CoreWeave: Raises Full-Year Revenue Guidance, Capacity for Next Year Essentially Sold Out

CoreWeave reported third-quarter revenue of $3.661 billion, up 168% year-over-year, beating analyst expectations, and raised its full-year 2026 revenue guidance to $13 billion to $13.3 billion. On the earning call, CoreWeave CEO Michael Intrator said operating margin jumped to 10% from 5% in the second quarter, reaching the target set at the beginning of the year one quarter ahead of schedule; revenue backlog increased to approximately $133 billion, up 138% year-over-year; and active compute capacity expanded to more than 1.7 gigawatts, double the level at the end of 2025. The company stated that the persistent shortage of computing power has driven up pricing. It has raised prices for all product SKUs by approximately 25% in July, implemented a further 10% price increase at the end of the third quarter, and its prices continued to climb in the fourth quarter. CEO Michael Intrator said the company's compute resources are essentially sold out through 2027, and demand for 2028 far exceeds available capacity by several times.