CoreWeave, the artificial intelligence cloud provider, reported third-quarter revenue of $3.66 billion on Tuesday, up 168% from a year earlier and ahead of the $3.55 billion analysts expected, according to Reuters and CNBC. The company also raised its full-year revenue guidance to between $13 billion and $13.3 billion, a result that helped calm fears of an AI spending slowdown.
Revenue in the three months to 30 September rose from $1.37 billion in the same quarter last year, according to Reuters, beating the average analyst estimate compiled by LSEG. CoreWeave said its revenue backlog — contracted future business — reached about $132.5 billion at the end of September, up from $104 billion in June, although that backlog is not cash already received and some of it will take years to turn into revenue.
The strong quarter came with heavy costs. CoreWeave's net loss widened to $709 million from $110 million a year earlier, according to Reuters, and total debt stood at about $46.9 billion at the end of September. The company raised its expected 2026 capital spending to between $37 billion and $39 billion as it builds out data-centre capacity, and it said it expects adjusted profitability in the first half of 2028.
Investors welcomed the numbers. CoreWeave shares rose about 13% in premarket trading on Wednesday, according to market reporting, after falling more than 40% over the previous month on debt and bubble concerns. The rally also lifted chip stocks across Asia, with Japan's Nikkei 225 closing 1.3% higher on Wednesday, according to the Associated Press.
CoreWeave leases data centres built around Nvidia graphics processors to AI developers, and its results are watched as a test of whether demand for AI computing is holding up, according to Reuters. Chief executive Mike Intrator said the company delivered "an exceptional third quarter" and that demand continues to outstrip supply. The company also raised its full-year adjusted operating income guidance to between $1.275 billion and $1.375 billion.