CoreWeave Shares Rise 8% After It Raises 2026 Revenue Outlook

CoreWeave shares gained 7.9% in after-hours trading Tuesday after the AI cloud provider posted 168% year-over-year third-quarter revenue growth and raised its 2026 outlook, as its record backlog pointed to demand for computing capacity.

Revenue totaled $3.661 billion. CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion, from $12.4 billion to $13.2 billion previously. Its revenue backlog from unfulfilled contracts reached $132.5 billion as of Sept. 30, up from $104.2 billion at the end of June; about 36% is expected to convert to revenue over the next 24 months.

The results came with steep financing costs. CoreWeave had $46.873 billion in total debt at Sept. 30 and reported $7.466 billion in negative free cash flow for the quarter. Its $846 million net interest expense exceeded $207 million in GAAP operating profit; management expects fourth-quarter interest expense of $1.05 billion to $1.15 billion.

Elon Musk recently warned that many emerging cloud providers could fail or be absorbed by competitors.