CoreWeave Stock Jumps After Q3 Results, CEO Says It Won’t Use Unsecured Debt

CoreWeave’s breakout quarter

CoreWeave, Inc. (Nasdaq:CRWV) surged more than 23% after third quarter results that CEO Michael Intrator called a breakout quarter.

CoreWeave reported $3.66 billion in revenue, up 168% from the year prior, and it posted a $709 million net loss alongside $846 million in quarterly interest expense.

Q3 net loss5 of 6 outlets reported it · not in Investorideas▾

CoreWeave said it expects about $9 billion in customer prepayments and deposits over the next three months, including more than $3 billion tied to signing new customer contracts for capacity it has already built.

Customer prepayments5 of 6 outlets reported it · not in Quantisnow▾

CoreWeave also said it raised its 2026 revenue guidance to $13.0 billion to $13.3 billion and it raised its adjusted operating income guidance by 26% at the midpoint to $1.275 billion to $1.375 billion.

FY revenue raised4 of 6 outlets reported it · not in Investorideas and 1 more▾

CoreWeave’s CEO Michael Intrator said, "We will not use the unsecured debt market to fund our business at current yields, nor do we need to."

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Funding shift to prepay

CoreWeave said it is increasingly asking customers to pay up front, borrowing against specific contracts, and pursuing short-term deals that could lead to higher prices. CoreWeave said it expects about $9 billion in customer prepayments and deposits over the next three months, and it described a plan to rely on loans backed by specific customer contracts. CoreWeave said it raised prices across its offerings by about 25% in July and by another 10% later in the quarter, and it said Intrator said the pricing "more than offset[s] cost increases."

CoreWeave said it is allocating more capacity to short-term opportunities, where it sells capacity at more than $40 million per megawatt annually, while pricing for new infrastructure on four and five-year contracts is moving to $20 million to $25 million per megawatt. CoreWeave also said it closed the $2.6 billion DDTL 5.5 facility, its first financing facility designed to support shorter-duration customer contracts, and it said the company expects to raise less than $5 billion of new capital at the parent company through 2027.

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Market reaction and outlook

CoreWeave shares surged approximately 16% in overnight trading to $56.67 after the company’s third-quarter report, and the stock had slipped 0.51% to $48.73 in the regular session on Tuesday, November 10. Citi raised its price target on CRWV to $149 from $128 and maintained a ‘Buy’ rating, and the revised target implied around 205% upside at the previous closing price. Jefferies lowered its price target to $90 from $150 while maintaining a ‘Buy’ rating, and it described the results as a "nice beat-and-raise" quarter.

CoreWeave’s backlog, signed contracts not yet booked as revenue, grew to $132.5 billion from about $104 billion at the end of June, and CoreWeave said it expects adjusted net income to turn positive in the first half of 2028. CoreWeave’s CEO Michael Intrator said, "we will not use the unsecured debt market to fund our business at current yields, nor do we need to."

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