CoreWeave raises outlook while reporting substantial quarterly loss

What happened: CoreWeave reported third-quarter revenue of US$3.661 billion and a US$709 million GAAP net loss. It raised its 2026 revenue outlook to US$13.0–13.3 billion and expects US$37–39 billion in capital expenditure. Management forecasts positive adjusted net income in the first half of 2028.

Why it matters: Demand for AI computing is expanding alongside very large construction and financing needs. Revenue growth alone does not resolve the economics of building and operating the infrastructure.

Caveat: The 2028 target is a management forecast for adjusted net income, not GAAP profitability or positive free cash flow. The reported US$132.5 billion backlog is subject to delivery and service-availability requirements; it is not cash already collected.

Dates: Results released and earnings call held on 10 November 2026, after the US market close. The reporting quarter ended 30 September 2026.