CoreWeave (NASDAQ: CRWV) shares surged about 15% to $55.47 in Wednesday’s premarket trading after the AI cloud provider reported stronger-than-expected third-quarter results and raised its 2026 financial forecasts. Management also outlined plans to fund the company’s infrastructure expansion through customer payments and borrowing backed by infrastructure and customer contracts.
The company reported third-quarter revenue of $3.66 billion, up 168% from $1.37 billion a year earlier and above the $3.56 billion Wall Street estimate cited by Bloomberg. Its reported loss of $1.27 per share was also narrower than Bloomberg’s consensus estimate of $1.46 per share.
CoreWeave generated $379 million in adjusted operating income during the quarter, exceeding its earlier guidance of $200 million to $260 million. Its adjusted operating margin improved to 10% from 5% in the second quarter.
CoreWeave raised its full-year revenue guidance to $13 billion to $13.3 billion, up from its previous forecast of $12.4 billion to $13.2 billion, and increased its adjusted operating income forecast to $1.275 billion to $1.375 billion. The midpoint of the new operating income forecast is 26% higher than the midpoint of its previous guidance.
The company also raised its year-end annualized revenue run-rate forecast to $20 billion to $21 billion. The figure annualizes projected December 2026 revenue and does not represent the company’s expected full-year revenue.
Revenue backlog reached $132.5 billion at the end of September, compared with $104 billion three months earlier. The backlog includes expected revenue from committed customer contracts, subject to infrastructure delivery and service availability requirements.
CoreWeave’s premarket advance followed an approximately 11% decline in its shares over November’s first seven trading sessions.
Separately, CoreWeave Tokenized bStocks (CRWVB) traded at $55.46, gaining 17% over the past 24 hours.
The company reported third-quarter revenue of $3.66 billion, up 168% from $1.37 billion a year earlier and above the $3.56 billion Wall Street estimate cited by Bloomberg. Its reported loss of $1.27 per share was also narrower than Bloomberg’s consensus estimate of $1.46 per share.
CoreWeave generated $379 million in adjusted operating income during the quarter, exceeding its earlier guidance of $200 million to $260 million. Its adjusted operating margin improved to 10% from 5% in the second quarter.
CoreWeave raised its full-year revenue guidance to $13 billion to $13.3 billion, up from its previous forecast of $12.4 billion to $13.2 billion, and increased its adjusted operating income forecast to $1.275 billion to $1.375 billion. The midpoint of the new operating income forecast is 26% higher than the midpoint of its previous guidance.
The company also raised its year-end annualized revenue run-rate forecast to $20 billion to $21 billion. The figure annualizes projected December 2026 revenue and does not represent the company’s expected full-year revenue.
Revenue backlog reached $132.5 billion at the end of September, compared with $104 billion three months earlier. The backlog includes expected revenue from committed customer contracts, subject to infrastructure delivery and service availability requirements.
CoreWeave’s premarket advance followed an approximately 11% decline in its shares over November’s first seven trading sessions.
Separately, CoreWeave Tokenized bStocks (CRWVB) traded at $55.46, gaining 17% over the past 24 hours.