The company reported revenue of US$3.66 billion for the third quarter ended September, up from US$1.37 billion a year earlier.
CoreWeave has never turned a profit but its deal backlog is large enough to more than cover its debt obligations, said its CEO Mike Intrator.
CoreWeave announced on Tuesday (Nov 10) that it expects to reach adjusted profitability by the first half of 2028. The AI cloud provider is working to assure investors that robust demand and firm customer commitments will sustain its debt-financed growth strategy.
Shares of the Nvidia-backed firm rose 5 per cent during extended trading. The company also stated it anticipates no significant risks to its data-centre expansion plans stemming from potential regulatory shifts following the Democrats’ decisive victory in the US midterms.
CoreWeave’s stock has plummeted increase from US$104 billion at the end of June. During the same period, quarterly capital expenditure rose to US$14.5 billion, up from US$9.4 billion in the previous quarter.
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CoreWeave explained that this spending is essential to bring capacity online to satisfy surging demand. The company is largely sold out of capacity for the coming year, with demand currently exceeding available supply by a factor of ten.
No impact expected from changes in political landscape
Investors have expressed concern regarding the data-centre expansion plans of tech firms as they brace for a more stringent regulatory environment following the Democratic success in the midterm elections. Public opposition has been mounting in the US regarding the impact of data centres on local re
“There is going to be a lot more scrutiny on how you build, how you use rege in how we go about building our infrastructure. I don’t think it’s going to materially distort the costs of the buildout,” Intrator told Reuters in an interview.
“I do think that there is going to be a pacing issue, as people need to be more transparent and work through the process with the communities and that’s going to be prevalent across the industry. But that’s how we’ve done it historically and it has been a hallmark of how we’ve built our data centres.”
Intrator confirmed that CoreWeave will not alter its international expansion plans in response to the election results.
“This is not a new strategy that you’ve got us building into as a reaction to the elections. This is something that we have been working at diligently for a year and a half already,” he said.
CoreWeave has adjusted its 2026 revenue forecast to a range of US$13 billion to US$13.3 billion, up from its previous guidance of US$12.4 billion to US$13.2 billion.
The company also increased the lower end of its annual spending target by US$2 billion, now projecting total expenditure between US$37 billion and US$39 billion.
CoreWeave’s third-quarter revenue climbed nearly 170 per cent to US$3.66 billion, surpassing analyst expectations of US$3.55 billion. The company reported a per-share loss of 95 cents, which was narrower than the projected loss of US$1.16
