❯ CoreWeave’s quarterly revenue rises 168% as its backlog reaches $132.5 billion

Revenue beats expectationsCoreWeave reported third-quarter results on November 10. Revenue rose 168% year over year to $3.661 billion, above the $3.55 billion consensus reported by CNBC. Its net loss widened to $709 million from $110 million a year earlier as quarterly interest expense climbed to $846 million.

Backlog depends on deliveryCoreWeave rents GPU and data center capacity to customers including AI developers that train and run models. Its backlog rose from $104 billion at the end of June to $132.5 billion at the end of September. The measure includes revenue CoreWeave expects to recognize subject to delivery and service availability, as equipment comes online and contracts are fulfilled.

Funding moves closer to projectsThe company raised its 2026 revenue outlook to $13 billion to $13.3 billion and still expects $37 billion to $39 billion of capital expenditures. Management said customer prepayments and hardware partner financing would supply most of next year’s funding, and plans to raise new debt tied to a set of contracts. At prevailing yields, it does not intend to issue more unsecured parent-level debt through 2027.

▮ SIGNALLarge customer prepayments can shorten the period CoreWeave has to fund GPUs and data centers itself, easing the dependence of rapid expansion on parent-company borrowing.