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Market Incident

Public · Developing

AI compiled from Infoway · 3 analyzed stories

CRWV: Revenue rose 168% as backlog reached $132.5B, alongside $14.5B of Q3 capex

CoreWeave reported Q3 revenue of $3.7 billion, up 168% year over year, and a backlog of $132.5 billion, up 138%. Adjusted EBITDA margin, a measure of operating profitability, reached 62%; quarterly capital spending was $14.5 billion, and power capacity expanded.

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What happened

CoreWeave reported third-quarter revenue of $3.66 billion, up 168% from a year earlier, and a contracted revenue backlog of $132.5 billion. Its adjusted loss per share was narrower than expected. It raised its 2026 revenue forecast and reported $14.5 billion in quarterly capital spending.

Global impact / market context

The results show strong growth and a large amount of contracted future work. At the same time, CoreWeave is spending heavily to expand, and it has issued over $10 billion in unsecured debt this year. Investors may weigh the growth against the money needed to fund it.

What to watch

  1. Check whether the backlog grows beyond $132.5 billion; this shows whether contracted work continues to build.
  2. Check whether current-quarter revenue reaches the forecast of around $4.8 billion; this shows whether results match the company’s outlook.
  3. Check future capital spending and borrowing; these show how much money expansion requires.

Affected assets

  • CoreWeave

Evidence