- Company name
- CoreWeave
- Sector
- AI cloud computing infrastructure
- About
- CoreWeave, Inc. (CoreWeave) is based in Livingston, New Jersey. It rents AI computing capacity from data centers that it leases or builds, with GPUs from NVIDIA, and it sells a cloud platform and software to AI labs, large technology companies and enterprises. Revenue was $3,661 million in Q3 2026 and $8,314 million for nine months. Revenue backlog was about $132.5 billion at September 30, 2026. CoreWeave has more than 1.7 gigawatts of active power and more than 4.6 gigawatts of contracted power. The two largest customers made about 30% and 24% of Q3 revenue. The company is young and has a net loss, and it pays for most of its equipment with debt. The Class A common stock trades on Nasdaq in US dollars. CoreWeave files 10-K and 10-Q reports.
- Thesis
- The price of CoreWeave depends on whether contracted AI demand can pay for a very large amount of debt. Revenue grew 168% in Q3 2026 and adjusted EBITDA was $2,256 million, but net interest expense was $846 million and the net loss was $709 million. Debt principal was $47.5 billion at September 30, 2026, and management expects capital spending of $37 billion to $39 billion in 2026. For the price to hold or rise, four things must be true. New capacity must reach customers on time, so that revenue follows the guided rise to an annualized run rate of $20 billion to $21 billion at the end of 2026. The adjusted operating margin, which reached 10% in Q3, must stay in double digits as depreciation grows. New debt and customer prepayments must stay available at rates that the contracts can carry. The two largest customers must keep their contracts. The Q4 2026 report, expected in late February 2027, and the next financing deals are the first tests. If a delivery slips or funding costs rise, the price can fall fast.
- Risks
- Debt is very large. Debt principal was $47,505 million at September 30, 2026, with $2,433 million due in the rest of 2026 and $10,974 million in 2027. Net interest expense was $846 million in Q3, and CoreWeave expects $1.05 billion to $1.15 billion in Q4.
Few customers make most of the revenue. The two largest customers made about 30% and 24% of Q3 revenue, and one customer was 33% of accounts receivable. A lost or late contract would cut revenue and could affect the loans tied to it.
Delivery depends on power, data center space and chips from a few suppliers. Capital spending of $37 billion to $39 billion in 2026 is large against revenue of $13.0 billion to $13.3 billion. A delay moves revenue out while interest costs keep running.
Shareholders can be diluted. The convertible notes of $10,788 million could add about 100 million shares, and CoreWeave can sell up to 35 million more shares under its at-the-market program.
Margins fell as the company grew. The adjusted operating margin was 10% in Q3 and 6% for nine months, against 16% a year before.
- Balance sheet
- Cash: $4.2B
Debt: $47.5B
Net debt: $43.3B
Undrawn credit line: $5.7B
Debt due within 12 months: $10.6B
Last debt due: 2033
At September 30, 2026, CoreWeave had debt principal of $47,505 million. The carrying amount was $46,873 million: recourse debt of $41,600 million and non-recourse debt of $5,273 million, of which $10,572 million was current. Cash and cash equivalents were $4,122 million and marketable securities were $62 million. Restricted cash was $2,282 million. Finance lease liabilities were $649 million and operating lease liabilities were $18,697 million. Principal due is $2,433 million in the rest of 2026 and $10,974 million in 2027. Deferred revenue from customers was $10,002 million. Operating cash flow was $5,638 million for nine months, against capital spending of $23,558 million. Undrawn availability under the revolving credit facility, the DDTL 4.0 facility and the DDTL 5.5 facility was $5.7 billion.
As of Sep 30, 2026.
- Checkpoints
- Dec 2026 (estimate): Year-end active power. Pending. Watch: Active power passes 1.85 gigawatts at the end of 2026, as management expects, and this passes; a lower figure fails.
Feb 25, 2027 (estimate): Q4 2026 results and 2027 outlook. Pending. Watch: 2026 revenue is in the guided range of $13.0 billion to $13.3 billion and adjusted operating income is in the range of $1.275 billion to $1.375 billion, and this passes; a miss on either fails.
- Recent events
- Nov 10, 2026: CoreWeave reported Q3 2026 results. Revenue rose to $3,661 million from $1,365 million, operating income was $207 million and the net loss was $709 million. It raised its 2026 guidance to revenue of $13.0 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion, and it expects capital spending of $37 billion to $39 billion. It said that about $9 billion of customer prepayments and deposits are expected in the next three months.
Sep 22, 2026: CoreWeave closed an upsized offering of $4.2 billion of 2.875% convertible senior notes due 2033. The conversion price is about $97.85 per share. It paid $566 million for capped calls in Q3 for its convertible notes.
Sep 17, 2026: CoreWeave set up an at-the-market program for up to 35 million shares of Class A common stock. No shares were sold under the program by September 30, 2026.
Aug 10, 2026: CoreWeave closed the $2.6 billion DDTL 5.5 facility, which pays for equipment for customer contracts. It can be drawn until December 2026 and matures on September 1, 2031. The release calls it the first facility made for shorter customer contracts.
Jun 18, 2026: CoreWeave issued $1,250 million of 9.625% senior notes due 2032 and €2,000 million of 8.500% senior notes due 2032.