CoreWeave Raises 2026 Outlook to $13.3 Billion, Stock Rebounds From 52-Week Low
CoreWeave stock rose 7.9% to $52.58 in after-hours trading on Tuesday, up from a $48.73 close. The company lifted its 2026 outlook days after an AI selloff sent shares to a 52-week low.
The third-quarter report topped expectations across its main measures. Revenue reached $3.66 billion, up about 168% from a year earlier, clearing the top of the company’s own $3.45 billion to $3.60 billion forecast.
Analysts tracked by Zacks had expected a $1.45 loss per share, but the actual net loss came to $1.27 per share. Revenue backlog, or contracted revenue still to be recognized, rose to about $132.5 billion from $104 billion in June.
Full-year revenue guidance now stands at $13 billion to $13.3 billion, with its adjusted operating income target rising 26% at the midpoint to $1.275 billion to $1.375 billion.
He said prepayments and hardware partner financing would cover most of its 2027 capital needs.
Debt and Interest Costs
The rebound followed a rough week. On November 5, CoreWeave stock fell 9.83% to a 52-week low of $40.58, a drop tied by Fundstrat’s Tom Lee to fears that a Democratic Congress would curb AI spending.
The growth came with a heavier debt bill. Net interest costs rose to $846 million from $310 million a year earlier, leaving a net loss of $709 million despite $207 million in operating income.
Third-quarter interest expense of $846 million came in below the company’s own $860 million to $940 million forecast, but CoreWeave expects fourth-quarter interest expense to rise to $1.05 billion to $1.15 billion.
Capital spending is also heading higher. CoreWeave now guides $37 billion to $39 billion for 2026, raising the low end from $35 billion.
Outlook and Next Steps
CoreWeave expects about $9 billion in customer prepayments and deposits within three months. CFO Nitin Agrawal said the company does not intend to issue more unsecured parent-level debt at current yields through 2027.
The company will still raise new debt tied to customer contracts in the coming weeks. Rival Nebius reports Thursday, giving a second read on demand for rented AI computing power.
For CoreWeave, the test is whether revenue can grow faster than its interest bill. Over the past year, interest expense rose 173%, slightly ahead of revenue’s 168% gain.
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