CoreWeave Raises 2026 Revenue Outlook After 168% Q3 Growth

CoreWeave reported third quarter revenue of $3.66 billion, up 168% from a year earlier, and raised its 2026 outlook, the company said in a press release. Its net loss widened to $709 million from $110 million a year earlier, while adjusted operating income reached $379 million, TradingKey reports.

CoreWeave now expects full year revenue of $13 billion to $13.3 billion, up from its previous range of $12.4 billion to $13.2 billion. It raised adjusted operating income guidance to between $1.275 billion and $1.375 billion, and expects to exit 2026 at annualized run rate revenue of $20 billion to $21 billion.

Revenue backlog reached $132.5 billion at the end of the quarter, up from $104 billion in June. The company expects capital expenditures of $37 billion to $39 billion this year and about $9 billion in customer prepayments and deposits over the next three months.

Financing is the open question. CNBC notes the stock lost more than 40% of its value in the past month and some CoreWeave bond yields recently topped 16%. Finance chief Nitin Agrawal said that at current yields the company does not intend to issue more parent-level unsecured debt through 2027 and will rely on debt secured against customer contracts.