CoreWeave Beats on Revenue, Raises Guide to $13.3 Billion — Interest Bill Triples

CoreWeave booked third-quarter revenue of $3.66 billion, up 168 percent from $1,365 million a year earlier, and raised its full-year revenue guidance to a range of $13.0 billion to $13.3 billion. The company filed the figures in a Form 8-K on 10 November. The stock closed Tuesday at $48.73, down half a percent on the day, then rose in after-hours trading. The gain, however, is not the whole story.

Net loss widened to $709 million from $110 million a year earlier, per the 8-K. The loss per share of $1.27 beat the $1.55 analysts expected, according to Investing.com. That is a narrower miss, not a profit. Interest expense did most of the damage.

What did CoreWeave actually report?

The quarter delivered hard numbers on both sides of the ledger:

• Revenue: $3,661 million, against $1,365 million in the prior-year quarter.
• Net loss: $709 million, widened from $110 million.
• Net interest expense: $846 million, up from $310 million.
• Adjusted operating income: $379 million, a 10 percent margin.
• Revenue backlog: roughly $132.5 billion as of 30 September, up from about $104 billion at the end of June.
• Fourth-quarter interest guidance: $1.05 billion to $1.15 billion.

Chief executive Michael Intrator called the results "a breakout quarter" in the company release. Revenue rose by more than $1 billion from the second quarter, and adjusted operating margins reached double digits one quarter ahead of plan, the company said. Those claims rest on the 8-K figures. The margin milestone is real. So is the interest bill that swallows it.

What is the guidance?

The 2026 outlook now includes revenue of $13.0 billion to $13.3 billion, adjusted operating income of $1.275 billion to $1.375 billion, and capital spending of $37 billion to $39 billion, all per the 8-K. CoreWeave also guided to an exit run-rate of $20 billion to $21 billion.

The infrastructure numbers moved too. Active power rose by more than 200 megawatts to over 1.7 gigawatts, and contracted power rose by more than 900 megawatts to over 4.6 gigawatts. The company still expects more than 1.85 gigawatts of active power at year-end.

Customer additions named in the release include Canva, Substack and Wayve. Expanded relationships include OpenAI, Cohere, Jane Street and Perplexity. CoreWeave expects about $9 billion in customer prepayments and deposits over the next three months. Prepayments ease cash pressure. They also signal customers locking in capacity they may not need if demand softens.

Why is the stock not a clean beat story?

The funding costs are the catch. Net interest expense nearly tripled year over year, and the fourth-quarter guide of up to $1.15 billion means the cost of building data centres is rising faster than operating income. During the quarter CoreWeave raised about $4.2 billion in convertible notes and set up an at-the-market programme for up to 35 million Class A shares, which can add supply to the stock.

The shares came into the report weak. Benzinga noted the stock was down about 73 percent from its highs before the print. Analysts at Wells Fargo, Citi, UBS, Rosenblatt and Morgan Stanley all cut their price targets in the run-up, according to Benzinga and TipRanks.

How did the stock react after hours?

Reports differ, and the spread matters. Investing.com reported a 5.7 percent rise to $51.51. KuCoin's news feed cited roughly 8 percent. A Yahoo Finance video put it near 2 percent. Extended-hours quotes vary with the time taken. Regular trading opened at 14:30 GMT on Wednesday, and that session is the real test.

Before the report, options were pricing a move of roughly 18 to 21 percent in either direction, according to Zacks via Nasdaq.com, Benzinga and Mitrade, measured on 9 and 10 November.

Where are the bull and bear levels?

Reference levels, not forecasts:

• Bear, $43.66: last Thursday's close per Yahoo Finance, about 10 percent below $48.73. This case needs the market to focus on the wider loss, interest costs and possible share sales.
• Base, $48 to $53: Tuesday's close and the top of the reported after-hours range. This case needs the after-hours gain to hold as investors weigh the raised guide against funding costs.
• Bull, $58: a roughly 19 percent move from $48.73, in line with pre-results options pricing, driven by the raised guide and the backlog.

Pre-results analyst targets sit well above all three: Morgan Stanley at $70 (equal-weight), UBS at $105, Wells Fargo at $115, Citi at $128 and Rosenblatt at $160, per Benzinga and TipRanks. Several of those targets were cut days before the print. No post-results changes were published at the time of writing.

What happens next?

Watch five things: the first regular session after the results; whether the stock holds the $51.51 after-hours level from Investing.com; analyst target changes after the call; Nebius results on Thursday 12 November, a read on GPU-cloud peers; and any use of the at-the-market share programme or new debt. Revenue is compounding at triple digits and the backlog stands at $132.5 billion, but until interest expense stops climbing toward $1.15 billion a quarter, every raise in guidance arrives with a funding bill attached.