CoreWeave soars 24.7% for best day since April 2025
CoreWeave jumped 24.71% to $60.77 after third-quarter revenue rose 168% to $3.7 billion and the company raised its 2026 outlook.
Best day since April
CoreWeave shares jumped 24.71% on Wednesday, up $12.04 to close at $60.77, for the company's best day since April 2025. The AI cloud provider reported third-quarter revenue of $3.7 billion, up 168% from a year earlier, and raised its full-year guidance.
The rally followed a steep slide in AI infrastructure stocks, as investors questioned whether heavy borrowing and data center delays could sustain the buildout. CoreWeave had been at the center of those concerns, and the report offered the first hard evidence in weeks that demand is still outrunning supply.
Demand outruns supply
Chief executive Michael Intrator told CNBC that demand for the infrastructure "is and remains overwhelming," and that CoreWeave is "10x oversubscribed" on the capacity it has left in 2027, with demand running at multiples of capacity for 2028. He called the three months to September 30 a "breakout quarter" on the conference call.
The company said growth was supported by several sources of funding, including financing backed by customer contracts and around $9 billion in customer prepayments and deposits. Its signed revenue backlog reached $132.5 billion at the end of September.
Financing fears ease
CoreWeave had sparked alarm when spreads on its credit default swaps widened past 11%, a level generally viewed as distress. With the price of its high-yield debt climbing, the company pointed to additional routes to finance its data center buildout at less alarming yields.
Intrator said the company's asset-level debt "has basically been rock solid through this entire thing," and that CoreWeave is about to launch another asset-level debt issue in the next week or two, already rated high investment grade. He expects it to be underwritten at 7% to 7.5% interest, which would bring down the average weighted cost of capital. The company also anticipates raising less than $5 billion in additional parent-level capital through the end of 2027, MarketWatch reported.
- CRWV, Wednesday close$60.77, up 24.71%
- Third-quarter revenue$3.7 billion, up 168%
- 2026 revenue guidance$13 billion to $13.3 billion
- Revenue backlog$132.5 billion
- Nebius, WednesdayUp 15.44%
- Micron, WednesdayUp nearly 12%
The rally spreads
Other neoclouds rose with CoreWeave on Wednesday: Nebius gained 15.44%, Applied Digital rose 7.37% and Iren added 5.63%. The rally spread across the AI hardware trade, with Micron up nearly 12%, Sandisk up 13.7%, Lumentum up 10.7% and the iShares Semiconductor ETF up 6%, MarketWatch reported.
The shares gave back part of the gain after hours, trading around $56.48, down 7.06% from the close, according to CNBC quote data. CoreWeave raised its 2026 revenue guidance to $13 billion to $13.3 billion and expects adjusted operating income of $1.275 billion to $1.375 billion. Analysts surveyed by Visible Alpha had expected $1.07 billion in adjusted operating income, and analysts polled by LSEG had expected $12.86 billion in 2026 revenue.
