CoreWeave Lifts 2026 Forecast to $13.3 Billion Despite Heavy Debt Load

CoreWeave raised its financial projections for 2026 after posting strong quarterly sales growth. Revenue surged 168% from the previous year’s $1.36 billion mark. The business also reported a wider net loss of $709 million, compared to a loss of $110 million a year prior.

The company now projects 2026 revenue between $13 billion and $13.3 billion, alongside adjusted operating income of $1.275 billion to $1.375 billion. Both numbers surpassed consensus estimates from Wall Street analysts.

Financing Pressures and High Debt

The positive forecast follows a steep drop in CoreWeave’s valuation, which fell over 40% in the past month. Rising interest rates have tightened credit markets, pushing yields on some CoreWeave bonds beyond 16%. The company carried nearly $47 billion in total debt at the close of the third quarter.

Chief Financial Officer Nitin Agrawal said CoreWeave will avoid issuing additional parent-level unsecured debt through 2027 at current rates. Instead, the firm plans to tap asset-level secured loans and expects less than $5 billion in parent-level debt financing over that period. CoreWeave will also fund operations using client prepayments and partner financing.

Infrastructure Expansion and Backlog

CoreWeave is planning capital expenditures between $37 billion and $39 billion. It aims to reach 1.85 gigawatts of active power capacity by the end of 2026. The company recently expanded into Asia and launched Forge, a service to run and evaluate machine learning models.

Despite recent local voter pushback against data center projects in the United States, leadership expects minimal disruptions. Chief Executive Mike Intrator noted that most necessary power capacity is already operating or under permitted construction. CoreWeave reported that its revenue backlog expanded to $132.5 billion, up from $104 billion in June.