CoreWeave Posts Record $3.7 Billion Revenue as CEO Defends Debt Strategy

CoreWeave reported record third-quarter revenue of $3.7 billion, up 168% year-over-year, while CEO Michael Intrator defended the company's debt-heavy financing model amid rising losses and interest expenses. The neocloud posted a net loss of $709 million for the quarter, up from $110 million a year earlier, with net interest expenses reaching $846 million. Intrator said the company will avoid unsecured debt markets at current yields, instead planning to finance capital expenditures through delayed-draw term loans tied to customer contracts. CoreWeave holds a $132.5 billion revenue backlog and has 1.7 gigawatts of power online, with 1.8 GW targeted by year-end. Clients include OpenAI, Meta, Jane Street, Canva, and Perplexity, while the company's weighted average debt cost stands at 7.9%, down from 12.2% in 2024.