LIVINGSTON, N.J. — CoreWeave generated $3.66 billion of sales in the third quarter. A year earlier, the figure was $1.37 billion.
The growth amounted to 168%, beating the high end of what the company itself had forecast. CoreWeave, headquartered in Livingston, offers computing power to AI companies from data centers equipped with specialized chips.
More than $1 billion increase in sales was observed in a quarter. “This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan,” said Michael Intrator, the company’s co-founder, chairman and chief executive.
The management revised upward the full-year revenue forecast to $13.0 billion to $13.3 billion. The estimated adjusted operating income is expected at $1.275 billion to $1.375 billion. The company projects to end 2026 with annualized run-rate revenue of $20 billion to $21 billion.
The order book reflects the long-term picture. The revenue backlog stood at approximately $132.5 billion as of Sept. 30. Active power exceeded 1.7 gigawatts following more than 200 megawatts added during the quarter — double the footprint CoreWeave had at the start of the year.
Expensive growth
All of that comes at a price. The net loss grew to $709 million, from $110 million a year earlier, and the net interest expense was $846 million compared to the operating income of $207 million. The full-year capital expenditure is estimated to be $37 billion to $39 billion.
Shares jump before the open
The results were well-received on Wall Street. CoreWeave shares were up about 15% before the opening bell on Wednesday, according to Investopedia, and the Nasdaq 100 futures were 1.8% higher. Nvidia was up almost 4% before the market open, rebounding somewhat from two days of losses that cost it 10%.
Just a month ago, the sentiment was quite different. CoreWeave shares had dropped by approximately 40% in that span while investors picked at the AI boom and asked how long the spending can hold up. Reuters reported that the results steadied markets in Asia and Europe early Wednesday, read by traders as a sign of strong AI infrastructure demand.