CoreWeave beats Q3 revenue estimates, raises 2026 forecast, targets 2028 adjusted profit

Centre · 2CoreWeave reported third-quarter revenue of $3.66 billion on 10 November, beating the analysts' average estimate of $3.55 billion, according to LSEG data. 1 2 Centre · 2Revenue rose about 168 to 170 per cent from a year earlier, and the per-share loss of 95 cents was smaller than the $1.16 loss analysts expected. 3 2 Centre · 1The company raised its 2026 revenue forecast to $13.0 billion to $13.3 billion, from $12.4 billion to $13.2 billion, and lifted the lower end of its annual spending target by $2 billion, to $37 billion to $39 billion. 3

Centre · 2Executives said CoreWeave expects to turn profitable on an adjusted basis in the first half of 2028, as it sought to reassure investors that demand and customer commitments will support its debt-funded expansion. 4 2 Centre · 1Its contracted revenue backlog stood at $132.5 billion at the end of September, up from $104 billion at the end of June, while quarterly capital spending rose to $14.5 billion from $9.4 billion in the prior quarter. 4 3 Centre · 1CEO Mike Intrator said the company expects $9 billion in customer prepayments and deposits over the next three months, and said in a statement: "Customer contracts come first, and investment follows." 3

Centre · 2Debt was about $46.9 billion at the end of September. CoreWeave said it would not tap unsecured debt markets at current yields through 2027 and expects to raise less than $5 billion of additional capital through 2027, and Gulf News reported finance chief Nitin Agrawal made the unsecured-debt comment. 4 2 Centre · 2CoreWeave has never turned a profit, according to LSEG data. Gulf News reported a net loss of $709 million, up from $110 million a year earlier, and interest costs of $846 million against operating income of $207 million. 3 2 Centre · 2CoreWeave said it is largely sold out of capacity through next year, with about ten times as much demand as available capacity, and Gulf News reported that rental prices for older Ampere and Hopper chips rose 30 to 50 per cent from the prior quarter. 4 2

Centre · 2The results follow a selloff in which the stock fell more than 40 per cent in a month, as CoreWeave became the focal point of AI bubble fears over heavy borrowing, rising interest rates and slow returns on data-center spending. 1 2 Centre · 1Market sentiment was also affected by the Democrats' win in the US midterms, which raised the prospect of tighter regulation of data-center building. Intrator told Reuters he did not expect a material change in how CoreWeave builds, though he expected a "pacing issue", and said the firm would not accelerate international expansion because of the election. 4 Centre · 2Share moves in extended trading were reported differently across CNA's successive versions (up more than 7 per cent, down about 4 per cent, up 5 per cent), and Gulf News said the stock rose about 7 per cent after swinging between $46.50 and $54.87, having closed the regular session at $48.73. 1 3 2

Centre · 1Some analysts say financing worries are overblown: Truist said sentiment had become disconnected from improving economics at AI cloud providers. Separately, hyperscaler earnings hinted at data-center delays, and Bloomberg News reported Microsoft tightened oversight of some neocloud projects. 1