CoreWeave (NASDAQ:CRWV) reported record revenue for the third quarter as it expanded its backlog amid continued demand for its Cloud-based AI infrastructure.
The company posted revenue of approximately $1.36 billion for the quarter, surpassing Wall Street estimates of around $1.29 billion.
CoreWeave reported a net loss of $110.1 million, or $0.22 loss per share, which compares with a net loss of $359.8 million, or $1.82 loss per share, in the same period last year. Analysts had expected an EPS loss of roughly $0.51.
The company’s revenue backlog reached $55.6 billion as of September 30, 2025, reflecting remaining performance obligations and expected future revenue from committed customer contracts.
During the quarter, CoreWeave expanded major partnerships with Meta and OpenAI, scaled its AI infrastructure with an additional 120 MW of active power, and advanced technology deployments with NVIDIA systems. The company also launched CoreWeave Ventures and announced investments in new data centers in the US and UK.
“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion,” CoreWeave CEO Michael Intrator said in a statement.
“Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services.”
CoreWeave will provide forward-looking guidance during its quarterly earnings call and webcast.
The company’s shares slipped 0.7% to about $105 shortly after it posted its earnings report.