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CoreWeave’s Q3 revenue surged 167% year-on-year to $3.66 billion—beating expectations—and its stock rose over 5% after hours.
On November 11, AI cloud service provider CoreWeave disclosed several key financial and operational updates: the company expects to achieve adjusted profitability in the first half of 2028; third-quarter revenue reached $3.66 billion, a sharp 167% year-on-year increase, surpassing the market expectation of $3.55 billion; earnings per share loss stood at $0.95, better than the expected $1.16. Boosted by this news, BIT stock platform data showed its after-hours share price surged over 5% to $51.38, though its cumulative decline over the past month remains above 40%.
Regarding guidance, CoreWeave raised its full-year 2026 revenue forecast from $12.4 billion to $13.2 billion to $13.0 billion to $13.3 billion; it also increased the lower end of its full-year expenditure guidance by $2 billion, establishing a new range of $37.0 billion to $39.0 billion. As of the end of September, the company’s contracted but unconfirmed revenue totaled $132.5 billion, significantly up from $104.0 billion at the end of June; third-quarter capital expenditures jumped to $14.5 billion from $9.4 billion in the prior quarter.
Addressing investor concerns about data center construction costs and the sustainability of returns amid high interest rates, CEO Mike Intrator revealed that the company expects to receive approximately $9 billion in customer prepayments and deposits within the next three months. He emphasized that CoreWeave follows a “contract-first, build-later” model—its secured customer demand not only bolsters lenders’ confidence in extending credit but often includes partial funding commitments from customers for expansion projects.
According to data compiled by LSEG, CoreWeave remains unprofitable to date, with total debt of approximately $46.9 billion as of the end of September. The company explicitly stated that, given current yield levels, it has no funding needs and will not enter the unsecured debt market; instead, it plans to repay existing debt and cover new borrowing required for contract fulfillment using cash flow generated from its existing customer contracts. Its core customers include Microsoft, Meta, OpenAI, and Anthropic.
Additionally, following the United States midterm elections, several newly elected officials have signaled intentions to slow down or restrict data center construction, heightening policy uncertainty around industry expansion. In response, CoreWeave has adopted a dual-track strategy: accelerating the launch of new services while actively expanding into Asian markets to drive diversified revenue growth.
Regarding guidance, CoreWeave raised its full-year 2026 revenue forecast from $12.4 billion to $13.2 billion to $13.0 billion to $13.3 billion; it also increased the lower end of its full-year expenditure guidance by $2 billion, establishing a new range of $37.0 billion to $39.0 billion. As of the end of September, the company’s contracted but unconfirmed revenue totaled $132.5 billion, significantly up from $104.0 billion at the end of June; third-quarter capital expenditures jumped to $14.5 billion from $9.4 billion in the prior quarter.
Addressing investor concerns about data center construction costs and the sustainability of returns amid high interest rates, CEO Mike Intrator revealed that the company expects to receive approximately $9 billion in customer prepayments and deposits within the next three months. He emphasized that CoreWeave follows a “contract-first, build-later” model—its secured customer demand not only bolsters lenders’ confidence in extending credit but often includes partial funding commitments from customers for expansion projects.
According to data compiled by LSEG, CoreWeave remains unprofitable to date, with total debt of approximately $46.9 billion as of the end of September. The company explicitly stated that, given current yield levels, it has no funding needs and will not enter the unsecured debt market; instead, it plans to repay existing debt and cover new borrowing required for contract fulfillment using cash flow generated from its existing customer contracts. Its core customers include Microsoft, Meta, OpenAI, and Anthropic.
Additionally, following the United States midterm elections, several newly elected officials have signaled intentions to slow down or restrict data center construction, heightening policy uncertainty around industry expansion. In response, CoreWeave has adopted a dual-track strategy: accelerating the launch of new services while actively expanding into Asian markets to drive diversified revenue growth.
