CoreWeave Q3 Revenue Jumps 168% to $3.66B: Guidance Raised, Debt Costs Climb
CoreWeave revenue jumped 168% to $3.66 billion in Q3, beating estimates, as it raised full-year guidance to $13 billion and its loss widened to $709 million.
Image: Wikimedia Commons / Visitor7, CC BY-SA 3.0
NEW YORK, Nov. 10, 2026 — CoreWeave on Tuesday reported third-quarter revenue of $3.66 billion, up 168 percent from a year earlier and ahead of Wall Street expectations, as the AI cloud provider raised its full-year outlook.
CoreWeave, which rents Nvidia-powered servers to AI developers, reported adjusted operating income of $379 million, a 10 percent margin, and a net loss of $709 million, or $1.27 per share. Its shares rose in after-hours trading.
Key Takeaways
- Revenue reached $3.66 billion, up 168 percent from $1.37 billion a year earlier and above the $3.54 billion Wall Street expected.
- CoreWeave raised full-year 2026 revenue guidance to $13 billion to $13.3 billion.
- Interest expense hit $846 million, more than double the $379 million adjusted operating income.
- Revenue backlog stood at $132.5 billion, up from $104 billion at the end of June.
What Were CoreWeave's Q3 2026 Earnings? Revenue, Loss and Key Numbers
Revenue beat the $3.54 billion consensus and the $3.45 billion to $3.60 billion range CoreWeave guided in August, and rose sharply from $2.58 billion in the second quarter. The backlog of contracted future revenue rose to $132.5 billion, up from $104 billion at the end of June. Demand elsewhere stayed strong: TSMC's October revenue jumped 59.7 percent to a record.
Operating income on a generally accepted accounting basis was $207 million, and adjusted operating income of $379 million came in well above the $200 million to $260 million range guided in August. But interest expense of $846 million, up from $310 million a year earlier, more than wiped out operating profit, leaving a net loss of $709 million. Capital spending reached $9.44 billion.
| CoreWeave Q3 2026 | Result |
|---|---|
| Revenue | $3.66 billion, up 168% year over year |
| Adjusted operating income | $379 million, 10% margin |
| Net loss | $709 million |
| Interest expense | $846 million |
| Capital expenditures | $9.44 billion |
| Revenue backlog | $132.5 billion, up from $104 billion in June |
| Active power | over 1.7 gigawatts, up more than 200 megawatts |
Why CoreWeave's $846 Million Interest Bill Matters for AI Stocks
CoreWeave's model runs on borrowed money: it raises debt, buys Nvidia hardware, and rents the capacity out under long contracts. Interest of $846 million was more than double adjusted operating income, and the company guided to $1.05 billion to $1.15 billion of interest in the fourth quarter. Its 2 billion euro senior notes due in 2032 trade at 75 percent of face value. Banks have grown wary of lending into the AI debt boom, the International Monetary Fund has warned about leverage in the sector, and post-midterm pledges for data-center moratoriums in Texas have added regulatory risk. Even so, the Dow jumped 1,104 points as Wall Street rebounded from the AI sell-off.
CoreWeave Guidance Raised: What the 2026 Outlook Means for Investors
CoreWeave lifted full-year 2026 revenue guidance to $13 billion to $13.3 billion, and raised adjusted operating income guidance to $1.275 billion to $1.375 billion, a 26 percent increase at the midpoint from its prior guidance. The company also raised its annualised revenue run rate guidance to $20 billion to $21 billion to exit the year. Full-year capital spending is now expected at $37 billion to $39 billion, and year-end active power at more than 1.85 gigawatts.
Frequently Asked Questions
Did CoreWeave beat earnings expectations in Q3 2026?
Yes. Revenue of $3.66 billion beat the $3.54 billion Wall Street consensus and the top of CoreWeave's own guided range. Adjusted operating income of $421 million also beat the $200 million to $260 million range guided in August.
Is CoreWeave profitable?
Not on a net basis. CoreWeave reported a third-quarter net loss of $709 million, or $1.27 per share, because interest expense of $846 million exceeded its $207 million operating income.
What is CoreWeave's revenue backlog?
Revenue backlog was $132.5 billion at September 30, 2026, up from $104 billion at the end of June. It covers multi-year contracts with large customers including Microsoft and Meta Platforms.
What is CoreWeave's full-year 2026 revenue guidance?
CoreWeave raised full-year 2026 revenue guidance to $13 billion to $13.3 billion, and raised adjusted operating income guidance to $1.275 billion to $1.375 billion. It also lifted its annualised revenue run rate guidance to $20 billion to $21 billion to exit 2026.
The next test for the AI infrastructure trade comes on November 17, when Nvidia, CoreWeave's largest supplier and a 9 percent shareholder, reports its results.
