AI cloud company CoreWeave announced its third-quarter financial report on November 10, with revenue of US$3.661 billion, an increase of 168% from US$1.365 billion in the same period last year, and raised its full-year financial forecast. according to CoreWeave Earnings Press Release, a net loss of US$709 million in the third quarter, compared with a net loss of US$110 million in the same period last year.

Chief Financial Officer Nitin Agrawal said at the conference that at the current yield level, the company does not plan to issue any more unsecured debt at the parent company level until 2027.

Full-year revenue forecast raised to US$13-13.3 billion

CoreWeave raised its full-year revenue forecast for 2026 to US$13 billion to US$13.3 billion, and adjusted its operating profit forecast to US$1.275 billion to US$1.375 billion, with the median being 26% higher than the previous forecast. Full-year capital expenditure forecast was revised to $37 billion to $39 billion from $35 billion to $39 billion, with the company saying the reason was that infrastructure would be deployed and delivered to customers earlier than originally planned.

As of September 30, the revenue backlog was approximately $132.5 billion. In the third quarter, more than 200 MW of operating power was added, totaling more than 1.7 GW; contracted power increased by more than 900 MW, totaling more than 4.6 GW. The company expects to have more than 1.85 GW of power in operation by the end of the year, and estimates fourth-quarter interest expenses of $1.05 billion to $1.15 billion.

Chief Financial Officer: The parent company will no longer issue unsecured bonds at the current yield rate

Recourse and non-recourse debt totaled approximately $46.9 billion at the end of the third quarter, and net interest expense was $846 million in the third quarter, compared with $310 million in the same period last year, according to the press release's balance sheet.

據 CNBC reports, Agrawal said at the conference: "At the current yield rate, we do not plan to issue any more unsecured debt at the parent company level before 2027. In contrast, the asset-level secured debt market has been stable, and our loan transaction prices are still around face value." He estimated that by 2027, debt financing at the parent company level will be less than $5 billion. CNBC noted that yields on some of CoreWeave's bonds recently exceeded 16%.

Agrawal also said the company would raise new debt in the coming weeks based on a pool of customer contracts. CEO Michael Intrator said most of the funding needed in 2027 will come from customer advances and financing from hardware partners, and the company will only raise a "limited amount" in addition. He also mentioned in the press release that he expects to receive about $9 billion in customer advances and deposits in the next three months.

After falling more than 40% in one month, major client Anthropic will list its shares next week

CNBC pointed out that CoreWeave’s stock price has fallen by more than 40% in the past month, investors are withdrawing from companies most closely related to AI infrastructure, and rising interest rates have also caused some lenders to exit the market. CoreWeave and its peers rely heavily on Huida to supply GPUs and capital, and Huida has fallen nearly 10% this week amid the scandal over CEO Jen-Hsun Huang's extramarital affair.

CoreWeave investors are also looking at major client Anthropic's Nasdaq listing next week.Anthropic updated its prospectus on November 10, with a price range of US$70 to US$78 per share, and a post-issuance valuation of approximately US$1.4 trillion. "We see ourselves maintaining a long-term relationship with AI Labs," Intrator said at the conference.

this article CoreWeave's revenue increased by 168%, raised its financial forecast, and suspended the issuance of unsecured bonds because the yield rate was too high first appeared in Chain News ABMedia。