CoreWeave beat Wall Street's third-quarter revenue estimate and raised its 2026 forecast on Tuesday. The results come after the stock lost over 40% of its value in a month, as concerns about debt and access to capital grew.
CoreWeave reported third-quarter revenue of $3.66 billion, against $3.55 billion expected by analysts in the LSEG consensus. The company also lifted its 2026 guidance, showing that demand for AI infrastructure remains strong despite concerns of a market slowdown.
Revenue soared 168% from about $1.36 billion a year earlier. However, the company recorded a net loss of $709 million, or $1.27 per share, compared with a net loss of $110 million a year earlier.
Guidance moves above analyst estimates
Executives now see $13 billion to $13.3 billion in revenue and $1.275 billion to $1.375 billion in adjusted operating income for 2026. In August, CoreWeave had projected $12.4 billion to $13.2 billion in revenue. Analysts polled by LSEG had expected $12.86 billion in 2026 revenue.
Demand remains robust, with a $132.5 billion revenue backlog, up from $104 billion as of June. CoreWeave is also targeting $37 billion to $39 billion in full-year capital expenditures.
Debt and rising rates pressure the stock
The shares have lost over 40% of their value in the past month as investors rotate out of companies most closely tied to AI infrastructure. Rising interest rates have pushed lenders out of the market, raising concerns about ongoing access to capital. Some CoreWeave bond yields recently topped 16%, and the company owed almost $47 billion in debt at the end of the third quarter.
Reuters reported that the shares were up more than 7% in extended trading. CEO Mike Intrator addressed the financing concerns in a statement. According to Reuters: "Customer contracts come first, and investment follows," he said.
CoreWeave investors are also looking toward next week, when key customer Anthropic is scheduled to debut on the Nasdaq.
Sources: CNBC, Reuters via Investing.com
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