CoreWeave’s third-quarter results showed strong revenue growth and substantial financing needs at the AI cloud company, as it raised its 2026 sales outlook while forecasting up to $39 billion in capital spending.
Revenue for the quarter ended Sept. 30, 2026, reached $3.661 billion, compared with $1.365 billion a year earlier, CoreWeave said in its earnings release. Its net loss widened to $709 million from $110 million, while net interest expense was $846 million. Adjusted operating income, a non-GAAP measure, was $379 million, with a 10% margin.
CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion and its adjusted operating income forecast to $1.275 billion to $1.375 billion. It projected full-year capital expenditures of $37 billion to $39 billion. On the earnings call, CEO Michael Intrator said qualified demand was 10 times available capacity through the end of 2027 and several times capacity for 2028. Those demand figures are management statements.
CoreWeave’s Sept. 30 Form 10-Q listed $41.6 billion in recourse debt and $5.273 billion in non-recourse debt, net of specified discounts and issuance costs. The filing showed $47.505 billion in future principal payments, including $10.974 billion due in 2027.
Intrator said the company expected about $9 billion in customer prepayments and deposits over the three months after the call. Intrator said CoreWeave did not intend to issue additional parent-level unsecured debt through 2027 at current yields. Separately, he said contract-backed delayed-draw loans would fund most remaining capital spending.
CoreWeave said prices for its older Ampere and Hopper GPUs increased 30% to 50% in the third quarter from the prior quarter and exceeded their original contract prices. Intrator estimated that renewing agreements for more than 130,000 GPUs due to come off contract in 2027 could add nearly $4 billion in annualized revenue at current prices, without further capital spending.
CNBC reported that host Jim Cramer was less skeptical after interviewing Intrator about customer demand and financing. Cramer called Intrator’s comments “refreshing and reassuring” and said, “Take that red flag off the table,” after discussing financing. The Associated Press reported CoreWeave shares gained 24.7% on Nov. 11.
CoreWeave forecast fourth-quarter interest expense of $1.05 billion to $1.15 billion.
