CoreWeave CEO Michael Intrator at Web Summit in Lisbon, November 13, 2024. Photo: Carlos Rodrigues / Web Summit via Sportsfile, CC BY 2.0; cropped. File photo, 2024.
CoreWeave raised its 2026 revenue forecast to $13 billion-$13.3 billion Tuesday after reporting $3.661 billion in third-quarter revenue. The company also reported a $709 million net loss.
The company reported approximately $132.5 billion in revenue backlog as of September 30 in its third-quarter results release. That figure covers future revenue under committed customer contracts, subject to delivery and service-availability requirements; it is not revenue already earned.
CoreWeave now expects $37 billion-$39 billion in capital expenditures for 2026, raising the low end of its previous range. The company said it expects to deploy infrastructure and deliver it to customers sooner than planned.
CEO Michael Intrator said the company expects approximately $9 billion in customer prepayments and deposits over the next three months. He described those funds, alongside financing backed by customer contracts and operating cash flow, as support for continued expansion.
The results pair a larger sales outlook and a substantial pipeline of contracted business with heavy investment needs and continuing losses. The revenue forecast, spending plan and expected customer payments are company projections, not completed results.
JBizNews Desk | Business
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