By Radarr Africa Business Desk
NEW YORK, November 12 (Radarr Africa) – CoreWeave reported third-quarter revenue of $3.66 billion, up about 168 per cent from $1.37 billion a year earlier, and raised its full-year 2026 revenue forecast to between $13.0 billion and $13.3 billion, the artificial intelligence cloud company said in its results statement on Tuesday.
Chief executive Michael Intrator called the quarter a breakout quarter for CoreWeave. The company’s revenue backlog stood at about $132.5 billion as of September 30.
Operating income was $207 million, a 6 per cent margin, up from $52 million, or 4 per cent, a year earlier. Adjusted operating income was $379 million, a 10 per cent margin, compared with $217 million, or 16 per cent. Adjusted EBITDA rose to $2.26 billion, a 62 per cent margin, from $838 million, or 61 per cent.
Net loss widened to $709 million, or $1.27 a share, from $110 million, or 22 cents a share, in the same quarter of 2025. Net interest expense rose to $846 million from $310 million. Capital expenditure on property and equipment was $9.44 billion in cash terms in the quarter.
For the first nine months of 2026, revenue was $8.31 billion, up about 134 per cent from $3.56 billion, while the net loss was $2.08 billion, compared with $715 million a year earlier.
On operations, active power rose above 1.7 gigawatts and contracted power exceeded 4.6 gigawatts. The company brought online multi-rack Nvidia Vera Rubin NVL72 deployments. New customers named in the statement include Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack and Wayve. It said it expanded relationships with the Chan Zuckerberg Initiative, Cohere, Hippocratic AI, Jane Street, OpenAI and Perplexity.
CoreWeave also disclosed financing steps: about $4.2 billion in upsized convertible senior notes, an at-the-market equity programme for up to 35 million Class A shares, and a $2.6 billion delayed-draw term loan facility, known as DDTL 5.5, for shorter-duration customer contracts.
For 2026 the company now expects revenue of $13.0 billion to $13.3 billion, adjusted operating income of $1.275 billion to $1.375 billion and capital expenditure of $37 billion to $39 billion, with the low end of the capex range raised from $35 billion. It forecast fourth-quarter net interest expense of $1.05 billion to $1.15 billion, exit-2026 annualised run-rate revenue of $20 billion to $21 billion and active power of more than 1.85 gigawatts at year-end.
