CoreWeave, the AI cloud company that rents out Nvidia chips to firms like OpenAI, reported third-quarter 2026 revenue of $3.66 billion on November 10, up 168% from a year earlier and ahead of Wall Street's forecast. It also raised its full-year outlook to $13.0 billion to $13.3 billion. The catch is the debt. CoreWeave lost $709 million in the quarter, mostly because its interest bill rose to $846 million, and it owed about $47 billion at the end of September.[1][2][3]
 | |
| Company | CoreWeave, Inc. (Nasdaq: CRWV) |
|---|---|
| Quarter | July to September 2026 |
| Reported | November 10, 2026, after the US close |
| Revenue | $3.66 billion (+168%) |
| Net loss | $709 million ($1.27 a share) |
| Net interest expense | $846 million |
| Revenue backlog | $132.5 billion |
| 2026 revenue forecast | $13.0-$13.3 billion (raised) |
| 2026 capital spending | $37-$39 billion |
| Debt, September 30 | About $46.9 billion |
| CRWV close, Nov 10 | $48.73 (before the results) |
| After hours, Nov 10 | High about $53-$54, then about $47.5 at 22:30 GMT |
CoreWeave Q3 2026 results
Revenue for the quarter to September 30 was $3.661 billion, against $1.365 billion a year earlier.[1][2] That is more than $1 billion higher than the second quarter's $2.58 billion, and chief executive Michael Intrator called it "a breakout quarter".[1][5] Stock Titan notes that CoreWeave's own August forecast for the quarter was $3.45 billion to $3.60 billion, so it also beat its own range.[6]
The company made money before financing costs. Operating income under standard accounting (GAAP) was $207 million, up from $52 million a year earlier. Adjusted operating income, which leaves out stock-based pay and some other items, was $379 million, a 10% margin. That margin is down from 16% a year ago but up from 5% in the second quarter, and Intrator said double digits arrived "a quarter ahead of plan".[1][4][5]
Then comes interest. Net interest expense was $846 million, against $310 million a year earlier, which is more than four times the quarter's operating income. With an $83 million tax charge on top, the GAAP net loss came to $709 million, or $1.27 a share, compared with $110 million, or $0.22 a share, in the third quarter of 2025.[2][4][5]
On the adjusted figure, the net loss was $529 million, down from $567 million in the second quarter, according to TradingKey's read of the release.[4]
Results against expectations
Analysts had expected a loss of $1.54 a share on revenue of $3.54 billion, according to Seeking Alpha, and MarketScreener reported the same $1.54 loss as the FactSet consensus. CoreWeave beat both.[3][9]
| Measure | Expected | Reported |
|---|---|---|
| Revenue | $3.54 billion (consensus) | $3.66 billion |
| Loss per share | $1.54 (consensus) | $1.27 |
| 2026 revenue forecast | $12.86 billion (LSEG) / $12.88 billion | $13.0-$13.3 billion |
| 2026 adjusted operating income | $1.07 billion (Visible Alpha) | $1.275-$1.375 billion |
| 2026 capital spending | $37.69 billion (Visible Alpha) | $37-$39 billion |
The table uses the estimates quoted by CNBC and Seeking Alpha, which were taken from different analyst surveys, so the two revenue figures differ slightly.[2][3]
The raised 2026 forecast
In August CoreWeave expected 2026 revenue of $12.4 billion to $13.2 billion and adjusted operating income of $960 million to $1.15 billion. It now expects $13.0 billion to $13.3 billion in revenue and $1.275 billion to $1.375 billion in adjusted operating income, both above what analysts expected.[2][3] Seeking Alpha says the profit forecast is up 26% at the midpoint.[3]
The other numbers in the outlook:
- Capital spending: $37 billion to $39 billion for 2026, narrowed from $35 billion to $39 billion. CNBC says the midpoint would be 155% growth on 2025.[2][3][6]
- Power: more than 1.85 gigawatts of active power by the end of 2026. It had more than 1.7 gigawatts at the end of September and more than 4.6 gigawatts contracted for later.[2][3][6]
- Run rate: an annual revenue run rate of $20 billion to $21 billion by the end of the year, according to Seeking Alpha.[3]
- Interest: $1.05 billion to $1.15 billion of interest expense in the fourth quarter alone, Seeking Alpha reports, which is higher again than the third quarter's $846 million.[3][4]
The $132.5 billion backlog
CoreWeave ended the quarter with a revenue backlog of $132.5 billion, up from about $104 billion at the end of June.[2][6] The backlog is signed work it still has to deliver. TradingKey says the release expects 36% of it to become revenue within 24 months, 38% between months 25 and 48, and 26% after that.[4] So most of it is years away, and it depends on CoreWeave building the data centres on time.
