CoreWeave delivered third-quarter results that exceeded analyst expectations and prompted the company to increase its full-year 2026 guidance. Revenue grew 168% compared to the prior year period, reaching approximately $1.36 billion, while the company posted a net loss of $709 million, or $1.27 per share, compared to a prior-year net loss of $110 million.
The company elevated its 2026 outlook for adjusted operating income to between $1.275 billion and $1.375 billion, exceeding analyst projections of $1.07 billion. Revenue guidance was raised to $13 billion to $13.3 billion, surpassing the $12.86 billion consensus estimate. These increases represent upward revisions from the company’s August guidance range. The results indicated that demand for artificial intelligence infrastructure remained resilient despite broader market concerns about an AI sector slowdown.
Share trading moved higher in extended sessions following the announcement, though the broader context remained challenging. CoreWeave’s stock had declined more than 40% over the preceding month as investors rotated away from AI infrastructure-focused companies. The company faces a tightening financing environment, with some of its bond yields reaching 16%. Management indicated that capital needs for the upcoming year would be funded primarily through customer prepayments and hardware partner financing, with limited additional equity fundraising anticipated. The company indicated plans to raise new asset-level secured debt in the coming weeks while avoiding additional parent-level unsecured debt through 2027.
The company maintained expectations for 1.85 gigawatts of active power by year-end and projected capital expenditures of $37 billion to $39 billion for the full year. CoreWeave’s backlog reached $132.5 billion, up from $104 billion as of June. The company announced plans to establish its first Asian data centers and introduced the Forge service for running and evaluating AI models during the quarter. Management addressed regulatory concerns following recent voter rejection of data center development initiatives, stating that substantially all current power capacity was either online or permitted and under construction.
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