CoreWeave Tops 1.7GW Active Power As Backlog Reaches $132.5B

CoreWeave added more than 200 MW of active power in the third quarter, lifting its live footprint past 1.7 GW. The neocloud reported third-quarter results on Nov. 10 with revenue of $3.66 billion for the quarter ended Sept. 30, up 168 perFeatured: Wide shot of CoreWeave's Plano data center facility showcasing its specialized AI server racks.cent from a year earlier.

The company said the gain doubled its active footprint since the start of 2026. Total contracted power grew by more than 900 MW to over 4.6 GW. International contracted power passed 1.3 GW, spread across India, Indonesia and Spain.

Revenue backlog, which CoreWeave counts as remaining performance obligations plus other committed contract amounts, reached about $132.5 billion at Sept. 30, CNBC reported. That compares with $104 billion in June. Net loss widened to $709 million, or $1.27 a share, from $110 million a year earlier. Adjusted EBITDA was $2.26 billion at a 62 percent margin.

The results arrived during a difficult stretch for the AI infrastructure trade. CoreWeave's stock lost about 40 percent of its value in the month before the report, and yields on some of its bonds topped 16 percent, according to CNBC. Interest expense for the quarter reached $846 million, and the company carried almost $47 billion of debt at Sept. 30. CoreWeave guides to $1.05 billion to $1.15 billion of interest expense in the fourth 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, co-founder and chief executive of CoreWeave.

Chief financial officer Nitin Agrawal told analysts the company will avoid the unsecured market at current prices. *"At current yields, we do not intend to issue additional parent-level unsecured debt through 2027,"* Agrawal said, according to CNBC. He said asset-level secured loans continue to trade around par value. Intrator said growth is funded through financing tied to customer contracts, operating cash flow, and about $9 billion in customer prepayments and deposits expected over the next three months.

CoreWeave said more than 130,000 GPUs roll off customer contracts in 2027 and roughly 170,000 in 2028, with a pipeline of customers competing for that capacity, Data Center Dynamics reported. The company added customers including Canva, Substack and Wayve in the quarter and expanded work with OpenAI, Cohere and Perplexity.

Baxtel tracks 28 CoreWeave data center sites, the largest a 262 MW facility in Denton, Texas.

CoreWeave raised full-year 2026 revenue guidance to $13 billion to $13.3 billion and adjusted operating income guidance to $1.275 billion to $1.375 billion. Capital expenditure guidance for the year moved to $37 billion to $39 billion from a prior $35 billion to $39 billion. The company expects to end 2026 with more than 1.85 GW of active power.

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