CoreWeave shares climb as much as 8% in after-hours trading following stronger-than-expected third-quarter results. The AI cloud infrastructure provider reports robust revenue growth, raises its full-year outlook and highlights a $132.5 billion revenue backlog, reinforcing expectations of sustained demand for AI computing capacity. (Sources: Stocktwits | InvestingLive)
CoreWeave reports third-quarter revenue of $3.66 billion, up 168% from $1.37 billion a year earlier. The figure also beats analyst expectations of approximately $3.54 billion. Revenue increases by more than $1 billion sequentially, reflecting strong demand for its AI infrastructure services.
The company's revenue backlog reaches approximately $132.5 billion at the end of September, compared with $104.2 billion at the end of June. The growing backlog signals strong customer commitments and provides greater visibility into future revenue, although delivery and service availability remain important conditions.
CoreWeave raises its full-year 2026 revenue forecast to $13 billion-$13.3 billion. It also increases its adjusted operating income outlook to $1.275 billion-$1.375 billion and expects annualised run-rate revenue of $20 billion-$21 billion by the end of the year.
Despite strong revenue growth, CoreWeave reports a net loss of $709 million, compared with $110 million a year earlier. Net interest expense rises to $846 million. The company also expects capital expenditure of $37 billion-$39 billion in 2026, highlighting the enormous investment required to expand its AI infrastructure.