CoreWeave Q3 2026: Revenue Up 168% as Guidance Rises to $13.3B

CoreWeave reported Q3 2026 revenue of $3.66 billion, up 168% year over year and ahead of the $3.54 billion consensus by 3.4%. The loss per share of $1.27 beat the $1.5522 estimate, a result that signals the company's cost structure is scaling more efficiently than Wall Street expected, even as losses remain substantial.

CoreWeave added more than 200 megawatts of active power during the period, pushing its total above 1.7 gigawatts, while its revenue backlog reached approximately $132.50 billion. CEO Michael Intrator described it as a breakout quarter, noting that adjusted operating margins hit double digits a full quarter ahead of plan.

The balance sheet reflects the cost of that buildout, with the GAAP net loss widening to $709 million. Capital expenditures for the full year are now guided to $37 to $39 billion, with the low end raised from the prior range because infrastructure is being deployed to customers sooner than planned.

Management raised full-year 2026 revenue guidance to $13.0 to $13.3 billion and lifted the annualized run-rate revenue target exiting the year to $20 to $21 billion. Intrator also pointed to approximately $9 billion in customer prepayments and deposits expected in the next three months as a sign that demand visibility remains high. The stock had fallen 42% heading into this report, so the guidance raise is the clearest signal yet of whether the buildout thesis is on track.

New and expanded customer relationships in the quarter included Canva, OpenAI, Perplexity, Wayve, and the Chan Zuckerberg Initiative, among others. CoreWeave also raised approximately $4.2 billion in convertible senior notes and established an at-the-market equity program for up to 35 million Class A shares, moves that extend its financing runway but add potential dilution to watch.