CoreWeave raises forecast after 168% revenue growth — CNBC
CoreWeave, the majority of whose revenue comes from the United States, reported a 168% year-on-year increase in third-quarter revenue to $3.66 billion. This exceeded the consensus forecast of $3.55 billion. As CNBC reports, the company’s shares rose in after-hours trading following the publication of its results.
Quarterly results
CoreWeave’s revenue was $1.36 billion a year earlier. The company recorded a net loss of $709 million, or $1.27 per share, compared with $110 million a year earlier. CNBC also refers to $1.27 as an adjusted loss per share, but notes that it remains unclear whether this figure can be directly compared with LSEG’s consensus estimate of a $1.16 loss per share.
Over the past month, CoreWeave’s market value has declined by more than 40%. The company and other providers of GPU-based cloud computing capacity are under pressure amid investors’ withdrawal from the artificial intelligence infrastructure segment and rising interest rates. Yields on some CoreWeave bonds recently exceeded 16%.
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Updated forecast
CoreWeave’s management raised its forecast for 2026: the company expects adjusted operating income of $1.275 billion to $1.375 billion on revenue of $13 billion to $13.3 billion. The previous forecast called for $960 million to $1.15 billion in adjusted operating income and revenue of $12.4 billion to $13.2 billion. Visible Alpha analysts expected $1.07 billion in operating income, while analysts surveyed by LSEG expected $12.86 billion in revenue.
CoreWeave also reaffirmed its target of reaching 1.85 GW of active capacity by the end of 2026. The company estimates full-year capital expenditures at $37 billion to $39 billion. As of the end of the third quarter, its debt stood at nearly $47 billion, while its future revenue backlog rose to $132.5 billion from $104 billion in June.
During the quarter, CoreWeave announced plans to open its first data centers in Asia and introduced Forge, a service for launching and evaluating artificial intelligence models.
