CoreWeave sees FY26 capex ‘well in excess of double that of FY25’

The company states: “The delays in PowerShell delivery associated with the data center provider will have an impact on our fourth quarter results. These delays are temporary, and as noted, the affected customer has agreed to adjust the delivery schedule to preserve their capacity for the full duration and the total value of the original agreement. The delays in PowerShell delivery associated with the data center provider will have an impact on our fourth quarter results. These delays are temporary, and as Mike noted, the affected customer has agreed to adjust the delivery schedule to preserve their capacity for the full duration and the total value of the original agreement. With that backdrop, we now expect 2025 revenue in the range of 5.05 to $5.15 billion. In addition, we anticipate 2025 adjusted operating income between $692M and $720M and expect to end the year with over 850MW of active power. In Q4, we will be bringing online some of the largest scale deployments in our company’s history. This will have a near-term impact on adjusted operating margin due to the timing difference between when data center costs are first incurred and when we start recognizing revenue. We expect 2025 interest expense in the range of $1.21B to $1.25B, driven by increased debt to support our demand led CapEx growth. Partly offset by an increasingly lower cost of capital. Moving to CapEx, we now expect 2025 CapEx in the range of $12B to $14B. We expect this reduction in CapEx from a prior guidance will be mostly reflected by a corresponding increase in construction in progress due to the build up of infrastructure waiting to be deployed following the delivery of PowerShell capacity. As such, the vast majority of the remaining CapEx we had previously anticipated to land in Q4 will now be recognized in Q1. In addition, given the significant growth in our backlog and continued insatiable demand for our cloud services, we expect CapEx in 2026 to be well in excess of double that of 2025.” Comments taken from Q3 earnings conference call.