CoreWeave reports its third-quarter results on Tuesday, November 10, after the market closes. Its shares have more than halved over the past six months.
The numbers it brings into the quarter are large. At the end of June it had about $104 billion of revenue backlog, before another $25 billion of commitments signed early in the third quarter. It had 1.5 gigawatts of active power and about 3.7 gigawatts contracted at the end of June, and contracted power reached about 4.2 gigawatts by August 11. Its goal is at least 8 gigawatts by 2030. It guided 2026 capital spending to $35 billion to $39 billion.
Demand has not been the constraint. Last November a third-party developer fell behind on a site, CoreWeave cut its 2025 revenue forecast, and chief executive Mike Intrator called it a "stumble." Its $9 billion all-stock bid for Core Scientific, which held 840 megawatts of its capacity, was voted down by Core Scientific's shareholders in October 2025. Intrator said building more of its own sites was part of the answer.
Building your own sites means hiring the people who build and run them. That is what I looked at.