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CoreWeave's revenue jumped 168%. Its interest bill was four times its operating income.

SummaryThe AI cloud company beat Wall Street's revenue estimate and raised its 2026 forecast on Tuesday. It also paid $846 million in net interest in the quarter, and expects more next quarter.

· MODEL Editors · 1 min read

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MODEL cartoon on a cream background. Headline: CoreWeave's Q3, as explained by one of its GPUs. Subhead: Three months ended Sept. 30, 2026. A nervous gray GPU card with a sweat drop says: Revenue up 168%! $3.66 billion! Record quarter! Next to it, a short green bar labeled $207M, Operating income (what the business made). A much taller red bar with a smug face, labeled $846M, Interest expense (what the debt cost), says: Cute. Next quarter I'm $1.05-1.15B. (Q4 guidance). Footer: Source: CoreWeave Q3 2026 results, Nov. 10, 2026. Net loss $709M. Backlog ~$132.5B. Not investment advice. Watermark MODEL · readmodelmag.com.
Figures from CoreWeave's Q3 2026 results release. Interest expense is net. The cartoon is a joke. Illustration by MODEL. Original. Image source.

The quarter. CoreWeave reported third-quarter 2026 results after the market closed on Tuesday, Nov. 10. Revenue was $3.661 billion for the three months ended Sept. 30, up from $1.365 billion a year earlier, a 168% jump, per the company's release (opens in a new tab). That beat the roughly $3.55 billion analysts expected, according to LSEG data cited by CNBC (opens in a new tab) and Reuters.

The joke. Operating income was $207 million. Net interest expense was $846 million, about four times as much. So the company posted a net loss of $709 million, or $1.27 a share, versus a $110 million loss a year ago. And CoreWeave told investors to expect $1.05 billion to $1.15 billion in interest expense in the fourth quarter.

The case for it. CoreWeave says its revenue backlog, meaning contracted work it expects to book later, was about $132.5 billion as of Sept. 30, up from $104 billion at the end of June (per CNBC and Reuters). It raised its 2026 revenue forecast to $13.0 billion to $13.3 billion and its adjusted operating income forecast to $1.275 billion to $1.375 billion. Adjusted operating income was $379 million in the quarter. CEO Michael Intrator called it "a breakout quarter" and pointed to about $9 billion in customer prepayments and deposits expected over the next three months.

The spending. CoreWeave now expects $37 billion to $39 billion in capital spending for 2026, raising the low end from $35 billion. Reuters reported quarterly capital spending of $14.5 billion, up from $9.4 billion the quarter before.

The stock. $CRWV closed Tuesday at $48.73, down 0.51%, then traded around $51.30 after hours, up about 5%, per Nasdaq as of 6:28 p.m. ET. CNBC said the stock had lost about 40% of its value in the past month. After-hours prices move fast and can reverse.

Disclosure: Not investment advice. Not sponsored. No affiliate links.

MODEL Editors

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Sources

  1. CoreWeave Reports Strong Third Quarter 2026 Results

    CoreWeave Investor Relations

  2. CoreWeave (CRWV) Q3 earnings report 2026

    CNBC

  3. CoreWeave raises revenue forecast as AI demand defies growing doubts

    Reuters (via Investing.com)

  4. CoreWeave, Inc. (CRWV) quote

    Nasdaq

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