CoreWeave reported third-quarter revenue of $3.66 billion on Tuesday, beating Wall Street expectations of $3.54 billion and rising 168% from a year earlier, as demand for the artificial intelligence cloud provider's Nvidia-powered computing capacity continued to surge.
Adjusted operating income rose 75% to $379 million, the company reported, but the adjusted operating margin narrowed to 10% from 16% a year ago. Interest expense climbed to $846 million, up from $310 million last year, more than offsetting the operating profit — the central tension in CoreWeave's debt-fueled growth model.
Shares of CoreWeave fell 0.5% in regular trading to close at $48.73, then moved higher in after-hours trading following the report. The stock has been under severe pressure, nearly halving since Oct. 6 and trading more than 70% below its June 2025 high, as investors question whether the data-center build-out can keep pace with its financing costs.
The results landed a day after CoreWeave signed a multi-year agreement with Wayve, the autonomous-driving technology company, to supply cloud computing for its AI models — a deal that lifted the shares 6% on Monday. CoreWeave also counts Nvidia as a 9% shareholder, customer and its most important supplier, and reported a revenue backlog of about $104 billion at the end of June, plus more than $25 billion in new customer commitments early in the third quarter.
The company now faces its earnings call, where management must convince investors it can keep borrowing at reasonable rates to fund its expansion. CoreWeave's 2 billion euro senior-note offering due in 2032 is trading at about 75% of face value, and the company guided to $35 billion to $39 billion of capital spending this year.
