CoreWeave Earnings: Stock Jumps After Q3 Revenue Soars 168%

Last updated: Wednesday, Nov. 11, 2026, 4:15 p.m. ET, just after the market close.

A month ago, CoreWeave was the stock everyone pointed to when they wanted to argue the AI boom had gone too far. On Wednesday it was the reason the whole sector bounced.

Shares of the AI cloud provider finished the day near $60.30, according to Twelve Data, up from $48.73 on Tuesday. That's a gain of roughly 24%. CNBC reported the stock was up as much as 26% during the session. The trigger was a third-quarter report, released after Tuesday's close, that beat forecasts and came with a higher outlook for the year.

CoreWeave Q3 earnings by the numbers

CoreWeave reported revenue of $3.66 billion for the quarter that ended Sept. 30, up from $1.37 billion a year earlier, the company said in its earnings release. Analysts had expected $3.55 billion, according to LSEG data cited by Reuters.

The rest of the headline figures:

• Operating income: $207 million, a 6% margin, up from $52 million a year ago
• Net loss: $709 million, or $1.27 a share, compared with $110 million a year earlier
• Adjusted loss: 95 cents a share, better than the $1.16 analysts expected (LSEG)
• Revenue backlog: about $132.5 billion, up from $104 billion at the end of June

CEO Michael Intrator called it a "breakout quarter" and noted revenue grew by more than $1 billion from the second quarter alone.

Why the loss got bigger

Revenue nearly tripled, so why did the loss grow? Interest. CoreWeave paid $846 million in net interest in the quarter, up from $310 million a year earlier. It carried about $46.9 billion in total debt at the end of September, Reuters said. The company expects Q4 interest expense of $1.05 billion to $1.15 billion, so that line isn't shrinking soon.

CoreWeave raises its 2026 guidance

The outlook did as much for the stock as the quarter itself. CoreWeave now expects:

• 2026 revenue of $13.0 billion to $13.3 billion, up from $12.4 billion to $13.2 billion
• Adjusted operating income of $1.275 billion to $1.375 billion, a 26% increase at the midpoint
• Capital spending of $37 billion to $39 billion, with the low end raised by $2 billion
• An annualized revenue run rate of $20 billion to $21 billion as it exits 2026

Analysts polled by LSEG had expected $12.86 billion in 2026 revenue, CNBC reported, and Visible Alpha's survey had adjusted operating income at $1.07 billion. CoreWeave beat both by a comfortable margin.

Why CRWV stock jumped after earnings

Demand was the main message. Intrator told CNBC the company is about 10 times oversubscribed on the capacity it has left for 2027, and "multiples" oversubscribed for 2028.

The bigger relief may have been about money. CoreWeave told Reuters it won't tap unsecured debt markets at today's yields, and that cash from existing customer contracts can cover its current debt plus any borrowing needed to fill those contracts. It expects to raise less than $5 billion in additional capital through 2027. It also says it expects about $9 billion in customer prepayments and deposits over the next three months.

That speaks straight to the fear that sank the stock. CoreWeave shares had fallen more than 40% in the month before the report, Reuters said, as investors worried about heavy borrowing for data centers while interest rates climb. Inflation running hotter than expected hasn't helped; our breakdown of the October CPI report covers why traders now expect a December Fed hike.

Nvidia and chip stocks rallied with it

CoreWeave rents out computing power built on Nvidia chips, and Nvidia is also an investor, so a strong CoreWeave quarter reads as a good sign for chip demand. The Nasdaq 100 rose 2.8% Wednesday, Benzinga reported. The VanEck Semiconductor ETF gained 6.3%, and Micron jumped 13.2%.

For Nvidia, it was a break from a rough few days tied to the company's internal probe of CEO Jensen Huang. We covered why Nvidia is investigating Huang earlier this week. Fellow "neocloud" Nebius closed at $154.69, up from $134.00.

What about the midterms and data centers?

Some investors worried that Democrats' big win in last week's midterm elections could slow data center construction. Intrator pushed back. He told Reuters he expects more scrutiny of how companies use water and power, and some "pacing" as projects work through local approvals, but no material change in costs.

On CNBC, he said he doesn't see any impact on CoreWeave's ability to deliver U.S. data centers needed for its backlog. He pointed to Texas, where he said Governor-elect Gina Hinojosa has indicated permitted projects already under construction will continue.

What CoreWeave still has to prove

One good day doesn't erase the risks. CoreWeave isn't profitable, and it doesn't expect to be on an adjusted basis until the first half of 2028. It's spending close to $40 billion this year on infrastructure. And its business depends on a small number of very large AI customers keeping their commitments.

The stock is also still well below where it traded in mid-October, when it was near $80. Even after Wednesday, it sits about 25% under that level.

The next test for the whole AI trade comes fast. Anthropic is on its IPO roadshow at a lower target valuation than earlier talk, Reuters noted. If you want the background, read our explainer on Anthropic's S-1 filing. How that deal prices will say a lot about whether Wednesday's rally holds.

This story is for general information and isn't investment advice.