CoreWeave revenue jumps 168% in Q3 2026 on strong AI cloud demand

CoreWeave's revenue surged 168% year over year to $3.66 billion in the third quarter of 2026, driven by strong demand for its specialized AI cloud platform, according to the Motley Fool transcript of the company's earnings call.

The company's adjusted operating income reached $379 million, surpassing management's guidance range of $200 million to $260 million due to operating leverage and favorable pricing, the transcript states.

CoreWeave's revenue backlog hit a record $132.5 billion, up 138% year over year, reflecting strong future business prospects.

The company's active power footprint doubled to 1.7 gigawatts since the end of 2025, supporting increased IT load capacity.

Adjusted EBITDA was $2.3 billion, representing a 62% margin, while operating cash flow was $2 billion, expected to fund further scaling of the business.

Despite these gains, CoreWeave reported a net loss of $709 million, compared to $110 million in the prior year quarter.