CoreWeave Beats Q3 Estimates and Raises Guidance as AI Demand Runs 10x Available Supply

CoreWeave delivered third-quarter revenue of $3.66 billion, topping Bloomberg consensus of roughly $3.56 billion and marking a sequential increase of more than $1 billion, driven by surging AI compute demand. Diluted loss per share narrowed to $1.27, beating the Wall Street expectation of a $1.46 loss. The company raised its full-year 2026 revenue guidance to $13.0 billion to $13.3 billion, up from the prior range of $12.0 billion to $13.0 billion, and set a target of $20 billion to $21 billion in exit run-rate revenue. The company also reported a backlog approaching $133 billion and said it expects $9 billion in customer prepayments and deposits over the next three months.

CEO Michael Intrator said qualified demand is running at roughly 10 times available capacity through 2027, with interest in 2028 capacity already amounting to several times what CoreWeave can supply. The company raised prices 25% in July and an additional 10% later in Q3, with more increases planned for Q4. Rental pricing for older Ampere and Hopper GPUs rose 30 to 50% quarter over quarter, pushing rates above their original contract levels, and short-term capacity is now fetching over $40 million per megawatt annually. Active power capacity has doubled to 1.7 gigawatts, against a contracted base of approximately 4.2 gigawatts. Management said financing conditions have also improved, with new loans carrying interest rates of 7 to 7.5%, and guided for positive adjusted net income in the first half of 2028. CoreWeave also became the first cloud provider to bring Nvidia's Vera Rubin architecture online, with Intrator saying he sees no reason the Nvidia partnership would change.

Shares surged more than 18% in after-hours trading and held gains of roughly 13 to 17% in premarket trading on November 11, partially reversing a decline of more than 40% over the prior month that had been driven by debt-load concerns, rising bond yields, and AI financing anxieties. The results lifted the broader AI infrastructure trade, with Nebius Group jumping nearly 12%, Nvidia rebounding over 5%, and semiconductor peers including Micron, AMD, Broadcom, and Intel all trading higher. South Korea's Kospi rose 2.6%, reflecting the global read-through for AI chip demand. TSMC's chairman, speaking at the Nikkei Forum the same day, separately described demand for leading-node silicon as "insatiable" and said AI demand remained far above TSMC's ability to supply, reinforcing the supply constraint picture CoreWeave described.