CoreWeave reported third-quarter 2026 financial results: total revenue reached $3.661 billion, up 168% year-over-year and ahead of market expectations. Its revenue backlog hit $132.5 billion, up 138% year-over-year, with 36% expected to be recognized as revenue within the next 24 months. GAAP net loss for the quarter was $709 million, driven mainly by high interest expenses, depreciation and amortization, and stock-based compensation; adjusted EBITDA came in at $2.256 billion, a 62% margin. Investors had grown concerned about cooling AI demand and the company's debt burden, sending the stock down more than 44% cumulatively since October. The results allayed those fears, and shares rose more than 16% in after-hours trading. CoreWeave raised its full-year 2026 revenue guidance to $13 billion–$13.3 billion and expects full-year capital expenditures of $37 billion–$39 billion, along with single-quarter interest expenses of $1.05 billion–$1.15 billion in the fourth quarter. The company said it expects to receive about $9 billion in customer prepayments over the next three months to fund computing capacity expansion, will not issue unsecured debt at current yields before 2027, anticipates additional financing needs of less than $5 billion in 2027, and expects to reach adjusted profitability in the first half of 2028.