CoreWeave's Revenue Backlog Swells to $132.5B on Surging AI Compute Demand

CoreWeave reported third quarter revenue of $3.66B, a 168% increase from a year ago, and raised its forecast for its year-end annualized revenue run-rate to between $20B and $21B. The company's revenue backlog climbed 138% to approximately $132.5B, with management stating that qualified demand for its compute capacity through 2027 now exceeds its available supply by 10 to 1. CoreWeave expects to collect $9B in customer prepayments and deposits over the next three months to fund infrastructure expansion, and nudged its 2026 capital expenditure guidance higher to $37B-$39B while expecting to achieve positive adjusted net income in the first half of 2028.