---
title: CoreWeave grew revenue 168%
description: "The stock jumped nearly 8% after-hours\nThe number we are watching: its $1 billion quarterly interest bill.\n\nThe Q3 numbers show how fast demand for AI compute is growing:\n▪️ Revenue hit $3.66B, up 168% YoY\n▪️ Adjusted EBITDA reached $2.26B, up 169%\n▪️ Revenue backlog surpassed $132B\n▪️ Annualized revenue run-rate outlook rose to $20B–$21B\n\nNow look at what it costs to build the capacity to serve that demand.\n\nCoreWeave expects $35B–$39B in 2026 capex. It also expects $1.05B–$1.15B in interest expense in Q4 alone. That’s more than $4B annualized at the Q4 pace.\n\nAnd even with revenue more than doubling, CoreWeave posted a $529M adjusted net loss in Q3.\n\nThere is still significant long-term potential. Customers are committing billions, and the backlog gives CoreWeave a substantial pipeline of future revenue. \n\nHow much cash that revenue generates will depend on what it costs to build and finance the infrastructure behind it.\n\nHow much of that $132B backlog will translate into free cash flow after capex and interest?\n\nThat’s the number we want to see.\n\nSource: CNBC, Merlin Capital"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [CoreWeave grew revenue 168%](https://blog.syzgroup.com/syz-the-moment/coreweave-grew-revenue-168)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Nov 11, 2026, 2:23:46 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/coreweave-grew-revenue-168)

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