CoreWeave said on Tuesday, Nov. 10, that third-quarter revenue nearly tripled to $3.66 billion from $1.37 billion a year earlier, and it raised its full-year forecast as demand for rented artificial intelligence computing kept outrunning supply. The Nasdaq-listed company, which rents out Nvidia-based computing to AI developers, put its revenue backlog at about $132.5 billion as of Sept. 30.

The results matter in Asia on two counts. CoreWeave's capital spending, now guided at up to $39 billion this year, pays for servers, memory and storage that are largely built by Asian suppliers. It is also becoming a direct investor in the region: the company said its contracted power outside the U.S. now exceeds 1.3 gigawatts, including sites in India and Indonesia.

Shares rose in after-hours trading on Tuesday as revenue and earnings topped consensus estimates, Investor's Business Daily reported. The stock had been under pressure before the report on investor worries about the company's rising borrowing costs, the publication said.

Bigger revenue, bigger interest bill

Revenue rose by more than $1 billion from the second quarter, the company said. Operating income climbed to $207 million from $52 million a year earlier, a margin of 6%. On an adjusted basis, operating income was $379 million, a 10% margin, down from 16% a year earlier but, according to Chief Executive Michael Intrator, in double digits "a quarter ahead of plan."

The bottom line went the other way. Net interest expense jumped to $846 million from $310 million a year earlier, and the net loss widened to $709 million, or $1.27 a share, from $110 million, or 22 cents. Adjusted EBITDA, which strips out interest and depreciation, rose to $2.26 billion, a 62% margin.

CoreWeave raised its 2026 revenue forecast to $13.0 billion to $13.3 billion and lifted its adjusted operating income outlook to $1.275 billion to $1.375 billion, 26% above its prior guidance at the midpoint. It expects to exit the year at an annualized revenue run rate of $20 billion to $21 billion.

Spending is rising too. The company now expects 2026 capital expenditure of $37 billion to $39 billion, lifting the bottom of its earlier $35 billion to $39 billion range because it plans to deliver capacity to customers sooner than planned. It guided fourth-quarter interest expense to $1.05 billion to $1.15 billion.

Intrator said growth is funded from several sources, including customer-backed financing, operating cash flow and roughly $9 billion of customer prepayments and deposits expected over the next three months. During the quarter CoreWeave raised about $4.2 billion through convertible notes, set up an at-the-market program to sell up to 35 million Class A shares and closed a $2.6 billion delayed-draw term loan, according to its release.

CoreWeave's push into India and Indonesia

The company added more than 200 megawatts of active power in the quarter, taking the total above 1.7 gigawatts, and grew contracted power by more than 900 megawatts to over 4.6 gigawatts. It still expects more than 1.85 gigawatts to be active at year-end.

Two of its newest markets are in Asia. In August it announced three facilities in Greater Jakarta with a combined 360 megawatts of contracted IT power, due online in 2028, its first footprint in the Asia-Pacific region, Data Center Knowledge reported. CoreWeave will lease the buildings from a colocation provider it declined to name and run the computing equipment itself.

In October it entered India through AdaniConneX, planning 240 megawatts across three 80-megawatt buildings at the Taloja campus in Navi Mumbai, the company said. CoreWeave will be the sole tenant, plans to deploy Nvidia's Vera Rubin platform there and has the option to double capacity at the site. The first phase is expected in mid-2028.

Those projects join a wider race for AI capacity in the region, from SoftBank's plans for data centers in Sarawak to the U.S. cloud giants whose AI spending is filling order books at Asian suppliers.

Supply is a growing constraint. CoreWeave said it signed a multi-year deal with Solidigm for priority access to enterprise solid-state drive capacity. When announcing that agreement in August, the company said storage supply was tightening across the industry.

On hardware, CoreWeave said it has brought multi-rack Nvidia Vera Rubin NVL72 systems online, with the first production workloads for customer Cognition delivering 4.8 times the token throughput of the earlier GB200 NVL72. Customers it named in the quarter included OpenAI, Cohere, Perplexity, Jane Street and Canva.

The next markers are a fourth-quarter interest bill the company has guided above $1 billion and its target of more than 1.85 gigawatts of active power by Dec. 31.