CoreWeave CEO cancels his share-sale plan as stock rallies after Q3 beat
Michael Intrator told CNBC he has scrapped his 10b5-1 selling plan after selling $794.2 million of stock, as CoreWeave shares jumped about 20% on strong results.
The CEO's decision
CoreWeave chief executive Michael Intrator told CNBC on Wednesday that he has canceled his 10b5-1 stock sale plan. "Until there is a material change in our equity pricing, my 10b5 has been sidelined," Intrator said on the network's "Squawk on the Street" program. He added that any further selling would be "just normal tax stuff."
Under the plan, announced in November 2025, Intrator sold 8.26 million shares at an average price of $96.14 per share, for a total of $794.2 million. A 10b5-1 plan sets out insider sales in advance, so canceling it stops the scheduled sales from going ahead.
- Shares sold under the plan8.26 million
- Average sale price$96.14 per share
- Total proceeds$794.2 million
- Q3 revenue$3.66 billion, up 168%
- 2026 capital spending$37–39 billion
A rally after the results
CoreWeave reported third-quarter revenue of $3.66 billion, up 168% from a year earlier, beating estimates and lifting its outlook for 2026. Shares rose about 20% on Wednesday after the report, extending a rally that began in extended trading on Tuesday. Even after the jump, the stock was down 18% so far in 2026 and down about 27% over the past month.
The company is now targeting $37 billion to $39 billion in full-year capital spending, growth of 155% at the middle of the range, against $37.69 billion expected by analysts polled by Visible Alpha. It still expects 1.85 gigawatts of active power by the end of 2026. "We are very comfortable with our pipeline," Intrator said.
The election backdrop
The decision comes days after the November 3 midterm elections, in which voters backed greater restrictions on data centers in 40 out of 41 ballot measures across 10 states, according to Ballotpedia. Democrats won control of both houses of Congress and the governors' races in Texas, Ohio and Georgia. J.P. Morgan Asset Management said data center projects from 2028 onward are "most exposed" and face greater uncertainty around permits, power and financing.
On the earnings call late Tuesday, Intrator pushed back: "We do not anticipate any impact from the seismic regulatory shift that's occurred." He added: "We want to build responsibly."
What to watch
Beyond the share-sale plan, Intrator's message was that CoreWeave can fund its buildout without returning to the unsecured debt market. The company plans to use delayed-draw term loans and expects to collect $9 billion in customer prepayments over the next three months. It expects interest expense of $1.05 billion to $1.15 billion in the fourth quarter.
Investors will watch whether the order backlog turns into revenue as new capacity comes online, and whether the company can keep funding its expansion without new unsecured borrowing.
