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CoreWeave Q3: revenue up 168% to $3.66 billion, a $132.5 billion backlog — and guidance raised again
Nov 10, 2026
CoreWeave reported third-quarter 2026 results after the close on Nov 10, 2026: revenue of $3.661 billion, up 168% on a year earlier and more than $1 billion added in a single quarter, a revenue backlog of about $132.5 billion, and full-year guidance raised on every line. The cost of building that fast is in the same release: a $709 million net loss, with $846 million of net interest expense in the quarter alone.
Image: CoreWeave via coreweave.com
The reported numbers, from CoreWeave's own results release (Nov 10, 2026, quarter ended Sep 30, 2026), read first-hand: revenue $3,661 million against $1,365 million a year earlier; operating income $207 million (6% margin); adjusted operating income $379 million (10% margin), which the company says reached double digits a quarter ahead of plan; net loss $709 million, or $1.27 a share, against $110 million a year earlier, with net interest expense of $846 million against $310 million. Backlog — committed contracts not yet recognised as revenue, subject to delivery and availability requirements, in the release's own definition — was about $132.5 billion at Sep 30, up from about $104 billion at Jun 30 per the company's second-quarter reporting.
The build-out and the outlook, from the same release: CoreWeave added more than 200 MW of active power in the quarter to pass 1.7 GW, double its live footprint since the start of the year, and grew contracted power by more than 900 MW to over 4.6 GW. It says multi-rack NVIDIA Vera Rubin NVL72 deployments are online, with first production workloads for Cognition at 4.8 times the token throughput of GB200 NVL72 (CoreWeave's own figure). Full-year 2026 guidance is raised: revenue to $13.0–$13.3 billion, adjusted operating income to $1.275–$1.375 billion, capital expenditure to $37–$39 billion, exit run-rate revenue to $20–$21 billion, with more than 1.85 GW of active power expected at year-end and fourth-quarter interest expense guided at $1.05–$1.15 billion. The chief executive says about $9 billion in customer prepayments and deposits is expected in the next three months alone.
What it means if you rent GPUs
For anyone renting GPUs, this is the demand side of the price board reporting itself. The largest listed neocloud grew revenue 168%, carries $132.5 billion of contracted backlog and is still raising guidance and capex — while paying $846 million a quarter in interest to do it. That combination is exactly the backdrop to the pattern our Price Watch has tracked all autumn: providers raising list prices in small, repeated steps because contracted demand keeps absorbing capacity. It does not make any single provider's hourly rate fair or unfair — our board still judges that card by card — but it explains why the rises keep coming, and why CoreWeave's own capacity is sold against contracts first and a public price list second. Next demand tests: Nebius reports Nov 12, Lambda's announced rises take effect Nov 16, and NVIDIA reports Nov 17.