CoreWeave reported third quarter revenue of $3.66B, a 168% increase from a year ago, and raised its forecast for its year-end annualized revenue run-rate to between $20B and $21B. The AI cloud provider’s revenue backlog climbed 138% to approximately $132.5B, with management stating that qualified demand for its compute capacity through 2027 now exceeds its available supply by 10 to 1. The surge in demand helped the company push its adjusted operating margin to 10% in Q3, up from 1% in the first quarter.
To fund its infrastructure expansion, the company expects to collect $9B in customer prepayments and deposits over the next three months, including more than $3B for existing hardware that has already been paid off. CoreWeave’s weighted average cost of debt fell 250 basis points year-over-year to 7.9% by the end of September. While the company nudged its 2026 capital expenditure guidance higher to $37B-$39B, it said it will not use the unsecured debt market to fund the business at current yields and expects to achieve positive adjusted net income in the first half of 2028.
