CoreWeave lifts its 2026 revenue forecast but targets profitability only in 2028
CoreWeave raised its 2026 revenue forecast to US$13 billion–US$13.3 billion (€11.2 billion–€11.5 billion), above its previous upper estimate of US$13.2 billion (€11.4 billion). The Nvidia-backed computing provider, which borrows heavily to build data-centre capacity, said it expects to become profitable on an adjusted basis in the first half of 2028.
Bottom line — CoreWeave’s US$132.5 billion (€114.1 billion) backlog is growing, but the company still targets adjusted profitability only in 2028.
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CoreWeave reported third-quarter revenue of US$3.66 billion (€3.15 billion), up nearly 170% year on year, according to The Straits Times.
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The company’s revenue backlog reached US$132.5 billion (€114.1 billion) at the end of September, up from US$104 billion (€89.6 billion) at the end of June, The Straits Times reported.
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Quarterly capital spending rose to US$14.5 billion (€12.5 billion) from US$9.4 billion (€8.1 billion) the previous quarter, according to The Straits Times.
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CoreWeave said it had about US$46.9 billion (€40.4 billion) in total debt at September-end and expects to raise less than US$5 billion (€4.3 billion) in additional capital through 2027, The Straits Times reported.
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CEO Mike Intrator told Reuters that US$9 billion (€7.8 billion) in customer prepayments and deposits would flow in over the following three months.
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CoreWeave said it was largely sold out of capacity through the next year, with demand about ten times available supply, according to The Straits Times.
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CNA reported that CoreWeave’s 2031 bonds yielded about 16% and the cost of insuring its debt against default had climbed to around 1,000 basis points.
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CNA quoted analysts who said investor concerns centred on how data-centre expansion is financed, rather than a sudden collapse in demand for AI computing.