CoreWeave, the cloud provider that rents out Nvidia-powered computing to AI developers, reported third-quarter revenue well ahead of analyst forecasts and lifted its full-year guidance, even as the cost of financing its build-out widened its loss more than sixfold.

Revenue came in at $3.66 billion, up 168% from a year earlier and above the $3.55 billion Wall Street expected. The net loss was $709 million, against $110 million in the same quarter last year. Adjusted loss per share was $1.27, wider than the $1.16 loss analysts had forecast. Revenue was also up about 42% from the $2.58 billion reported in the second quarter.

The company’s revenue backlog, the value of contracted work still to be delivered, rose to $132.5 billion from $104 billion three months earlier. CoreWeave raised its 2026 revenue guidance to between $13 billion and $13.3 billion, from $12.4 billion to $13.2 billion, and lifted its adjusted operating income outlook to $1.275 billion to $1.375 billion, from $960 million to $1.15 billion. Capital spending is expected at $37 billion to $39 billion, broadly in line with analyst estimates, and the company is targeting 1.85 gigawatts of active compute by year-end.

The loss tells the other half of the story. As reported, operating income went up to $207 million, up from $52 million a year earlier, but net interest expense of $846 million, more than four times operating income. Total debt was approaching $47 billion at quarter-end, according to SiliconANGLE. Over the first nine months of the year, CoreWeave spent $23.56 billion on property and equipment and raised $27.05 billion in debt proceeds.

Financing is now the central question for investors. SiliconANGLE noted that CoreWeave’s shares had lost more than 40% over the prior month and that some of its bonds were yielding more than 16%. Chief executive Michael Intrator said most of the capital for fiscal 2027 would come from customer prepayments and hardware partners such as Nvidia, with only a “limited amount” of outside funding. Chief financial officer Nitin Agrawal said the company plans new debt tied to customer contracts and added: “At current yields we do not intend to issue additional parent-level unsecured debt through 2027.” He said loans secured against specific assets have continued to trade around par.

The company also said it plans its first data centres in Asia and has launched Forge, a cloud service for running and evaluating AI models. Intrator said he was not overly concerned about US restrictions on data-centre construction, arguing that slower building could make compute scarcer and keep GPU prices higher for longer.

SiliconANGLE said the stock rose more than 5% in late trading, while another earnings roundup put the gain at about 1.5%. The reports do not name CoreWeave’s customers. This article is for information only and is not investment advice.