CoreWeave's revenue rose 168.2% to $3.66 billion in the September quarter, with a net loss of $709 million

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

CoreWeave, which sells customers access to cloud computing services for AI and high-performance computing, filed its 10-Q, the quarterly report a US-listed company gives the SEC, on Nov 12, 2026, for the quarter ended Sep 30, 2026. Its revenue, what it took in from selling those services, was $3.66 billion for the quarter, up 168.2% from $1.37 billion in the same quarter a year earlier. Operating income was $207 million, against $52 million a year earlier. Net income was a loss of $709 million, against a loss of $110 million a year earlier. Revenue averaged $39.79 million a day over the quarter's 92 days.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12

The filing names one source of revenue: access to its cloud platform, which customers buy through committed contracts or on demand, with revenue primarily coming from committed contracts. The company said the growth was related to increased demand from existing and new customer contracts, met through its expanded data center footprint. It said about 90% of the quarter's revenue increase came from expansion within its existing customers, and the remainder from new customers.13^,14^,15

By region, the United States supplied $3.44 billion, 93.9% of the filing's total revenue, up 168.3% on the year, and all other countries together supplied $224 million, 6.1% of the total, up 166.7%. The mix barely moved: the United States was 93.8% of the total a year earlier.16^,17^,18^,19^,20^,21^,22

Costs grew with revenue. Cost of revenue, which the filing says consists primarily of direct data center costs such as rent, utilities and depreciation, rose by $814 million, or 221%. The company primarily attributed that to expanding existing data centers and deploying new ones, which it said added about $488 million in rent and about $146 million in data center utilities and power spend. Technology and infrastructure expense, which the filing says covers infrastructure costs such as depreciation and amortization of servers, switches and networking equipment, rose by $1.3 billion, or 171%. The company primarily attributed that to depreciation and amortization rising by about $1.1 billion to about $1.7 billion, and tied the increases to investments in its platform and equipment placed in service.23^,24^,25^,26^,27^,28^,29

That left operating income of 5.7 cents of each dollar of revenue, against 3.8 cents a year earlier, and a net loss of 19.4 cents of each dollar, against a loss of 8.1 cents a year earlier. Net interest expense rose by $536 million, or 173%, which the company primarily attributed to increased borrowing levels and total debt obligations. As of Sep 30, 2026, it had $17.6 billion outstanding under its delayed draw term loan facilities, which it says are drawn as it builds infrastructure for customers, and $20.8 billion in notes. The income tax line also changed by $210 million on the year, which the company said was primarily due to the enactment of the One Big Beautiful Bill Act, which it said permits deducting business interest expense that prior law limited.30^,31^,32^,33^,34^,35^,36^,37^,38^,39

In its earnings release of Nov 10, 2026, filed as an 8-K, CoreWeave said it was raising its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion and said it expected capital expenditures of $37 billion to $39 billion for the year. It reported revenue backlog of approximately $132.5 billion as of Sep 30, 2026, which it says includes remaining performance obligations plus other amounts it estimates will be recognized as revenue in future periods under committed customer contracts.40^,41^,42^,43^,44

Our records offer a split of this revenue by region only, and keep one value for each period, so they cannot tell whether the year-earlier figures were restated.45^,46