Stock Titan's reading is that the backlog implies about $32 billion of net new contracts in the quarter. New customers named in the release include Canva and the UK self-driving firm Wayve, alongside more work for existing customers OpenAI and Jane Street.[6] The Wayve agreement for training its AI driver was announced on results day.[10] CoreWeave has also relied on a few large customers: its three biggest paid 72% of second-quarter revenue, according to its quarterly filing as quoted by Stock Titan.[6]
Debt, spending and the $9 billion in prepayments
This is the part investors were watching. CNBC's preview called it a "debt-fueled AI build-out" under scrutiny, and some CoreWeave bonds recently yielded more than 16%.[2][7]
- Debt: about $46.9 billion on September 30, up from $35.1 billion at the end of June, with $10.6 billion due within a year.[2][6]
- Spending: CoreWeave paid $9.4 billion in cash for equipment and buildings in the quarter, 2.6 times its sales, by Stock Titan's count from the cash flow statement. The company's own capital spending measure, which also counts equipment delivered but not yet paid for, was $14.5 billion, TradingKey reports.[4][6]
- Funding: in September it sold about $4.2 billion of convertible bonds paying 2.875% a year, and it set up a programme to sell up to 35 million new shares over time.[1][6]
- Prepayments: Intrator said CoreWeave expects "approximately $9 billion in customer prepayments and deposits" in the next three months alone.[1][3]
Put simply, the business is growing fast and is now profitable before interest, but it borrows to build, and interest costs are rising faster than operating profit for now. Whether the backlog turns into cash quickly enough to cover that is the real question for the stock.
What happened to CRWV stock
CoreWeave closed the regular session on November 10 at $48.73, down 0.5% on the day, before the results.[8] After the release, the shares rose more than 7% in extended trading, according to Seeking Alpha, and TradingKey saw a gain of over 8% at one point. Both then reported the move fading: TradingKey had the stock up about 1.8% at $49.60, and CNBC described a slight rise.[2][3][4] Yahoo Finance data showed about $50 at 4:36pm ET.[8]
During the call: the gain disappears
The early high was bigger than it first looked. Stocktwits reported the stock "climbed as high as $53 shortly after the close", and Yahoo Finance's five-minute data has a high of $54.00 in the first minutes, about 11% above the close.[8][11] It did not last. The analyst call began at 5pm ET (22:00 GMT), and over the next half hour the shares slid below the regular-session close. Yahoo's data had CRWV at about $47.4 to $47.7 around 5:30pm ET (22:30 GMT), roughly 2% to 3% under $48.73, with a low of $46.50.[8] Investor's Business Daily changed its evening market headline from "CoreWeave Rises Late" to "CoreWeave Falls Late" at 5:24pm ET.[12]
None of the reports we read by 22:30 GMT said exactly what on the call turned the stock. Before the results, the worries were the $846 million quarterly interest bill, the higher spending plan and how CoreWeave pays for it, so those are the likely questions, but that is our reading, not something an outlet has reported.[2][4] After-hours trading is thin, and the price can move again before the Nasdaq opens on Wednesday, November 11.
| Time (GMT) | Price | vs $48.73 close | Source |
|---|---|---|---|
| 21:00 | $48.73 | 0% | Yahoo Finance[8] |
| About 21:05 | $53 to $54 (high) | +9% to +11% | Stocktwits, Yahoo Finance[8][11] |
| 21:36 | About $50 | +2.6% | Yahoo Finance[8] |
| 22:20 | $46.50 (low) | -4.6% | Yahoo Finance[8] |
| About 22:30 | About $47.4 to $47.7 | About -2% to -3% | Yahoo Finance, IBD[8][12] |
After the call: the stock climbs back
The dip did not hold either. From about 5:30pm ET the shares rose almost steadily, passing $50 by 6pm ET (23:00 GMT) and $51.50 by 6:50pm ET. In Yahoo Finance's five-minute data the last trade of the after-hours session, just before 8pm ET (01:00 GMT), was $52.58, about 7.9% above the regular close.[8] Investor's Business Daily's late market report now says CoreWeave "climbs in volatile trade", and MarketWatch's evening story says the stock "pops as new financing playbook eases debt concerns", which is the first outlet to tie the move to how CoreWeave pays for its build-out.[12][13]
After-hours prices are set by a small number of trades, so the real test is Wednesday's regular session. As we write this we have not seen a full account of what CoreWeave said on the call about financing, so we have not added detail beyond MarketWatch's headline.
| Time (GMT) | Time (ET) | Price | vs $48.73 close |
|---|---|---|---|
| 22:35 | 5:35pm | About $49.90 | +2.4% |
| 23:05 | 6:05pm | About $50.30 | +3.2% |
| 00:00 | 7:00pm | About $51.70 | +6.1% |
| 00:55 (last) | 7:55pm | About $52.58 | +7.9% |
The results came after a brutal month. CNBC says CoreWeave lost more than 40% of its value in the past month as investors moved out of AI infrastructure stocks and rising rates made lenders more cautious.[2] By Yahoo Finance's daily closes, the stock was at $91.72 on October 6 and $43.66 on November 5.[8]
The day's market backdrop did not help. A hotter-than-expected October inflation report sent Treasury yields higher and the Nasdaq fell 0.7%. Our US CPI October 2026 explainer has the details.
