CoreWeave Inc. (CRWV) Q3 2026 (USD): EPS -1.27 (exp. -1.27), Revenue 3.66bln (exp. 3.54bln)

• Adj. net income -529mln (exp. -700.3mln).
• Adj. EBITDA 2.26bln (exp. 2.04bln).
• Adj. operating income 379mln (exp. 233.7mln).
• Order backlog 132.5bln.

• FY capex 37-39bln (exp. 35.57bln, prev. 31-35bln).
• FY revenue 13-13.3bln (prev. 12-13bln).

The print follows the established pattern for AI infrastructure names: in-line EPS on a deep loss, a revenue beat, adjusted EBITDA ahead, and a large contracted backlog, with the headline tension sitting in guidance rather than the quarter. Raised revenue alongside a higher capex band is the recurring split in this peer set, since the same build-out that converts backlog into revenue also raises depreciation, funding needs, and the sensitivity of the equity to credit conditions. Episodes of this kind have tended to trade on the capex revision rather than the beat: the market reads accelerating spend either as demand-led, which supports the growth multiple, or as capital intensity outpacing visibility, which compresses it, and the distinction usually hinges on backlog composition, contract duration, and the customer concentration already well known in this name. The figure worth watching is the gap between the raised capex envelope and revenue guidance, since prior quarters in this cohort have shown that widening that gap without matching backlog conversion is what has pressured the shares and, at times, the associated credit. The follow-ons are the call commentary on backlog duration and any detail on funding, plus read-through to the hyperscaler and GPU supply chain names that typically move in sympathy with neocloud prints.