CoreWeave, Inc. (CRWV), the AI cloud operator, reported third-quarter revenue of $3.66 billion, an increase of more than $1 billion from the prior quarter, and said adjusted operating margins reached double digits a quarter ahead of plan.

Sequential growth accelerated to 42% from 24% in the second quarter, when revenue was $2.58 billion. GAAP operating income swung to a $207 million profit from a $49 million operating loss, with operating margin at 6%. Adjusted operating income rose to $379 million, and adjusted operating margin reached 10%. Adjusted EBITDA was $2.26 billion, with a 62% margin.

The net loss widened to $709 million, or $1.27 a share, from $626 million, or $1.14 a share, as interest expense, net, rose to $846 million from $640 million. The company said growth is supported by financing backed by customer contracts, operating cash flow, and about $9 billion in customer prepayments and deposits expected in the next three months.

Revenue backlog was approximately $132.5 billion as of September 30, 2026, up from approximately $104 billion at June 30. The second-quarter backlog figure did not include more than $25 billion of net new customer commitments added in early third quarter. The company named new customers including Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve, and said it expanded relationships with Chan Zuckerberg Initiative, Cohere, Hippocratic AI, Jane Street, OpenAI, and Perplexity.

It added more than 200 megawatts of active power to reach over 1.7 gigawatts, doubling the active footprint since the start of the year, and grew total contracted power more than 900 megawatts to over 4.6 gigawatts. International contracted power exceeded 1.3 gigawatts, including India, Indonesia, and Spain. The company said it brought online multi-rack NVIDIA Vera Rubin NVL72 deployments, with first production workloads for Cognition achieving 4.8 times greater token throughput than GB200 NVL72, and announced support for NVIDIA Vera, the first CPU designed for AI agents.

Cash and cash equivalents were $4.12 billion at September 30. Property and equipment, net, was $56.78 billion. Recourse debt, current, was $9.18 billion and recourse debt, non-current, was $32.42 billion. Deferred revenue, current, was $2.27 billion and deferred revenue, non-current, was $7.73 billion. Net cash provided by operating activities was $1.98 billion in the quarter. Purchases of property and equipment were $9.44 billion. Proceeds from issuance of debt, net, were $10.30 billion.

The company raised approximately $4.2 billion through an upsized offering of convertible senior notes, established an at-the-market equity program for up to 35 million shares of Class A common stock, and closed the $2.6 billion DDTL 5.5 Facility, its first financing facility designed to support shorter-duration customer contracts. It also entered a multi-year agreement with Solidigm for priority access to enterprise SSD capacity.

CoreWeave is raising full-year 2026 revenue guidance to a range of $13.0 billion to $13.3 billion. It is also raising full-year 2026 adjusted operating income guidance to $1.275 billion to $1.375 billion, a 26% increase at the midpoint versus prior guidance. Annualized run-rate revenue guidance to exit 2026 was raised to $20 billion to $21 billion.

The company now expects full-year 2026 capital expenditures of $37 billion to $39 billion, raising the low end of a prior range of $35 billion to $39 billion, which it said reflects an expectation to deploy infrastructure and deliver it to customers sooner than planned. It continues to expect more than 1.85 gigawatts of active power at year-end. Interest expense for the fourth quarter of 2026 is expected in the range of $1.05 billion to $1.15 billion.