CoreWeave shares rose about 8% in extended trading on Tuesday after the AI cloud provider reported third-quarter revenue that more than doubled from a year earlier and raised its full-year forecasts. The stock was at $52.58 at 7:59 p.m. Eastern time, up from its regular-session close of $48.73. That close was down 0.5% from $48.98 on Monday.
Revenue for the quarter ended Sept. 30 rose 168% to $3.66 billion from $1.36 billion a year earlier, the company said. Analysts polled by LSEG had expected $3.55 billion, CNBC reported. CoreWeave’s revenue backlog, which counts work under signed customer contracts that it has not yet booked as sales, was about $132.5 billion at the end of September.
The company raised its 2026 revenue forecast to $13.0 billion to $13.3 billion. It raised its forecast for adjusted operating income to $1.275 billion to $1.375 billion, 26% higher at the midpoint than its previous guidance. It now expects capital spending of $37 billion to $39 billion this year, raising the low end of its earlier range of $35 billion to $39 billion.
CoreWeave’s net loss widened to $709 million from $110 million a year earlier, as net interest expense rose to $846 million from $310 million. The company expects interest expense of $1.05 billion to $1.15 billion in the fourth quarter.
“This was a breakout quarter for CoreWeave,” Chief Executive Michael Intrator said. He said the company expects about $9 billion in customer prepayments and deposits in the next three months.
Even with Tuesday’s late gain, the stock remains far below where it traded a month ago. It closed at $80.26 on Oct. 12.
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