Why it matters beyond CoreWeave
- Anthropic's IPO. CNBC notes that Anthropic, a key CoreWeave customer, is due to list on the Nasdaq next week, and its updated prospectus points to a valuation of around $1.4 trillion.[2] See our Anthropic IPO explainer.
- Nebius. Fellow "neocloud" Nebius reports on Thursday. Its shares got a small lift from CoreWeave's numbers, CNBC says.[2]
- Data centre politics. Voters in the US, where CoreWeave makes most of its money, rejected dozens of data centre proposals in last week's elections, according to CNBC. In August Intrator said such limits affect "where this infrastructure gets built", not demand.[2][6]
Timeline
| Date | Event |
|---|---|
| Aug 11, 2026 | Q2 results: revenue $2.58 billion; 2026 forecast $12.4-$13.2 billion |
| September 2026 | About $4.2 billion of 2.875% convertible bonds sold |
| October 6 to November 5 | CRWV falls from $91.72 to $43.66 |
| Nov 10, before the open | Multi-year deal with Wayve announced |
| Nov 10, after 4pm ET | Q3 results: revenue $3.66 billion, forecast raised; shares jump to about $53 to $54 after hours |
| Nov 10, 5pm ET | Analyst call; CRWV slips below its close, about $47.5 by 5:30pm ET |
| Nov 12 | Nebius reports |
| Next week | Anthropic expected to list on the Nasdaq |
Frequently asked questions
Did CoreWeave beat earnings?
Yes. Revenue of $3.66 billion beat the $3.54 billion consensus, and the loss of $1.27 a share was smaller than the $1.54 expected.[3][9]
Is CoreWeave profitable?
Not overall. It had $207 million of operating income, but after $846 million of interest and taxes it lost $709 million in the quarter.[4][5]
What is CoreWeave's 2026 guidance?
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.[2][3]
How much debt does CoreWeave have?
About $46.9 billion at September 30, 2026, with $10.6 billion due within a year.[2][6]
Why did CRWV stock move after hours?
It jumped first because revenue and the raised forecast beat expectations, briefly reaching about $53 to $54. During the analyst call it fell back below the $48.73 close, to about $47.5 by 22:30 GMT, then climbed again and finished the after-hours session at about $52.58, up roughly 8%. MarketWatch linked the late rise to its new financing plan easing debt worries.[13][3][4][8][11][12]
What is CoreWeave's backlog?
$132.5 billion of contracted work still to deliver, up from about $104 billion in June.[2][6]
More money and tech explainers: Take-Two earnings and GTA 6 pre-orders and Gemini 4 Carbon.
References
- "CoreWeave Reports Strong Third Quarter 2026 Results" (company release). CoreWeave, via Quantisnow. November 10, 2026.
- "CoreWeave beats on revenue and lifts guidance, easing AI slowdown concerns". CNBC. November 10, 2026.
- "CoreWeave pops as Q3 results, guidance top estimates". Seeking Alpha (via TradingView). November 10, 2026.
- "CoreWeave Q3 Revenue Surges 168% but Capex Soars to $14.511 Billion, Sparking Sharp After-Hours Divide". TradingKey. November 10, 2026.
- "CoreWeave Revenue Surges 168% to $3.66B as Interest Costs Drive $709M Loss". TheEnergyMag. November 10, 2026.
- "AI Computer Renter CoreWeave Beat Its Own Sales Forecast and Spent $9.4 Billion on Data Centers". Stock Titan. November 10, 2026.
- "CoreWeave earnings put debt-fueled AI build-out under scrutiny". CNBC. November 10, 2026.
- "CoreWeave, Inc. (CRWV) stock price". Yahoo Finance. Data checked November 10, 2026, 21:40 GMT.
- "Earnings Flash (CRWV) CoreWeave Posts Q3 Loss $1.27 a Share, vs. FactSet Est of $1.54 Loss". MarketScreener. November 10, 2026.
- "CoreWeave Falls 1% Pre-Market: Strikes Multi-Year AI Cloud Partnership With UK Autonomous Driving Company Wayve Ahead of Q3 Earnings". TradingKey. November 10, 2026.
- "CRWV Stock Climbs 8% After-Hours As $132B Revenue Backlog Reinforces AI Compute Demand". Stocktwits (via TradingView). November 10, 2026.
- "Dow Jones Futures: Stock Market Falls On Surging Treasury Yields, Nvidia Sell-Off; CoreWeave Falls Late". Ed Carson, Investor's Business Daily. Updated 5:24pm ET, November 10, 2026.
- "CoreWeave's stock pops as new financing playbook eases debt concerns". MarketWatch. November 10, 2026 (headline; article behind a paywall).