AI cloud infrastructure provider beats Wall Street expectations, raises full-year revenue guidance, and reports a $132.5 billion backlog amid continued expansion.
CoreWeave Inc. (NASDAQ: CRWV) reported third-quarter 2026 revenue of $3.66 billion, representing nearly 170% year-over-year growth and exceeding Wall Street expectations of approximately $3.55 billion.
The strong performance reflects accelerating demand for artificial intelligence computing infrastructure as technology companies continue investing heavily in advanced cloud services.
Revenue increased from $1.37 billion in the prior-year quarter, while the company’s contracted revenue backlog reached approximately $132.5 billion, providing substantial visibility into future business opportunities.
CoreWeave raised its full-year 2026 revenue guidance to between $13 billion and $13.3 billion, reinforcing management’s confidence in sustained customer demand.
Despite the impressive revenue growth, profitability remains challenging. The company reported a quarterly net loss of approximately $709 million as significant infrastructure investments and financing expenses continued weighing on financial results.
Management also projected annual capital expenditures of $37 billion to $39 billion, reflecting continued expansion of its AI computing capacity.
CoreWeave expects to achieve adjusted profitability during the first half of 2028.
Looking ahead, investors will closely monitor the company’s ability to convert its substantial backlog into recurring revenue while managing debt, controlling capital expenditures, and improving operating margins.
The results underscore CoreWeave’s expanding role in the rapidly growing artificial intelligence infrastructure market.
