CoreWeave shares surged 14% in after-hours trading Tuesday after the AI infrastructure provider posted quarterly revenue that more than doubled from a year earlier and topped analyst estimates.
Results beat expectations
Revenue reached $2.58 billion in the quarter, a 112% increase from the same period last year and slightly above the $2.56 billion consensus. The adjusted loss per share narrowed to $1.03 from an expected $1.20 loss. The net loss widened to $626 million from $290 million a year ago, or 60 cents per share.
Backlog and guidance
The company's revenue backlog stands at $104 billion, a figure that does not include more than $25 billion in new commitments secured during the third quarter. Active power capacity reached 1.5 gigawatts. For the current quarter, management guided revenue of $3.4 billion to $3.6 billion, implying 158% growth at the midpoint versus the $3.43 billion analyst average. Full-year 2026 revenue is now projected at $12.4 billion to $13.2 billion with adjusted operating income of $960 million to $1.15 billion, compared with the prior $12 billion to $13 billion revenue range and $900 million to $1.1 billion operating income forecast from May. Capital expenditure guidance was raised to $35 billion to $39 billion from $31 billion to $35 billion, with year-end active power targeted above 1.85 gigawatts.
Regulatory headwinds
New York Governor Kathy Hochul signed an executive order in July imposing a moratorium on new large-scale data centers, reflecting growing local opposition across the United States. Chief Executive Mike Intrator told analysts the current guidance does not reflect any impact from regulatory pushback "as of today," though he acknowledged in a CNBC interview that unwillingness by parts of the country to engage makes expansion more challenging.
Pricing power and competition
Intrator said pricing and margins for Nvidia's newest Blackwell and Vera Rubin chip generations are reaching new highs, while prior-generation SKUs are holding at or above levels from years ago. Chief Financial Officer Nitin Agrawal said the company is passing component cost increases through to customers. During the quarter, Meta committed an additional $21 billion, CoreWeave announced a multi-year agreement with Anthropic, and quantitative trading firm Jane Street made a $6 billion commitment. Rival Nebius rose 5% in extended trading. Agrawal argued that demand, pricing and margins are all expanding even as new competitors emerge, including SpaceX offering spare computing capacity and Meta evaluating a cloud business of its own.
Stock performance
The stock has gained 26% year to date through Tuesday's close, outpacing the S&P 500's roughly 13% advance. CoreWeave debuted on the Nasdaq in March 2025.