CoreWeave stock pops 14% as revenue doubles on accelerating AI infrastructure demand
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- CoreWeave shares surged 14% in extended trading after beating estimates, posting $2.58B in revenue (up 112% YoY) against an adjusted loss of $1.03 per share; net loss widened to $626M from $290M a year ago.
- CoreWeave disclosed a revenue backlog of $104B excluding more than $25B in fresh Q3 commitments, with 1.5 gigawatts of active power and a raised year-end target of 1.85 GW.
- Management lifted 2026 guidance to $12.4B-$13.2B in revenue and $960M-$1.15B in adjusted operating income, while bumping annual capex to $35B-$39B from the prior $31B-$35B range.
- CoreWeave added $21B in new spending from Meta, signed a multi-year agreement with Anthropic, and secured a $6B commitment from quantitative trading firm Jane Street.
- CEO Mike Intrator acknowledged that New York Gov. Kathy Hochul's July moratorium on large-scale data centers creates friction, but said current guidance assumes zero regulatory impact.
- New competitors are circling: SpaceX has begun selling excess compute capacity, Meta has considered launching a cloud business, and rival Nebius gained 5% in extended trading.
- CoreWeave carries $35B in debt to finance Nvidia GPU purchases and remains unprofitable, unlike the cloud incumbents — Amazon, Google, and Microsoft — it is racing to catch.
Why it matters: CoreWeave is committing $35-39B in annual capex against a $104B backlog, yet its guidance explicitly excludes any impact from state data center moratoria — and SpaceX and Meta are now entering the same GPU-rental market.
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