CoreWeave Stock Soars 23% After Q3 Earnings Beat
AI cloud infrastructure powerhouse CoreWeave (NASDAQ: CRWV) sent shockwaves through Wall Street on Wednesday, reporting third-quarter revenue of $3.66 billion—a 168% year-over-year increase. The result beat analyst expectations of $3.55 billion and topped the company’s guidance range of $3.45 billion to $3.60 billion.
Shares climbed more than 23%, helping drive 16 other AI-linked stocks up by more than 10% and pushing the Nasdaq 100 higher by 2.3%—its strongest weekly performance since May.
CoreWeave also raised its full-year 2026 guidance:
- Revenue: $13.0 billion to $13.3 billion
- Adjusted operating income: $1.275 billion to $1.375 billion
The company reported a revenue backlog of approximately $132.5 billion and grew its active power capacity to more than 1.7 gigawatts—double the level at the start of the year. CoreWeave also highlighted strong adoption of its new CoreWeave Forge platform: 70% of new cloud customers in Q3 were already using the service.
Despite the revenue surge, CoreWeave posted a net loss of $709 million, or $1.27 per share. The loss was driven by $846 million in net interest expense, underscoring the heavy capital costs involved in scaling AI infrastructure.
The results offered a much-needed boost to the broader AI trade, which had been rattled by the Nvidia CEO scandal and concerns about a slowdown in AI spending. Memory chipmakers Micron and SK Hynix, as well as server makers such as Dell Technologies, rallied sharply following the news.
Source: CNBC – CoreWeave Q3 Earnings Report 2026