CoreWeave stock jumps 15% premarket after quarterly revenue beat

CoreWeave shares jumped about 15% in premarket trading Wednesday after the artificial intelligence cloud provider reported third-quarter revenue that exceeded analyst expectations. Sales rose 168% from a year earlier to $3.66 billion, while its revenue backlog reached $132.5 billion.

The company released its results on November 10 for the quarter ended September 30, 2026. Revenue increased from approximately $1.37 billion a year earlier, extending a period of rapid expansion for a business supplying computing infrastructure to AI developers and other large customers.

The supplied CoinTelegraph report put the revenue beat at 3.4% above analyst estimates. Reuters separately reported an analyst consensus of $3.55 billion, citing LSEG data, and said CoreWeave's adjusted loss of 95 cents per share was narrower than the expected $1.16 loss.

The backlog provided another indication of demand beyond the latest quarter. Reuters reported that contracted revenue increased from $104 billion at the end of June to $132.5 billion at the end of September. That measure represents future business rather than sales already recognized, making delivery of the associated computing capacity important to the company's outlook.

CoreWeave's customers include Microsoft, Meta, OpenAI and Anthropic, according to Reuters. Its results offer a window into spending on the infrastructure underpinning AI services, while also highlighting the substantial investment required to support that demand. Quarterly capital spending rose to $14.5 billion from $9.4 billion in the preceding quarter, Reuters reported.

Despite the sales growth, CoreWeave remained loss-making. Its financial statements showed a quarterly net loss of $709 million, compared with $110 million a year earlier. Operating income rose to $207 million from $52 million, but net interest expense increased to $846 million from $310 million, illustrating the pressure financing costs placed on the bottom line.

Chief Executive Michael Intrator said the company expected approximately $9 billion in customer prepayments and deposits over the following three months. In its earnings release, CoreWeave identified customer-backed financing and operating cash flow as additional funding sources. Those arrangements are central to its effort to expand infrastructure while meeting committed demand.

CoreWeave raised its full-year revenue forecast to between $13 billion and $13.3 billion. It also increased the lower end of its annual capital expenditure outlook, projecting spending of $37 billion to $39 billion as it sought to deploy infrastructure and deliver capacity to customers sooner than previously planned.

The next test is whether that buildout translates into revenue while financing expenses remain elevated. CoreWeave forecast fourth-quarter interest expense of $1.05 billion to $1.15 billion. Its higher sales outlook therefore sits alongside a substantial funding burden, leaving execution and the conversion of contracted business into delivered services central to the coming quarters.