CoreWeave Q3 revenue surged 167% year-over-year to $3.66 billion, beating expectations, with shares rising over 5% in after-hours trading.

November 11 — AI cloud service provider CoreWeave expects to achieve adjusted profitability in the first half of 2028. The company's third-quarter revenue rose 167% year-over-year to $3.66 billion, beating market expectations of $3.55 billion; loss per share was $0.95, smaller than the expected $1.16. According to data from the BIT stock platform, CoreWeave shares rose more than 5% after hours to $51.38, having fallen more than 40% over the past month.

CoreWeave raised its full-year 2026 revenue guidance from $12.4 billion to $13.2 billion to $13 billion to $13.3 billion, and raised the lower end of its full-year spending guidance by $2 billion to a latest range of $37 billion to $39 billion. As of the end of September, the company had signed but not yet recognized revenue of $132.5 billion, up from $104 billion at the end of June. Third-quarter capital expenditure rose to $14.5 billion from $9.4 billion in the previous quarter.

As investors worry about the costs and returns of borrowing to build data centers in a high-interest-rate environment, CoreWeave CEO Mike Intrator said the company expects to receive $9 billion in customer prepayments and deposits over the next three months. He said the company signs customer contracts before investing in construction; secured demand gives lenders a basis for lending, and customers typically also provide part of the funding for expansion.

According to data compiled by LSEG, CoreWeave has not yet achieved profitability, with total debt of about $46.9 billion as of the end of September. The company said that at current yield levels, it will not and does not need to raise financing in the unsecured debt market, and plans to rely on cash flow from existing customer contracts to repay outstanding debt and new borrowings needed to fulfill obligations. Its customers include Microsoft, Meta, OpenAI and Anthropic.

After the U.S. midterm elections, several newly elected officials said they would slow or block data center construction, adding uncertainty to the industry's expansion. CoreWeave said it plans to expand revenue by launching new services and expanding into Asian markets.