On 10 November 2026, CoreWeave reported third-quarter 2026 revenue of $3.661 billion, up about 168.2% from a year earlier, and raised its full-year 2026 revenue guidance to $13.0–$13.3 billion. The company still lost money, with a net loss of $709 million in the quarter. For anyone watching how much the world is spending on AI, this quarter shows how fast rented computing power is being delivered and billed.
Key takeaways
- CoreWeave reported third-quarter revenue of $3.661 billion on 10 November 2026, up about 168.2% year over year.
- It raised full-year 2026 revenue guidance to $13.0–$13.3 billion, which is management's forecast, not a promise.
- The net loss widened to $709 million, so quick growth and heavy spending sit side by side.
What CoreWeave reported for the third quarter
The quarter ended on 30 September 2026 and the results came out on 10 November. Revenue was $3.661 billion. Operating income was $207 million and the net loss was $709 million. A year earlier, in the third quarter of 2025, the net loss was $110 million.
| Metric | Q3 2026 reported | LSEG estimate (Nov 2026) |
|---|---|---|
| Revenue | $3.661bn | $3.55bn |
| Revenue growth, year over year | about 168.2% | not stated |
| Operating income (GAAP) | $207m | not stated |
| Adjusted operating income | $379m | not stated |
| Net loss (GAAP) | $709m | not stated |
| Loss per share (GAAP) | $1.27 | adjusted loss per share of $1.16 |
| Revenue backlog | about $132.5bn | not stated |
GAAP means the official accounting rules a listed US company must follow. Adjusted operating income is the company's own measure. It differs from the GAAP figure.
What CoreWeave actually sells
CoreWeave rents computing power for AI work. Some customers sign committed contracts and pay whether or not they use the capacity. Other customers pay by the hour as they go. Committed contracts made up 98% of revenue in the second quarter of 2026.
How the results compared with analyst estimates
CNBC reported that LSEG expected $3.55 billion of revenue. CoreWeave reported $3.661 billion. LSEG estimated an adjusted loss per share of $1.16.
Why CoreWeave raised its 2026 outlook
| Full-year 2026 guidance | Previous | New (Nov 2026) |
|---|---|---|
| Revenue | $12.4–$13.2bn | $13.0–$13.3bn |
| Adjusted operating income | $960m–$1.15bn | $1.275–$1.375bn |
On a call about the results, management said turning contracted power into active capacity supported the higher outlook. It reported more than 1.7 GW of active power and a record backlog of about $133 billion. It also pointed to stronger customer demand and better pricing, saying customers' returns on their AI spending were driving demand. Management said adjusted operating income reached $379 million sooner than it had expected. Wider use of its products across industries was named as another contributor.
What the $132.5 billion backlog really means
Backlog was about $132.5 billion as of 30 September 2026. CoreWeave defines it as committed contract amounts it expects to recognise as revenue in future periods, subject to delivery and service availability requirements. In plain words: customers have signed, but the money only becomes revenue as the capacity is switched on and used. It is not cash in the bank, and it is not this quarter's sales.
Prepayments are a separate thing. The company said it expects approximately $9 billion in customer prepayments and deposits over the next three months. Cash paid up front helps fund the buildout of data centres, but it still is not revenue until the service is delivered. CoreWeave also said it expects more than 1.85 gigawatts of active power at year-end 2026.
Much of this demand comes from the small group of companies training the largest AI models. For context on how big those customers have become, see our explainer on OpenAI's valuation.
The share move, and what happens next
CNBC reported that CoreWeave shares rose 24.71% to close at $60.77 on 11 November 2026, the day after the results. A one-day move reflects what investors expected before the release as much as the numbers themselves.
What is worth following is the gap between growth and profit. Revenue went from $2.078 billion in the first quarter of 2026 to $2.575 billion in the second and $3.661 billion in the third. Over the same stretch, the quarterly net loss reached $709 million. Building and filling data centres costs money long before the capacity earns any.
Frequently asked questions
Is CoreWeave profitable?
Not on the official accounting rules. For the third quarter of 2026 it reported a net loss of $709 million, alongside GAAP operating income of $207 million and adjusted operating income of $379 million. Those measures include different costs, which is why a company can show positive adjusted operating income and still report a loss. The release reconciles adjusted EBITDA, adjusted operating income and adjusted net loss back to the GAAP figures, with margins for each.
How do customers pay for the computing power?
Two ways. Most pay through committed contracts, which they owe whether or not they use the capacity, and those contracts accounted for 98% of revenue in the second quarter of 2026. The rest pay as they go, by the hour.
Does CoreWeave have capacity in Europe?
On 27 October 2026, CoreWeave announced additional AI-computing capacity in Denmark, plus an extension of its Global AI Network into the Middle East and Asia Pacific. That was an announced expansion. It was not a statement that all the planned capacity is already running.
What does active power mean?
A gigawatt is a measure of electrical power. Here, active power means computing capacity that is switched on and available to serve customers.
Sources
- CoreWeave: CoreWeave Reports Strong Third Quarter 2026 Results (10 November 2026)
- CNBC: CoreWeave reports third-quarter 2026 earnings (10 November 2026)
- CNBC: CoreWeave shares rise after earnings and outlook (11 November 2026)
- U.S. Securities and Exchange Commission: CoreWeave third-quarter 2026 earnings press release (10 November 2026)
- U.S. Securities and Exchange Commission: CoreWeave quarterly report for quarter ended 30 June 2026
- CoreWeave: CoreWeave expands global AI cloud platform with new capacity in Denmark (27 October 2026)
Cover photo by Albert Stoynov on Unsplash.
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