The Pulse

CoreWeave expects about $9 billion in customer prepayments and deposits

CoreWeave expects approximately $9 billion in customer prepayments and deposits over the next three months as it expands its AI infrastructure. The company also raised its 2026 spending forecast and reported a wider third-quarter net loss.

AI.info Team · · fact-checked · against 3 sources ↓ · Published 12 Nov 2026

CoreWeave expects approximately $9 billion in customer prepayments and deposits over the next three months to help fund its AI infrastructure expansion, alongside contract-backed financing and operating cash flow. The AI cloud provider disclosed the forecast in its third-quarter results on November 10.

More than $3 billion of the expected payments relates to recontracting existing cloud infrastructure that requires no additional capital expenditure, executives said on the company's earnings call. The prepayments and deposits come from signed customer contracts.

Funding the buildout

On the call, co-founder, chairman and chief executive Michael Intrator said prepayments were more attractive under current conditions and that the company had collected them on 70% of its deals this year. Some customers funded up to 100% of a contract's value upfront, he said.

The company expects to finance most of the remaining capital expenditure needed to deliver its backlog through delayed draw term loans matched to specific customer contracts. These facilities allow CoreWeave to draw money as equipment is purchased and delivered, Intrator said.

At current yields, CoreWeave does not intend to use the unsecured debt market to fund its business, the chief executive said. The company also closed a $2.6 billion facility designed to support shorter-duration customer contracts.

Pricing and commitments

Intrator said the company increased pricing across its offerings by approximately 25% in July and by another 10% later in the quarter. The company is allocating more capacity to short-term opportunities where the pricing justifies it.

Intrator said it was selling short-term capacity at more than $40 million per megawatt annually. Pricing for new infrastructure on four- and five-year contracts was moving to $20 million to $25 million per megawatt, he said.

CoreWeave reported approximately $132.5 billion in revenue backlog as of September 30. That measure includes remaining performance obligations and other amounts the company estimates it will recognize under committed customer contracts, subject to delivery and service-availability requirements.

Loss and spending outlook

The company's net loss widened to $709 million for the third quarter, from $110 million in the same quarter of 2025. Net interest expense rose to $846 million from $310 million over the same comparison.

The company raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion. It also raised its adjusted operating income forecast to $1.275 billion to $1.375 billion, a 26% increase at the midpoint from its prior guidance.

Full-year capital expenditures are expected to be $37 billion to $39 billion, up from a previous range of $35 billion to $39 billion. CoreWeave attributed the increase at the low end to its expectation that it would deploy infrastructure and deliver it to customers sooner than planned. The company also expects fourth-quarter interest expense of $1.05 billion to $1.15 billion.