CoreWeave reported better-than-expected quarterly revenue and lifted its 2026 guidance on Tuesday, pushing back against market concerns over a slowdown in artificial intelligence infrastructure demand.
Revenue Grew to $3.66 Billion Despite Net Deficit
Revenue for the quarter reached $3.66 billion, surpassing the $3.55 billion expected by analysts polled by LSEG. That figure represents a 168% surge from about $1.36 billion during the same period a year earlier. Even with this expansion in sales, the business posted a net deficit of $709 million, amounting to $1.27 per share, versus a net loss of $110 million in the prior-year period. Adjusted earnings exclude stock-based compensation.
The earnings announcement arrives as CoreWeave and its neocloud peers face a volatile period. The broader market has cooled on the artificial intelligence trade, and rising interest rates have pushed lenders away from the market, creating anxiety regarding ongoing capital access. Some CoreWeave bond yields recently topped 16%. Meanwhile, the company’s revenue backlog climbed to $132.5 billion, up from $104 billion in June.
Executives Revised 2026 Forecasts Upward Following Robust Demand
Encouraged by robust demand, executives revised their forecasts upward for 2026. Leadership currently anticipates between $1.275 billion and $1.375 billion of adjusted operating income alongside revenue ranging from $13 billion to $13.3 billion.
Those projections surpass earlier expectations from Visible Alpha analysts, who were looking for $1.07 billion in adjusted operating income, and LSEG polls, which had expected $12.86 billion in revenue. In August, CoreWeave projected $960 million to $1.15 billion in adjusted operating income alongside $12.4 billion to $13.2 billion in revenue.
To support its expanding operations, CoreWeave maintains a target of 1.85 gigawatts in active power by the end of 2026. The company is aiming for $37 billion to $39 billion in full-year capital expenditures, implying 155% growth at the middle of the range. Visible Alpha analysts had previously expected $37.69 billion in capital spending. At the close of the third quarter, CoreWeave owed almost $47 billion in debt.
Global Expansion and Ecosystem Pressures
CoreWeave investors are also watching upcoming market debuts, including key customer Anthropic, which updated its IPO prospectus on Tuesday to indicate a potential valuation of around $1.4 trillion. Domestically, however, data center development faced hurdles last week when voters in the United States—where CoreWeave derives most of its revenue—rejected dozens of initiatives on data center development.
