CoreWeave (NASDAQ:CRWV) Posts Record Quarterly Revenue as AI Cloud Capacity and Backlog Expand

Aditi Sarkar

12 November 2026 04:53 PM AEDT

CoreWeave (NASDAQ:CRWV) Posts Record Quarterly Revenue as AI Cloud Capacity and Backlog Expand

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Highlights

CoreWeave generated USD 3.66 bn in third-quarter 2026 revenue, compared with USD 1.37 bn a year earlier.
The company reported USD 132.5 bn of Revenue Backlog at September 30, subject to contract delivery conditions.
CoreWeave increased active power to more than 1.7 GW and contracted power to over 4.6 GW.
Adjusted EBITDA rose to USD 2.26 bn, while net interest expense contributed to a quarterly net loss.

A rapid build-out of specialised AI computing infrastructure translated into a marked revenue increase during the September quarter. CoreWeave, Inc. (NASDAQ:CRWV) reported USD 3.66 bn in third-quarter revenue as its installed power footprint expanded and contracted customer commitments grew. Its share-price advance on November 12 also places attention on how fast the Business is scaling and what that expansion costs.

Revenue Accelerates With Customer Demand

CoreWeave reported USD 3.66 bn in third-quarter 2026 revenue, compared with USD 1.37 bn in the corresponding quarter of 2025. Operating Income was USD 207 mn, versus USD 52 mn a year earlier. The company generated adjusted EBITDA of USD 2.26 bn, compared with USD 838 mn previously. The non-GAAP EBITDA measure does not eliminate the financing demands involved in deploying computing capacity.

Backlog Gives Scale to Future Commitments

Revenue backlog stood at approximately USD 132.5 bn on September 30. The measure includes remaining performance obligations and other expected revenue under committed customer contracts. Its eventual recognition depends on service delivery and availability requirements. During the quarter, the company expanded relationships with existing customers and cited additional customer activity spanning AI laboratories, hyperscalers and enterprises.

Power Capacity Becomes the Operating Story

CoreWeave added more than 200 MW of active power during the period to reach over 1.7 GW, doubling its active footprint since the beginning of the year. Total contracted power exceeded 4.6 GW after expanding by more than 900 MW. International contracted capacity exceeded 1.3 GW, including locations in India, Indonesia and Spain. Those figures distinguish energy capacity already active from future contracted capacity that still needs deployment.

Investment Scale Shapes the Outlook

The company recorded a USD 709 mn quarterly net loss, compared with USD 110 mn a year earlier, with net interest expense of USD 846 mn. Management described financing supported by customer contracts, Operating Cash Flow and anticipated prepayments and deposits. CoreWeave expects approximately USD 9 bn of customer prepayments and deposits over the following three months, an expectation rather than cash already received. Expansion, service delivery and financing will remain key reported milestones.

Stock Price Information: CoreWeave shares traded at USD 60.77, up 24.71%, in the November 11, 2026 market figures.

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