CoreWeave’s revenue jumped 168% year over year to $3.66 billion in the third quarter, propelling its revenue backlog to roughly $133 billion. To support continued growth, the AI cloud provider intends to launch a new investment-grade loan in the coming weeks with an expected yield of 7% to 7.5%, which will finance over 90% of the associated capital expenditures. The company also revised its expected year-end annualized revenue run rate to a range of $20 billion to $21 billion.
The firm expects to receive $9 billion in customer prepayments and deposits over the next three months, and it noted that qualified demand for its compute capacity through 2027 remains 10 times higher than available supply. CoreWeave says it will limit new parent-level capital raises to less than $5 billion through 2027 and has no plans to issue more unsecured debt at current yields. The company reported that its adjusted operating margin improved to 10% in the third quarter, though it still faces significant net losses as it spends between $37 billion and $39 billion on capex this year.
