$CRWV · CoreWeave, Inc.
CoreWeave filed its Q3 FY2026 10-Q. Revenue rose 168% YoY to $3.661B (nine-month revenue $8.314B, +134%). Operating income was $207M, but net interest expense drove a net loss of $709M ($1.27/share), versus a $110M loss a year earlier. Total assets nearly doubled to $91.5B, with property and equipment at $56.8B and total liabilities at $87.5B.
- Q3 revenue $3.661B, up 168% YoY from $1.365B.
- Net loss widened to $709M from $110M a year earlier.
- Interest expense, net tripled.
- Total assets nearly doubled to $91.5B; total liabilities $87.5B.
- Recourse debt, non-current rose to $32.4B from $14.6B at year-end.
Extended-hours last trade $55.00, down 9.49% vs the $60.77 regular close, suggesting investors are weighing the widening loss and heavy debt load against the strong revenue growth.
CoreWeave's explosive revenue growth is being offset by a tripling interest burden, leaving investors to weigh AI demand against a debt-heavy balance sheet.
CoreWeave's hypergrowth mirrors the AI-infrastructure buildout, but its debt-funded expansion and negative net income contrast with better-capitalized hyperscaler peers.
Rising interest expense ($846M in Q3) and $32.4B in non-current recourse debt pressure profitability. The filing also flags material weaknesses in internal control over financial reporting that remain to be remediated.