CoreWeave Raises Outlook as Debt and Spending Mount

CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year over year and above expectations, with a contracted revenue backlog of about $132.5 billion. It raised its 2026 revenue outlook to $13 billion–$13.3 billion and lifted its adjusted operating income outlook, sending shares up roughly 13% to 17% after hours. The company reported a $709 million net loss, about $47 billion in debt and $846 million in quarterly interest expense, and plans capital spending of $37 billion–$39 billion. Executives expect about $9 billion in customer prepayments and deposits over the next three months and said CoreWeave plans to rely less on unsecured borrowing and more on contract-backed loans and customer prepayments. Management cited strong demand, higher prices and data-center expansion, but does not expect adjusted net income profitability until the first half of 2028; it also said regulatory changes are not expected to disrupt expansion, citing permitting and construction progress, including capacity outside the United States.