CoreWeave (CRWV) posted third‑quarter 2026 results that beat Wall Street expectations, sparking a sharp rebound in its shares. In pre‑market trading on Wednesday, the stock rose about 15% to $56.15, while after‑hours trading on Tuesday saw a 7.9% gain to $52.58. The earnings release highlighted a 168% year‑over‑year jump in revenue to $3.66 bn, comfortably above the $3.54‑$3.55 bn consensus, and an adjusted loss of $1.27 per share, better than the $1.45‑$1.55 range analysts had forecast.

Update, Nov 11, 23:08 UTC: According to Decrypt, CoreWeave’s shares rose 24.7% on Wednesday, surpassing the earlier reported 15% pre‑market gain. The report also notes that Nvidia invested an additional $2 billion in CoreWeave at $87.20 per share in January and has a $6.3 billion agreement to purchase unused CoreWeave capacity through April 2032.

Update, Nov 11, 16:57 UTC: Bitcoinist reported that CoreWeave’s net loss for the quarter was $709 million, and that the earnings beat lifted Nvidia about 4% and other AI infrastructure stocks roughly 6%, while the Roundhill Memory ETF rose about 8% and the VanEck Semiconductor ETF gained more than 4%, according to Bitcoinist.

Update, Nov 11, 13:38 UTC: Cointelegraph noted that the pre‑market rally cut CoreWeave’s year‑to‑date loss to about 32%, and highlighted new multiyear contracts announced in April with Anthropic for Claude models and a $6 billion agreement with Jane Street for cloud infrastructure, according to Cointelegraph.

Revenue Surge and Updated Outlook

CoreWeave’s top line growth was driven by expanding demand for rented AI compute capacity. The company now projects full‑year 2026 revenue between $13 bn and $13.3 bn, modestly higher than the $12.9 bn median estimate from analysts. Adjusted operating income guidance was also lifted 26% at the midpoint, to a range of $1.275 bn‑$1.375 bn. The firm’s revenue backlog—contracts yet to be recognized—stood at roughly $133 bn, up from $104 bn at the end of Q2.

Debt Structure Overhaul

While revenue accelerated, interest costs rose sharply, reaching $846 million in Q3, up from $310 million a year earlier. CoreWeave expects fourth‑quarter interest expense of $1.05 bn‑$1.15 bn. To mitigate the mounting debt burden, CEO Michael Intrator announced a shift away from unsecured public bonds toward “delayed‑draw” loans secured by customer contracts and deposits. CFO Nitin Agrawal indicated the first such loan would carry a 7%‑7.5% yield, markedly lower than the 15%‑16% yields on the company’s existing unsecured notes. The plan also includes roughly $9 bn in customer prepayments and deposits expected within three months, which Intrator said will cover most of the 2027 capital needs.