CoreWeave Shares Gain 15% Premarket as Q3 Revenue Tops Estimates

CoreWeave shares rose 15% before the market opened Wednesday after the AI cloud provider posted $3.66 billion in third-quarter revenue in its latest earnings report, topping analyst expectations.

Revenue climbed 168% from $1.36 billion in the year-earlier quarter. The $3.66 billion result came in 3.4% above the $3.54 billion consensus estimate.

The company’s revenue backlog reached $132.5 billion as of Sept. 30. It represents revenue anticipated from existing customer contracts, but CoreWeave must deliver services and have capacity available before recognizing it.

Shares traded at $56.12 at 8:50 a.m. ET Wednesday, Nov. 11 (12:50 UTC). At that price, the stock remained down 32% year to date.

CoreWeave began as a crypto miner before shifting into AI infrastructure in 2019. In April, it announced a multiyear deal to provide computing capacity for Anthropic’s Claude models, then signed a $6 billion agreement with Jane Street for cloud systems supporting trading and research.