CoreWeave, Inc. 8-K

Summary

Q3 2026 results with raised FY2026 guidance. Revenue growth accelerated to +42% Q/Q from +24% as CoreWeave expanded infrastructure to serve growing AI-cloud demand.

FY2026 revenue guidance was raised to $13.0B-$13.3B and adjusted operating income (non-GAAP) guidance to $1.275B-$1.375B, a 26% increase at the midpoint versus prior guidance; capital expenditure guidance is $37B-$39B, with the low end raised from $35B as infrastructure is expected to be deployed and delivered sooner.

Developments

• Contracted power increased by more than 900 MW to over 4.6 GW, including more than 1.3 GW across India, Indonesia and Spain, expanding capacity for customer deployments.
• New customers included Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack and Wayve; relationships also expanded with OpenAI, Cohere, Perplexity, Jane Street, Chan Zuckerberg Initiative and Hippocratic AI.
• CoreWeave launched Forge, an AI development environment integrating training, inference, evaluation and agent development. Its first production workloads for Cognition on NVIDIA Vera Rubin NVL72 delivered 4.8x the token throughput of GB200 NVL72.
• CoreWeave partnered with Leidos on secure AI cloud capabilities for defense, national security and intelligence missions, and was selected with Parallel Works to provide a managed AI cloud environment for DARPA biological research.

Results with guidance

Metric	Q3 2026 actual	9M 2026	FY2026 guide
Revenue	$3.66B+168% Y/Y, +42% Q/Q	$8.31B+134% Y/Y	$13.0B-$13.3Braised
Active power	at least 1.70B	—	at least 1.85B
Adjusted operating income (non-GAAP)	$379M+75% Y/Y, +196% Q/Q	—	$1.275B-$1.375Braised
Capital expenditures	$9.44B+188% Y/Y, +47% Q/Q	$23.6B+277% Y/Y	$37B-$39Braised from $35B-$39B
Annualized run-rate revenue	—	—	$20B-$21Braised

Results without guidance

Metric	Q3 2026	Change	9M 2026
Operating income	$207M	+298% Y/Y, vs -$49.0M Q/Q	$14.0M-68% Y/Y
Net income	-$709M	vs -$110M Y/Y, vs -$626M Q/Q	-$2.08Bvs -$715M Y/Y
Adjusted net loss (non-GAAP)	-$529M	vs -$41.0M Y/Y, vs -$567M Q/Q	—
Diluted EPS	-$1.27	vs -$0.22 Y/Y, vs -$1.14 Q/Q	-$3.80vs -$1.87 Y/Y
Operating cash flow	$1.98B	+17% Y/Y, +191% Q/Q	$5.64B+276% Y/Y
Cash and cash equivalents	$4.12B	-25% Q/Q	—
Operating margin	6%	+2.0 pp Y/Y, +8.0 pp Q/Q	—
Adjusted operating income margin (non-GAAP)	10%	-6.0 pp Y/Y, +5.0 pp Q/Q	—
Diluted shares	559M	+12% Y/Y	546M+33% Y/Y

What moved the numbers

• Net interest expense was $846M, up from $310M Y/Y, a major drag below operating income.
• The company raised approximately $4.2B through an upsized convertible senior notes offering, closed its $2.6B DDTL 5.5 financing facility designed for shorter-duration customer contracts, and established an at-the-market program for up to 35 million Class A shares.
• Revenue backlog was approximately $132.5B; it includes remaining performance obligations and other estimated future revenue under committed contracts, subject to delivery and service availability. Management also expects approximately $9B in customer prepayments and deposits over the next three months.

Other guidance (1)

Metric	Period	Guidance
Interest expense	Q4 2026	$1.05B-$1.15B

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.