CoreWeave Q3 Revenue Hits $3.66B, Up 168% Year Over Year

What happened

CoreWeave reported third-quarter results after the close on Nov 10, for the quarter ended Sep 30: revenue of $3.661 billion, up 168% year over year and more than $1 billion above the second quarter's $2.575 billion; a net loss of $709 million, versus $110 million a year earlier, or $1.27 a share; adjusted EBITDA of $2.256 billion at a 62% margin; and net interest expense of $846 million, up from $310 million a year earlier.

The revenue backlog stood at about $132.5 billion, up from about $104 billion at the end of June; CEO Michael Intrator said the company expects about $9 billion in customer prepayments and deposits over the next three months. CoreWeave raised full-year 2026 revenue guidance to $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion, with capital spending of $37 billion to $39 billion and an exit-2026 annualized run-rate revenue target of $20 billion to $21 billion.

After the report, the shares rose about 5% after hours, then gained 24.71% to $60.77 on Nov 11, the best day since April, before falling 6.86% to $56.60 on Nov 12. The company also announced an upsized convertible notes offering of about $4.2 billion and an at-the-market program for up to 35 million Class A shares.

Key facts

1. Revenue: $3.661 billion, up 168% year over year and more than $1 billion above the second quarter's $2.575 billion
2. Loss: Net loss of $709 million, or $1.27 a share; adjusted EBITDA of $2.256 billion at a 62% margin
3. Interest: Net interest expense of $846 million, versus $310 million a year earlier
4. Backlog and prepayments: Revenue backlog of about $132.5 billion; about $9 billion in customer prepayments and deposits expected over the next three months
5. Guidance: Full-year revenue guidance raised to $13.0 billion to $13.3 billion; capital spending of $37 billion to $39 billion; exit-2026 annualized run-rate revenue of $20 billion to $21 billion
6. Shares: Up 24.71% to $60.77 on Nov 11, then down 6.86% to $56.60 on Nov 12