised pricing across its product offerings by approximately 25% in July and another 10% later in the third quarter, with pricing continuing to rise in the fourth quarter. The company is allocating more capacity to short-term opportunities, where it is selling at more than $40 million per megawatt annually, he said. Pricing for new infrastructure on four- and five-year contracts is moving to $20 million to $25 million per megawatt.
Intrator told analysts that CoreWeave is largely sold out through 2027 but is not sold out through 2028. The company estimates it has 10 times as much qualified demand as available capacity through the end of 2027.
The company also sees an opportunity to renew contracts on older equipment. More than 130,000 graphics processing units, or GPUs, are due to come off contract in 2027, followed by approximately 170,000 in 2028. At current prices, Intrator said, 2027 renewals could generate approaching $4 billion in incremental annualized revenue, rising to nearly $10 billion including 2028 renewals, without additional capital spending. Agrawal said that opportunity is outside the current revenue backlog.
Financing and spending plans
CoreWeave spent $14.5 billion on capital expenditures in the third quarter, above its guidance, as it pulled some deliveries forward from the fourth quarter. The company ended September with $6.5 billion in cash equivalents, restricted cash and marketable securities, along with nearly $5 billion of undrawn capacity under committed delayed-draw term loan facilities.
Intrator said the company expects to collect approximately $9 billion in customer prepayments and deposits over the next three months, including more than $3 billion related to re-contracting existing infrastructure. He said CoreWeave has collected prepayments on 70% of its deals this year.
Agrawal said CoreWeave expects to launch its next delayed-draw term loan in the coming weeks. Based on early discussions, the company expects a yield of 7% to 7.5% at current benchmark rates, with the facility financing more than 90% of the associated capital expenditure.
Agrawal said contracted cash flow from existing commitments should be sufficient to service and repay current debt and additional debt expected to deliver those contracts, before accounting for renewals. He added that if CoreWeave focused only on its committed backlog, 2027 capital spending would remain in line with its 2026 investment while revenue and EBITDA grew significantly.
Outlook and capacity
CoreWeave raised its 2026 revenue guidance to $13 billion to $13.3 billion and adjusted operating income guidance to $1.275 billion to $1.375 billion. It expects capital expenditures of $37 billion to $39 billion, raising the low end of its prior range, and forecast a year-end annualized revenue run rate of $20 billion to $21 billion.
The company expects its adjusted net loss to narrow meaningfully in 2027 and to turn to adjusted net income in the first half of 2028 and for the full year. For the fourth quarter of 2026, it expects interest expense of $1.05 billion to $1.15 billion.
CoreWeave ended the third quarter with more than 1.7 gigawatts of active power and maintained its expectation of more than 1.85 gigawatts by year-end. Asked about regulatory pressures, Intrator said the company did not anticipate an impact on the data centers intended to host its backlog. In Texas, he said, the overwhelming majority of its power is already online or fully permitted and under construction.
About CoreWeave (NASDAQ:CRWV)
CoreWeave is a cloud computing company that provides infrastructure for artificial intelligence, machine learning, and other compute-intensive workloads. Its services include access to graphics processing units (GPUs), cloud storage and networking, and software tools for deploying and managing workloads. The company was founded in 2017 as a cryptocurrency mining business and later shifted its focus to cloud computing. CoreWeave is headquartered in Livingston, New Jersey, and operates data center infrastructure in the United States and Europe, serving customers that need large-scale computing resources.
