CoreWeave reported quarterly revenue of $3.66 billion for the third quarter of 2026, up 168% year over year and above estimates of approximately $3.55 billion. The AI-focused cloud infrastructure provider raised its full-year outlook, now forecasting revenue of $13.0 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion. Its backlog increased from $104 billion at the end of June to $132.5 billion at the end of September, lifting shares of CoreWeave, Nebius, IREN, Applied Digital, Micron and SK Hynix. CoreWeave nevertheless carries approximately $47 billion in debt and expects to receive $9 billion in customer prepayments over the next three months. The company projects a path to adjusted profitability in the first half of 2028, while investors will monitor the conversion of its backlog into recognized revenue and its ability to meet the raised guidance.
Source: Read the original article
