Key facts
- CoreWeave reported a $132.5 billion revenue backlog, contracted business it expects to deliver over time rather than cash on hand.
- CoreWeave said it expects about $9 billion in customer prepayments and deposits over the next three months.
- CoreWeave said it had more than 1.7 gigawatts of active power capacity at the end of September.
- Nvidia invested another $2 billion in CoreWeave shares at $87.20 each in January, expanding a data-center capacity arrangement.
- Nvidia has a $6.3 billion initial agreement to buy CoreWeave's unused computing capacity through April 2032, subject to contract conditions.
- Bernstein analysts called it about the best quarter they could have asked for, according to Reuters, but warned CoreWeave would be hit hard if AI computing capacity shortages ease.
CoreWeave shares rose 24.7% on Wednesday, November 11, 2026, after the cloud provider reported third-quarter revenue of $3.66 billion, up 168% from a year earlier. The company posted a $709 million net loss and raised its 2026 sales forecast to $13 billion to $13.3 billion.
CoreWeave reported a $132.5 billion revenue backlog, which it describes as contracted business it expects to deliver over time rather than money already received. The company said it expects about $9 billion in customer prepayments and deposits over the next three months, and reported more than 1.7 gigawatts of active power capacity at the end of September. It named OpenAI, Cohere and Perplexity among its customers.
"This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially," CEO Michael Intrator said in the company's earnings release.
Nvidia is both an investor in CoreWeave and the supplier of the AI chips it rents out. In January, Nvidia invested another $2 billion in CoreWeave shares at $87.20 each, expanding an arrangement aimed at building more than five gigawatts of AI data-center capacity by 2030. The companies also agreed to introduce Nvidia technology including its Rubin platform and Vera CPUs across CoreWeave's infrastructure. Nvidia CEO Jensen Huang said at the time: "Together, we're racing to meet extraordinary demand for NVIDIA AI factories."
Nvidia also has a $6.3 billion initial agreement to buy CoreWeave's unused computing capacity through April 2032, subject to the contract's conditions. The overlapping relationships have drawn criticism that some describe as circular finance, complicating attempts to measure independent demand.
The market reaction extended beyond CoreWeave. The Nasdaq gained 1.6% on Wednesday, November 11, 2026, and Nvidia rose along with AI infrastructure stocks including Nebius, IREN, Oracle and Applied Digital. Bernstein analysts described the quarter as "about the best quarter we could have asked for," according to Reuters, but warned CoreWeave would be among the companies hit hardest if the shortage of available AI computing capacity begins to ease.