CoreWeave Jumps 24.7%, Says It Is Largely Sold Out Through 2027

CoreWeave (NASDAQ: CRWV) closed at $60.77 on Wednesday, November 11, 2026, up $12.04, or 24.71%, for its biggest single-day gain since June 3, 2025. The move lifted its market value to $33.52 billion. It was the third-best day in the stock's history. Only April 1, 2025, days after the IPO, was bigger at 41.77%. Wednesday also beat December 19, 2025 (22.64%) and July 30, 2026 (21.51%).

The rally follows a bruising stretch. Shares closed at $48.73 on November 10 and at $43.66 on November 5 during the AI selloff. The stock has gained 25.51% over one week. It remains down 24.28% over one month and 15.14% for the year.

What did management say about demand?

On the November 10 earnings call, a Goldman Sachs analyst asked about demand. CEO Michael Intrator answered: "We are largely sold out through 2027." He said every bit of 2028 capacity offered so far has sold, with more still to offer. Demand for 2028 runs several times available capacity.

Third-quarter revenue came in at $3.7 billion. That is up 168% year over year and more than $1 billion above the second quarter. Backlog — revenue already under contract — grew 138% to roughly $133 billion. Active power passed 1.7 gigawatts. Contracted power reached 4.6 gigawatts.

CoreWeave raised its 2026 revenue outlook to $13.0 billion to $13.3 billion, above the $12.9 billion consensus. It lifted its adjusted operating income outlook to $1.275 billion to $1.375 billion. By year-end, it expects revenue of $20 billion to $21 billion.

Where does the money go?

Third-quarter adjusted operating income was $379 million, a 10% margin. The company still posted a net loss of $709 million. Operating profit covers heavy depreciation on new hardware, but $846 million of net interest expense exceeded what remained.

Capital projects will consume $37 billion to $39 billion this year, far more than revenue. Borrowed money covers the difference. That financing structure sits at the center of the investment case.

Are GPU prices still rising?

Intrator said CoreWeave raised GPU prices about 25% in July and roughly 10% more later in the quarter. Prices kept rising into the fourth quarter.

The company prices capacity per megawatt, measured as annual revenue from servers running on one megawatt of power. New four- and five-year contracts are moving to $20 million to $25 million per megawatt. Short-term capacity has sold for more than $40 million.

About 130,000 GPUs come off contract in 2027 and 170,000 in 2028. Rerenting them at current prices could add annual revenue approaching $10 billion without new capital spending. That revenue is not counted in the backlog. CoreWeave also said it was the first cloud provider to bring NVIDIA's Vera Rubin online, for the customer Cognition.

Why did the stock reverse after hours?

After the close, reports said CoreWeave is preparing an investment-grade loan led by Morgan Stanley and MUFG. Early yield talk is 7% to 7.5%, about half the yield on its existing high-yield debt. Cheaper borrowing would cut the interest bill. The loan could launch the week of November 16, and its terms may change. CoreWeave did not comment.

The stock still fell 6.37% to $56.90 in after-hours trading as of 7:59 p.m. ET. One outlet linked the drop to reports that NVIDIA's board could move to remove CEO Jensen Huang, which NVIDIA has not confirmed. The concern is that a leadership change could alter NVIDIA's commitments to CoreWeave. NVIDIA owns about 10% of the company and has agreed to buy its unused capacity through April 2032.

Analysts rate the stock a Moderate Buy: 21 Buy, 7 Hold, and 3 Sell, with an average price target of $107.96.

NVIDIA reports earnings on November 17, the same week the loan could launch. If the loan prices as discussed and NVIDIA's commitments hold, the financing risk eases; a close below Tuesday's $48.73 would deepen it. CoreWeave has not set the date of its next earnings report.