Daily newsletter · Wed 11 Nov 2026
CoreWeave's order book hit US$132.5 billion and its lenders are owed US$41.6 billion
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.
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.
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.
General information and commentary only, not financial advice. It does not take account of your objectives, financial situation or needs, and reflects the author's own reading of public information at the time of writing, which may be wrong. Sharespective, its people and its clients may hold positions in the companies covered. Do your own research and talk to a licensed adviser.