CoreWeave Q3 营收涨 168% 至 36.6 亿美元，净亏损扩大至 7.09 亿美元
这份财报把 AI 算力租赁的高杠杆模式摆上台面：CoreWeave 营收和订单都在猛涨，但利息支出吃掉了全部运营利润，手里 41 亿美元现金对着 470 亿债务。做算力生意、想投 AI 基建股、或者关心这场 GPU 军备竞赛能撑多久的人，都该看看这组数字。
CoreWeave 第三季度营收同比增长 168% 至 36.6 亿美元，但净亏损扩大逾 6 倍至 7.09 亿美元。亏损主要来自借贷成本：净利息支出从 3.1 亿美元升至 8.46 亿美元，超过本季度 3.79 亿美元的调整后运营收入。
公司的商业模式是先借钱购买 Nvidia GPU，再通过租赁收回收入，因此本季度资本支出后的现金消耗达 75 亿美元，是一年前 16 亿美元的四倍多。签约订单积压从 6 月的 1040 亿美元升至 1325 亿美元，2026 年营收指引上调至 130 亿至 133 亿美元，全年资本支出指引提高到 370 亿至 390 亿美元。
季度末公司持有约 41.2 亿美元现金，对应近 470 亿美元债务，后续扩张依赖新增借款或股权融资。市场对其融资能力的担忧在过去一个月里使股价下跌超过 40%，财报发布后盘后股价回升约 6%。
CoreWeave’s third-quarter revenue jumped 168% to $3.66B, but its net loss grew more than 6-fold to $709M.
Borrowing costs drove that loss: net interest expense rose to $846M from $310M, more than double the quarter’s $379M adjusted operating income.
Because the company borrows to buy Nvidia GPUs ahead of rental income, it burned $7.5B after capital spending, up from $1.6B a year earlier.
Contracted backlog still climbed to $132.5B from $104B in June, and the 2026 revenue forecast rose to between $13B and $13.3B.
The spending plan grew too, with full-year capex guidance now at $37B to $39B, up from $35B to $39B.
The quarter closed with about $4.12B in cash against nearly $47B of debt, so further growth depends on new borrowing or share sales.
Worries about that funding had cut the stock more than 40% over the past month, though shares rose about 6% after hours.
This report is categorized under AITOP's "Industry" desk, focusing on US frontier AI labs and Silicon Valley technology leaders. Key entities and technical topics under continuous tracking include CoreWeave, Nvidia, AI算力, 财报.
Source attribution: curated from rohanpaul_ai (@rohanpaul_ai). Cross-source corroboration: 11 independent sources have covered this development (including Tech in Asia, The Straits Times: Business, Decoder), confirming industry-wide signal strength.
