CoreWeave Q3: huge backlog and pricing power, but record cash burn
CoreWeave reported a beat-and-raise with a $132.5B backlog and rising GPU prices, but also a record $7.5B quarterly cash burn and $47B of debt.
What we know
Market news accounts report CoreWeave raised prices about 25% in July and another 10% later, with older Ampere and Hopper GPU pricing up 30–50% QoQ. A company executive said it has 10x as much qualified demand as capacity through 2027, and that renewals could add about $4B of annualised revenue. Backlog reached $132.5B and the company guided to adjusted net income turning positive in H1 2028. The strain shows in Q3 free cash flow burn of about $7.5B, capex above its own guide, only 37% of contracted power switched on and debt of $47B with a $1.1B quarterly interest bill. Those last points come from market commentary and are the bear case rather than company statements.
What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“CoreWeave raised prices about 25% in July, then another 10% later in the quarter”
View post →“CoreWeave burned about $7.5B of free cash flow in Q3”
View post →“Guides to a $1.1 billion quarterly interest bill as debt hits $47 billion”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.