CoreWeave stock jumps 14% as neocloud raises 2026 revenue outlook to $13.0 billion

CoreWeave (NASDAQ: CRWV) raised its 2026 revenue forecast to $13.0 billion–$13.3 billion on Tuesday after third-quarter revenue rose 168% year over year to $3.661 billion. The AI cloud operator posted a $709 million GAAP net loss, up from $110 million a year earlier. Net interest expense climbed to $846 million from $310 million.

Shares of CRWV rose 14% in opening market hours, up to $55.74 on the news.

CoreWeave now expects $37 billion–$39 billion of 2026 capex, raising the low end from $35 billion. At the midpoints, capex is about 2.9 times forecast revenue. The company tied the increase to deliveries arriving sooner than planned, and it reported revenue backlog of about $132.5 billion at September 30.

Adjusted EBITDA was $2.256 billion, a 62% margin. Most of the gap between that figure and the GAAP loss comes from $1.889 billion of depreciation and amortization and $846 million of interest, which are the two costs the buildout generates. Adjusted operating income, which retains most depreciation, was $379 million, a 10% margin, and adjusted net loss was $529 million.

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Total debt reached $46.9 billion at quarter-end, $41.6 billion of it recourse. That compares with $4.1 billion of cash and $4.0 billion of stockholders’ equity. In the first nine months, CoreWeave spent $23.6 billion on property and equipment against $5.6 billion of operating cash flow and covered the gap with $27.0 billion of net debt proceeds.

CEO Michael Intrator said on the earnings call that the company’s weighted-average cost of debt was 7.9%, down 250 bps year over year. “Looking ahead, we will not use the unsecured debt market to fund our business at current yields, nor do we need to,” he said.

Management plans to fund most remaining capex with delayed-draw term loans matched to customer contracts. CFO Nitin Agrawal said nearly $5 billion remained undrawn and that a new investment-grade loan yielding 7%–7.5% could launch within weeks. CoreWeave also expects about $9 billion in customer advance payments and deposits over the next three months, and Agrawal projected that less than $5 billion in new capital would be raised at the parent level through 2027.

“We expect the contracted cash flow from our existing customer commitments to be sufficient to service and repay the debt we have outstanding today, as well as any additional debt we expect to raise to deliver these contracts,” Agrawal said.

In October, Goldman Sachs sized CoreWeave’s new debt need at $20 billion–$23 billion after prepayments, while Bernstein estimated $85 billion of financing to fund committed backlog. Agrawal said CoreWeave expects to turn adjusted net income positive in the first half of 2028.