SAN FRANCISCO — CoreWeave shares rose 14 percent in extended trading after the AI infrastructure provider reported 112 percent revenue growth from a year earlier, surpassing LSEG consensus estimates.
Revenue reached $2.6 billion for the quarter, but the company recorded a net loss of $626 million, up from $290 million in the same period a year ago. Its revenue backlog now stands at $104 billion, a figure that excludes more than $25 billion in new commitments from the third quarter.
The eight-year-old company ended the quarter with $35 billion in debt, capital deployed to acquire Nvidia graphics processing units and data center equipment. CoreWeave raised more than $10 billion in debt and convertible bonds during the quarter, including a $3.1 billion term loan.
Customer commitments point to strong demand. Meta Platforms pledged an additional $21 billion with CoreWeave. The company also signed a multi-year agreement with Anthropic and secured a $6 billion commitment from quantitative trading firm Jane Street.
CEO Mike Intrator said the company's progress and guidance reflect current operations, and that regulatory pushback on data center construction would not affect those numbers today. He said in an interview with CNBC that areas unwilling to engage in data center discussions make expansion more difficult.
CFO Nitin Agrawal said CoreWeave passes component price increases through to customers, a practice the company uses to protect margins as demand for high-performance computing rises.
CoreWeave competes with Amazon, Google and Microsoft to fill data centers with chips for generative AI models. Unlike those larger, profitable rivals, CoreWeave operates at a net loss.
Intrator said pricing and margins for Blackwell and Vera Rubin SKUs are reaching new highs, while pricing for prior-generation SKUs remains at or above levels from years ago.
The company now projects annual capital expenditures of $35 billion to $39 billion, up from its May forecast of $31 billion to $35 billion.
Data center construction faces growing opposition across the United States. New York Gov. Kathy Hochul signed an executive order in July establishing a moratorium on new large-scale data centers in the state.
For the third quarter, CoreWeave projects revenue of $3.4 billion to $3.6 billion, implying 158 percent growth at the midpoint. For 2026, the company forecasts revenue of $12.4 billion to $13.2 billion, with adjusted operating income of $960 million to $1.15 billion.
CoreWeave aims to reach more than 1.85 gigawatts in active power by year-end, up from 1.5 gigawatts at the close of the quarter. Net interest expense is guided as high as $940 million.
