CoreWeave stock: Q3 revenue beats forecasts, 2026 outlook raised

What the company said. Q3 revenue was $3,661 million, against $1,365 million a year earlier. Operating income was $207 million, but net interest expense was $846 million, so the net loss was $709 million, or $1.27 a share ($110 million a year ago). Adjusted operating income was $379 million, a 10% margin against 16% a year earlier. CEO Michael Intrator called it a breakout quarter: revenue rose by more than $1 billion from the previous quarter. For 2026 the company now guides to revenue of $13.0 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion, 26% above the prior guidance at the midpoint. It now expects capital spending of $37 billion to $39 billion: the low end was raised from $35 billion because it expects to deliver infrastructure sooner than planned. It also expects annualized run-rate revenue (the last month of the year times 12) of $20 billion to $21 billion.

Power and orders. Active power grew by more than 200 MW to over 1.7 GW. Contracted power passed 4.6 GW. The company still expects more than 1.85 GW at year-end. Revenue backlog was about $132.5 billion on September 30, up from $104 billion in June, CNBC says. Among customers it expanded work with, the company names OpenAI, Perplexity, Cohere and Jane Street. It expects about $9 billion in customer prepayments and deposits in the next three months.

What worries the market. The price of money. CNBC says rising rates pushed some lenders out, and some CoreWeave bond yields recently topped 16%. Debt was almost $47 billion at the end of the quarter. During the quarter the company raised about $4.2 billion in convertible notes and set up a program to sell up to 35 million Class A shares. The backdrop is heavy too: Nvidia, the main chip supplier to companies like this, is down nearly 10% since the start of the week as its board investigates CEO Jensen Huang. Nvidia price: https://freekonomist.com/en/stocks/nvda/ . Readings of the result differ: CNBC says it beat expectations, WSJ says it met them. The consensus differs by source: $3.55 billion at LSEG and $3.6 billion at S&P Global. What management says on the call is not in our sources yet. What well-known traders think: https://freekonomist.com/en/crowd/

Confirmed facts

• CoreWeave Q3 2026 revenue was $3,661 million against $1,365 million a year earlier; CNBC puts the growth at 168%.^[1][2]
• The net loss was $709 million, or $1.27 a share, against $110 million and $0.22 a year ago; operating income was $207 million and net interest expense $846 million.^[1]
• LSEG analysts expected revenue of $3.55 billion; analysts polled by S&P Global expected $3.6 billion and a $131 billion backlog. CNBC says it beat expectations, WSJ says it met them.^[2][3]
• Adjusted operating income was $379 million, a 10% margin against 16% a year earlier.^[1]
• 2026 revenue guidance was raised to $13.0 billion to $13.3 billion (August: $12.4 billion to $13.2 billion); adjusted operating income guidance is $1.275 billion to $1.375 billion, 26% above the prior guidance at the midpoint.^[1][2]
• 2026 capital expenditures are expected at $37 billion to $39 billion, with the low end raised from $35 billion; annualized run-rate revenue guidance for the exit of 2026 is $20 billion to $21 billion.^[1]
• Revenue backlog was about $132.5 billion on September 30, 2026, up from $104 billion in June.^[1][2]
• Active power grew by more than 200 MW to over 1.7 GW; contracted power passed 4.6 GW; the company expects more than 1.85 GW at year-end.^[1]
• The company expects about $9 billion in customer prepayments and deposits in the next three months and Q4 interest expense of $1.05 billion to $1.15 billion.^[1]
• During the quarter it raised about $4.2 billion in convertible notes and set up a program to sell up to 35 million Class A shares.^[1]
• Debt was almost $47 billion at the end of Q3.^[2]
• The stock lost more than 40% over the past month as investors rotated out of AI infrastructure; rising rates pushed lenders out, and some CoreWeave bond yields topped 16%.^[2]
• The stock rose slightly in extended trading after the report.^[2]
• Nebius reports Thursday; Anthropic, a key CoreWeave customer, is scheduled to debut on the Nasdaq next week.^[2]
• Nvidia shares are down nearly 10% since the start of the week; its board hired Wachtell, Lipton, Rosen & Katz to investigate Huang.^[2]
• The call with analysts was set for 5 p.m. ET (22:00 UTC) on November 10.^[1][2]

Implications

• ConfirmedRevenue and guidance rose, so demand for CoreWeave capacity stayed strong this quarter.
• ConfirmedInterest expense ($846 million) was larger than operating income ($207 million), so the quarter ended in a loss.
• Our readingA strong report alone does not remove questions about the cost of borrowed money. This is our reading.

Still unknown

• How the stock trades in the next session
• What management says on the analyst call
• Whether lenders return at current rates

Who it affects

United States, Global. People who follow AI infrastructure and chip stocks

Sources

1. CoreWeave: CoreWeave Reports Strong Third Quarter 2026 Results November 10, 2026 · official
2. CNBC: CoreWeave beats on revenue and lifts guidance, easing AI slowdown concerns November 10, 2026 · media
3. The Wall Street Journal: CoreWeave Meets Wall Street Expectations, Shares Rise November 10, 2026 · media