Tech & AI
CoreWeave raises its revenue forecast on demand for AI computing
CoreWeave lifted its 2026 revenue forecast above analysts' estimates and reported a $132.5 billion backlog of contracted work, and its shares rose after hours on Tuesday.
Quick Read
- CoreWeave raised its 2026 revenue forecast above what analysts had estimated and reported a large backlog of signed work.
- The shares rose sharply after hours on Tuesday following a small regular-session dip, but remain far below their 52-week high.
- The company plans heavy data-center spending this year, and Tuesday's jump in Treasury yields lifted a key gauge of borrowing costs.
What did CoreWeave report?
CoreWeave (Nasdaq: CRWV) rents out computing power for artificial intelligence. After the close on Tuesday, it raised its guidance for 2026 revenue. Guidance means the company's own forecast for its next results.
Why it matters: The new range is $13 billion to $13.3 billion. Analysts had estimated $12.86 billion. Even the low end of the new range sits above that estimate.
The company also reported third-quarter revenue above analysts' estimates and a smaller adjusted loss per share than forecast. It said its revenue backlog, meaning signed work not yet billed, reached the level in the forecast above. Chief executive Michael Intrator called it "a breakout quarter for CoreWeave."
How did the shares react?
Before the report, the stock fell 0.5% in the regular session to $48.73. After the results, it rose 7.8% in after-hours trading to $52.59.
That bounce starts from a low base. At the close, the shares sat 64.7% below their 52-week high of $137.98. The company is worth $27 billion.
CoreWeave accounts for 0.03% of the value of the 500 largest U.S. companies. Its regular-session dip had an effect of $0 on $100,000 spread across them by size.
Where does the money go?
CoreWeave said it expects full-year capital spending, the money for data centers and equipment, of $37 billion to $39 billion. That narrows its earlier range by raising the low end.
Paying for that build-out has been the open question. Intrator said growth is backed by several sources, including financing tied to customer contracts, operating cash flow and customer prepayments and deposits.
Borrowing costs moved the other way on Tuesday. The 10-year Treasury yield jumped 10 basis points to 4.98%. That yield helps set what heavily financed builders pay to borrow.
What comes next?
What’s next: Management discussed the quarter on a call at 5 p.m. ET Tuesday. Wednesday's regular session may show whether the after-hours gain holds with full trading volume.
On the borrowing-cost side, the Fed's next interest-rate decision is scheduled for Dec. 9 at 2 p.m. ET.
For readers
What it could mean for you: If you own CoreWeave shares directly, the raised forecast and the large backlog land on your holding in full, with no other stocks to offset them. It is not yet clear whether the after-hours gain will carry into Wednesday's regular trading. The company borrows heavily to build data centers. The cost of that debt tends to track Treasury yields, and it could matter to the shares alongside quarterly sales. Its next results may show whether the backlog turns into revenue on the schedule the company expects.
Questions and answers
Why did CoreWeave stock rise after hours?
CoreWeave raised its 2026 revenue forecast above analysts' estimates and reported third-quarter revenue that beat estimates. The shares climbed in after-hours trading on Tuesday following the report.
What is CoreWeave's 2026 revenue guidance?
CoreWeave now expects 2026 revenue of $13 billion to $13.3 billion, up from its earlier range. Analysts had estimated $12.86 billion.
What is a revenue backlog?
A backlog is work a company has signed contracts for but has not yet billed. CoreWeave said its backlog at the end of the third quarter reached $132.5 billion.
The numbers
| CoreWeave (CRWV) price | $48.73 |
|---|---|
| CoreWeave (CRWV) change | −0.51% |
| CoreWeave (CRWV) market value | $27 billion |
| CoreWeave (CRWV) 52-week high | $137.98 |
| S&P 500 change | −0.38% |
| 10-year Treasury yield | 4.98% |
Tuesday’s close
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