CoreWeave Revenue Jumps 168 Percent, but the Net Loss Widens to $709 Million

CoreWeave reported third-quarter results after the market closed on Nov. 10. Revenue rose 168 percent from a year earlier to $3.66 billion, above the $3.55 billion analysts expected. The net loss widened to $709 million from $110 million a year earlier. The loss per share was $1.27, up from 22 cents a year earlier but smaller than the $1.55 loss analysts expected.

CoreWeave rents out data centers packed with Nvidia chips. Its customers are companies that need computing power to train and run artificial intelligence models. Strong demand for AI cloud computing drove the revenue jump.

Interest costs are behind the wider loss. Operating income was $207 million, but net interest expense reached $846 million, more than double the $310 million of a year earlier. Depreciation and amortization tripled to $1.89 billion from $630 million.

The revenue backlog hit a record. It stood at $132.5 billion on Sept. 30, up 138 percent from $55.6 billion a year earlier and above the $104.2 billion of the second quarter. Backlog is money customers have committed to pay in the future, not revenue already earned.

The company also raised its outlook for the year. It now expects 2026 revenue of $13 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion. Debt stood at $47 billion at the end of the third quarter, up from $35 billion in the second quarter.

The shares were mixed after the report. They closed Tuesday down 0.51 percent at $48.74, rose in after-hours trading, jumped about 15 percent in premarket trading Wednesday and climbed to about $61.50 by midday Wednesday, up about 26 percent from Tuesday’s close.

The results show both sides of the AI infrastructure boom. Demand and revenue are surging, but the interest on the money borrowed to build data centers is eating into profits. CoreWeave expects fourth-quarter interest expense of $1.05 billion to $1.15 billion.