CoreWeave posts $3.66 billion in revenue, targets 2028 profit
What's new: The AI cloud company said it had $46.9 billion in debt, a $132.5 billion backlog and expected to raise under $5 billion more through 2027.
CoreWeave reported third-quarter revenue of $3.66 billion, topping estimates and underscoring continued demand for AI computing even as investors scrutinize its debt-heavy expansion. The Nvidia-backed company said it expects to turn profitable on an adjusted basis in the first half of 2028. CoreWeave had $46.9 billion in total debt at the end of September, but said it would avoid unsecured debt markets at current yields and could cover existing obligations and needed borrowing with cash flow tied to customer contracts. Its backlog rose to $132.5 billion from about $104 billion in June, while quarterly capital spending climbed to $14.5 billion from $9.4 billion. Shares rose about 5% in extended trading.