CoreWeave shares were higher in premarket trading after the company raised 2026 guidance
The AI cloud company reported $3,661 million in third-quarter revenue and raised 2026 revenue guidance to $13.0 billion to $13.3 billion. CNBC said shares were higher in premarket trading Wednesday, after the stock had also advanced in extended trading Tuesday.
By Marcus Rodriguez ·
Why it matters: The guidance raise and premarket rise follow a stretch in which CoreWeave's credit-default-swap spreads had widened past a level generally viewed as distress, CNBC said.
For information only, not investment advice. Prices delayed.
Tickers: CRWV
CoreWeave shares were higher in premarket trading Wednesday after the company reported third-quarter revenue of $3,661 million, compared with $1,365 million a year earlier, and raised 2026 revenue guidance to $13.0 billion to $13.3 billion, results that beat estimates, CNBC said.12 Its November 10 report said the stock advanced in extended trading after Tuesday's release, without giving a percentage.3
Adjusted operating income was $379 million, a 10% margin, compared with $217 million and a 16% margin a year earlier.1 Full-year 2026 adjusted operating income guidance was raised to $1.275 billion to $1.375 billion, a 26% increase at the midpoint, and the company now expects capital expenditures of $37 billion to $39 billion, raising the low end of a prior $35 billion to $39 billion range.1
CNBC's November 10 report said that in August, CoreWeave's 2026 guidance included $960 million to $1.15 billion in adjusted operating income and $12.4 billion to $13.2 billion in revenue.3 In a later article, the network said analysts polled by LSEG had expected $12.86 billion in 2026 revenue, and analysts surveyed by Visible Alpha were looking for $1.07 billion in adjusted operating income.2
The net loss was $709 million, or $1.27 a share, compared with a net loss of $110 million, or $0.22 a share, a year earlier.1 Revenue backlog was approximately $132.5 billion as of September 30, 2026.1 Cash used in purchases of property and equipment was $9,441 million in the quarter.1
"This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan," CEO Michael Intrator said.1 He said growth is supported by multiple sources of funding, including approximately $9 billion in customer prepayments and deposits expected in the next three months alone.1
As of September 30, 2026, CoreWeave reported recourse debt of $9,183 million current and $32,417 million non-current, and non-recourse debt of $1,389 million current and $3,884 million non-current.1 CNBC, citing the statement, said the company owed almost $47 billion in debt at the end of the third quarter.3 The November 11 article said CoreWeave sparked alarm when spreads on its CDS widened past 11%, generally viewed as a distress level, as investors assessed the sustainability of the AI trade.2 Some CoreWeave bond yields recently topped 16%, the November 10 report said.3
Zacks Chief Equity Strategist John Blank told CNBC's "Squawk Box Europe" that the company has done well to allay concerns about financing by moving away from unsecured bond financing.2 "It might be the bottom for CoreWeave," Blank said Wednesday. "But the shares are so beaten up, you have to believe at this point there's more value on the upside than the down."2
Sources
Tags: earnings · guidance · ai · markets-moves · analysts