TLDR
- CoreWeave stock rose about 15% to $56.15 in premarket trading Wednesday after its Q3 report.
- Revenue hit $3.66 billion, up 168% and above the $3.54 billion estimate.
- Interest expense jumped to $846 million, and Q4 is guided higher.
- Management is dropping unsecured bonds for contract-backed loans.
- The 2026 revenue forecast now sits at $13 billion to $13.3 billion.
CoreWeave stock closed Tuesday at about $48.74, down 0.5% in regular trading. It jumped about 15% to $56.15 in premarket trading Wednesday after the company posted third-quarter results.
CoreWeave, Inc. Class A Common Stock, CRWV
Revenue came in at $3.66 billion, up 168% from a year ago. Wall Street had expected $3.54 billion.
The adjusted loss was $1.27 per share, better than the $1.55 loss analysts expected. The net loss still widened to $709 million from $110 million.
COREWEAVE $CRWV Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $3.66B (Est. $3.55B) 🟢; +168% YoY
🔹 Adj. Operating Income: $379M (Est. $234M) 🟢
🔹 Adj. EBITDA: $2.26B (Est. $2.04B) 🟢; +169% YoY
🔹 Adj. Net Loss: -$529M (Est. -$677M) 🟢
🔹 GAAP EPS: -$1.27Raises FY26 Guide:
🔹… pic.twitter.com/BX7yImQRo7— Wall St Engine (@wallstengine) November 10, 2026
Adjusted operating income reached $379 million, up 75%. Adjusted operating margin slipped to 10% from 16%.
The Cost of Borrowing
Interest expense is where the bill shows up. It hit $846 million, up from $310 million a year earlier.
CoreWeave expects fourth-quarter interest expense of $1.05 billion to $1.15 billion. Debt stood at about $47 billion on Sept. 30.
Capital spending jumped to $14.5 billion in the quarter from $9.4 billion in the second. The company also raised the low end of its 2026 capex forecast to $37 billion from $35 billion, keeping the top end at $39 billion.
CoreWeave’s unsecured bonds have traded at yields of roughly 15% to 16% since early October. Lenders have pulled back from neocloud debt.
CEO Michael Intrator said the company is dropping unsecured public debt. It will lean on delayed-draw loans backed by customer contracts, plus customer deposits.
CFO Nitin Agrawal said the next delayed-draw loan would yield 7% to 7.5%. The stock turned green once he gave that range.
Guidance and Backlog
CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion. Analysts had expected $12.9 billion.
Adjusted operating income guidance rose to $1.275 billion to $1.375 billion, up 26% at the midpoint. Management expects to turn profitable on an adjusted basis in the first half of 2028.
The revenue backlog stands at roughly $133 billion, up from $104 billion at the end of the second quarter. The company added more than 200 megawatts of active power, taking its total above 1.7 gigawatts.
CoreWeave still expects more than 1.85 gigawatts of active power by year-end. Intrator also said he expects no impact from the political shift on data centers after last week’s elections.
Stifel kept its Hold rating but cut its price target to $60 from $120. The firm called the funding plan reasonable but said proof points are still ahead.
The stock has fallen nearly 58% in the past month. Since its March 2025 IPO, it has traded as high as $187 and as low as $33.52.
