CoreWeave's Q3 2026 financial report details $3.66 billion in revenue, a $709 million net loss, and $846 million in quarterly interest expenses.
The update outlines borrowing structures, pricing adjustments for short- and long-term infrastructure contracts, and an overall project backlog of $132.5 billion.
The revenue and lending strategy
The company is trying to secure capital by shifting its strategy. It plans to increasingly rely on loans that are directly covered by specific contracts with customers. Indicatively, in August it closed a $2,6 billion loan, which is tied to short-term agreements. At the same time, lending conditions remain pressured, as interest rates on some of the company's bonds exceeded 15% last month.
CoreWeave expects to receive $9 billion in prepayments and deposits in the next quarter. Of that amount, more than $3 billion is from infrastructure contracts that have already been completed.
Pricing changes
The company has made significant increases in the prices of its services: in July prices increased by 25%, followed by an additional 10% increase during the quarter. The differences in charges depending on the duration of the contracts are large:
- Short-term contracts: The cost exceeds $40 million per megawatt per year.
- Long-term contracts (4-5 years): Prices range between $20 and $25 million per megawatt.
Despite the challenges, the company's backlog, meaning future work that has already been agreed upon, stands at $132,5 billion.
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