CoreWeave shares surge 25 per cent before falling in after-hours trading
The AI computing infrastructure provider reported Q3 revenue of $3.66 billion, surpassing analyst estimates despite a GAAP net loss.
CoreWeave shares rose 25 per cent to close at $60.77 in New York on Wednesday, marking the company's largest single-day gain since June 2025, according to Mint. The stock later declined 6.37 per cent to $56.90 during after-hours trading.
The AI computing infrastructure provider reported consolidated revenue of $3.66 billion for Q3 2026, a 168 per cent year-on-year increase. This figure exceeded the $3.55 billion estimate from LSEG analysts by 3.1 per cent and surpassed the upper end of the company's guidance of $3.60 billion.
Adjusted operating income reached $379 million, which was $119 million above the upper end of management's guidance. The company's adjusted net loss per share narrowed to $0.95, which was better than the consensus estimate of a $1.16 loss.
Despite the revenue growth, CoreWeave reported a GAAP net loss of $709 million, or $1.27 per share, compared to a net loss of $110 million in Q3 2025. The company noted that elevated borrowing costs weighed on profitability, with net interest expense reaching $846 million.
CEO Michael Intrator described the period as a "breakout quarter" for the business. The company's total contracted revenue backlog increased to approximately $132.5 billion.
CoreWeave has forecasted annual revenue of $13 billion to $13.3 billion. Executives also indicated plans to launch a delayed-draw term loan in the coming weeks, which they expect will receive an investment-grade rating.
