CoreWeave Revenue Hits $3.66B, Backlog Reaches $132.5B

For landlords who build data centers, one AI cloud company's order book now reads like a construction schedule. CoreWeave reported third-quarter revenue of $3,661 million and a revenue backlog of roughly $132.5 billion, according to its earnings release filed with the SEC ^[1].

Revenue climbed 168% from a year earlier and topped analyst estimates of $3.56B, Bisnow reported ^[2].

The power behind the numbers

• CoreWeave added more than 200 MWs of active power in the quarter, bringing its total above 1.7 GW ^[1].
• Its total contracted power grew by more than 900 MW to exceed 4.6 GW ^[1].
• More than 1.3 GW of that contracted power sits outside the U.S., in markets including India, Indonesia and Spain ^[1].
• The company still expects to end 2026 with over 1.85 gigawatts of active power ^[1].

But the growth is expensive. CoreWeave posted a net loss of $709 million, and net interest expense reached $846 million in the quarter ^[1]. It expects fourth-quarter interest expense of $1.05 to $1.15 billion ^[1]. Politics is another risk: anti-data center candidates did well in the midterms, though J.P. Morgan researchers told clients the pushback has "more bark than bite," Bisnow reported ^[2].

What it means for you

By our math, contracted power of 4.6 GW against 1.7 GW now running leaves roughly 2.9 GW that still has to be built, powered or handed over. By our math, the backlog also equals about 36 quarters of revenue at the current pace. For investors in data center REITs or powered land, that pipeline is demand already signed, though it depends on CoreWeave keeping its financing in place ^[1].

Zoom out

J.P. Morgan expects AI capital spending to reach $1.5T in 2027 and then level off, and it found only 59% of 430 gigawatts of proposed projects in active development, Bisnow reported ^[2]. CoreWeave CEO Michael Intrator said on the call that the company is "very comfortable with our pipeline" ^[2].