CoreWeave jumps 15% premarket, raises 2026 revenue forecast
CoreWeave (CRWV) shares vaulted 15.5% in pre-market trading on Wednesday, after the AI cloud provider told analysts it will not sell new unsecured bonds at today's yields.
Third-quarter revenue beat the $3.55B that analysts polled by LSEG had expected, and CoreWeave raised its 2026 revenue forecast to $13.0B-$13.3B from $12.4B-$13.2B.
| Q3 2025 | Q3 2026 | Change | |
|---|---|---|---|
| Revenue | $1.37B | $3.66B | +168% |
| Adjusted operating income | $217M | $379M | +75% |
| Adjusted EBITDA | $838M | $2.26B | +169% |
| Net interest expense | $310M | $846M | +173% |
| Net loss | $110M | $709M |
The adjusted operating margin reached 10%, up from 5% in the second quarter but lower than the 16% figure a year ago. Chief Financial Officer Nitin Agrawal cited strong execution, rising prices, and steering capacity toward higher-margin short-term contracts.
Agrawal also said CoreWeave expects positive adjusted net income in H1 2028 and for that full year. Its adjusted net loss was $529M in the third quarter.
Most of the earnings call was centered around how CoreWeave pays for its build-out, which has nearly tripled its interest bill in a year. CEO Michael Intrator said that "we will not use the unsecured debt market to fund our business at current yields, nor do we need to."
Instead, the company plans to lean on three sources:
- About $9B in customer prepayments and deposits expected in the next three months.
- A new delayed-draw term loan, which is tied to specific customer contracts and drawn as equipment arrives, to launch in the coming weeks. Agrawal expects an investment-grade rating and a yield of 7%-7.5%.
- Less than $5B of new capital raised at the parent company level through 2027.
Intrator said demand is not the limit. CoreWeave has 10 times as much qualified demand as available capacity through 2027, and is "largely sold out" for that period.
The quarterly report comes after a steep selloff. CoreWeave shares had lost more than 40% in a month and 65% since their May high leading into yesterday's release. Yields on some of its bonds topped 16%, CNBC reports, as rising rates pushed lenders back.
Other AI stocks rose alongside CoreWeave. Rival neocloud Nebius (NBIS), which reports on Thursday, is up 14.4% before the opening bell, and Micron (MU) has gained 6.6%.
Sources & Further Reading
- "CoreWeave (CRWV) Q3 2026 Earnings Call Transcript." Stock Analysis. November 10, 2026.
- "CoreWeave targets 2028 profitability as AI demand surges." Reuters. November 10, 2026.
- "CoreWeave Q3 2026 Earnings Press Release." CoreWeave. November 10, 2026.
- "CoreWeave beats on revenue and lifts guidance, easing AI slowdown concerns." CNBC. November 10, 2026.
This article was drafted with the help of AI. Reid Robertson fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
