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# CoreWeave's order book hit US$132.5 billion and its lenders are owed US$41.6 billion
- URL: https://www.sharespective.com/stories/coreweaves-order-book-hit-us-132-2026-11-11/
- Published: 2026-11-10T22:15:01.000Z
- Updated: 2026-11-10T22:50:45.000Z
- Description: CoreWeave finished September with a revenue backlog of about US$132.5 billion, up from roughly US$104 billion three months earlier. Quarterly revenue was US$3.66 billion, nearly three times what it was a year earlier.
- Author: Shaun Botha
- Tags: AI infrastructure, #story, #group-other, CoreWeave

CoreWeave finished September with a revenue backlog of about US$132.5 billion, up from roughly US$104 billion three months earlier. Quarterly revenue was US$3.66 billion, nearly three times what it was a year earlier.

**So why are the shares 65% below their high?** CoreWeave has borrowed heavily to build. It carries about US$41.6 billion of recourse debt, and interest in the December quarter alone will cost between US$1.05 billion and US$1.15 billion.

The quarter made money until the interest arrived. Adjusted operating income was US$379 million, a 10% margin. The net loss was US$709 million.

![Chart: CoreWeave's order book keeps climbing. Revenue backlog at each quarter end, US$bn: work contracted but not yet booked as revenue. From 14.7 in March 2025 to 103.7 in June 2026; September's is in the story.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/11/coreweaves-order-book-hit-us-132-2026-11-11-chart.jpg)

This story’s chart of the day.

Active power doubled this year to more than 1.7 gigawatts, out of the 4.6 gigawatts it has under contract. Full-year revenue guidance went up, to between US$13 billion and US$13.3 billion. The shares closed just under US$49 and added about 2% after hours.

What to watch 

CoreWeave will spend US$37 billion to US$39 billion this year, roughly three times what it books in revenue. Our read is that an order book that size only matters while the lenders keep turning up, so the next debt raise says more than the next quarter does.

[ This story ran in The Half-Point Problem Wednesday 11 November’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-11-11/)