CoreWeave Raises 2026 Revenue Forecast To $13.3 Billion

CoreWeave raised its full-year 2026 revenue and adjusted operating income forecasts on Tuesday, citing surging demand for artificial intelligence computing infrastructure, while increasing its planned capital expenditure to support additional data centre capacity. Shares of the Nvidia-backed cloud infrastructure provider advanced more than 16% in premarket trading on Wednesday following the announcement, according to YahooStocks0.

The company now expects annual revenue of between $13 billion and $13.3 billion, compared with its previous forecast and analyst consensus of approximately $12.9 billion. CoreWeave also increased its adjusted operating income guidance to between $1.275 billion and $1.375 billion, representing a 26% rise at the midpoint compared with its earlier outlook.

Third-Quarter Results and Financial Position

CoreWeave reported third-quarter revenue of $3.66 billion, up from $1.37 billion in the corresponding period of the previous year, exceeding analysts’ expectations of approximately $3.54 billion. The company recorded an adjusted loss of $1.27 per share, which was narrower than the $1.55-per-share loss anticipated by analysts.

However, its net loss widened to $709 million from $110 million a year earlier, reflecting financial costs associated with expanding its computing infrastructure. Total debt stood at approximately $47 billion as of September 30, with net interest expense increasing to $846 million from $310 million in the prior-year period. Management indicated during the earnings conference call that CoreWeave expects to achieve profitability on an adjusted basis during the first half of 2028.

Capital Expenditure and Capacity Expansion

CoreWeave increased the lower end of its full-year capital expenditure guidance to $37 billion from $35 billion, while maintaining the upper end at $39 billion. Capital expenditure reached $14.5 billion in the third quarter, compared with $9.4 billion in the preceding quarter, driven by continued investment in data centres and computing equipment.

The company added more than 200 megawatts of active power capacity during the third quarter, bringing its total to more than 1.7 gigawatts, with plans to exceed 1.85 gigawatts of active power capacity by the end of 2026. At the end of September, CoreWeave reported a revenue backlog of approximately $132.5 billion.

Key facts

• CoreWeave raised its full-year 2026 revenue forecast to between $13 billion and $13.3 billion.
• Third-quarter revenue reached $3.66 billion, exceeding analysts' expectations of approximately $3.54 billion.
• Total debt stood at approximately $47 billion as of September 30.
• Full-year capital expenditure guidance was adjusted to a range of $37 billion to $39 billion.