CoreWeave reported third-quarter adjusted EBITDA of $838 million, reflecting a margin of 61.6 percent on revenue of $1.36 billion. This performance marks a substantial improvement from the prior-year period, when adjusted EBITDA stood at $514 million with a 58.2 percent margin. Management attributes the robust profitability to its AI-optimized infrastructure, which has driven higher utilization rates across its GPU clusters and reduced per-unit operating costs by 12 percent year over year.

Despite strong profitability, CoreWeave is accelerating capital expenditures to expand its data center footprint and upgrade to next-generation accelerators. The company expects full-year CapEx to reach $2.3 billion, up from $1.6 billion in 2024. These investments are necessary to meet contracted demand, which has grown by 145 percent year over year, but they also place pressure on free cash flow. Depreciation and amortization expenses rose 38 percent during the quarter, underscoring the cost of rapid hardware refresh cycles.

CoreWeave has secured multi-year commitments covering approximately 70 percent of its anticipated capacity through 2027, providing revenue visibility and cushioning against cyclical fluctuations. Customer renewal rates exceeded 95 percent in the quarter, and backlog increased by 120 percent versus the same period last year. While rising interest expenses on the company’s $10.3 billion of long-term debt will impact net income, management projects that operating cash flow will grow by at least 30 percent in 2026 as new facilities ramp up.