CoreWeave shares rose 7% after the AI cloud infrastructure provider reported third quarter revenue of $3.66B, up 168% from a year ago and ahead of the $3.56B consensus estimate, while raising its full year 2026 revenue forecast to between $13.0B and $13.3B from a prior range of $12B to $13B. The company posted a GAAP net loss of $709M, or $1.27 a share, narrower than the $850.4M, or $1.46 a share, analysts estimated. Adjusted EBITDA jumped 169% to $2.26B for a 62% margin, and adjusted operating income reached $379M against estimates of $245.8M, pushing adjusted operating margins above 10% a quarter ahead of schedule.
Revenue backlog grew to $132.5B as active power capacity passed 1.7 GW and contracted power exceeded 4.6 GW. CoreWeave increased its 2026 exit annualized revenue run rate outlook to between $20B and $21B and guided full year adjusted operating income to $1.3B to $1.4B. The company also expects roughly $9B in customer prepayments and deposits over the next three months, after raising about $4.2B in convertible notes and closing a $2.6B delayed draw term loan facility.
The expansion continues to require heavy capital and debt servicing, with CoreWeave lifting the bottom end of its 2026 capital expenditure guidance to a range of $37B to $39B and projecting fourth quarter interest expense of $1.05B to $1.15B, or more than $4B annualized. The results follow a period of acute credit stress that cut the stock in half since early October, pushed yields on some of its bonds past 16%, and sent five year credit default swaps above 1,240 basis points.
