CoreWeave reported revenue of $3.661 billion for the quarter ended Sept. 30, and U.S. stocks opened higher on Nov. 11 after the company disclosed rapid growth alongside a $709 million loss.
At 9:30 a.m. ET, the Nasdaq Composite was up 385.17 points, or 1.54%, at 25,451.05. The S&P 500 gained 73.02 points, or 0.97%, to 7,593.95, while the Dow Jones Industrial Average added 27.13 points, or 0.05%, to 52,259.02. Reuters reported the opening figures and said CoreWeave’s earnings strength helped draw attention away from concerns about high spending on AI infrastructure.
CoreWeave’s revenue compared with $1.365 billion in the year-earlier quarter. The company also reported a $529 million adjusted net loss and $379 million in adjusted operating income, equal to a 10% adjusted operating income margin. CoreWeave says its adjusted measures are non-GAAP figures that readers should consider alongside its GAAP financial data.
For 2026, the company projected revenue of $13 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion. It forecast capital expenditures of $37 billion to $39 billion and fourth-quarter interest expense of $1.05 billion to $1.15 billion. The projections follow an earlier increase to its 2026 revenue and capital-spending outlook.
CoreWeave estimated its backlog at about $132.5 billion as of Sept. 30, based on committed contracts and estimates that depend on delivery and service availability. Co-founder, Chairman and CEO Michael Intrator said the company expected about $9 billion in customer prepayments and deposits over the next three months. CoreWeave said contract-backed financing, operating cash flow and those expected payments support its expansion.
Reuters separately reported that executives expected CoreWeave to reach adjusted profitability in the first half of 2028. The timeline was not included in the company’s written results.
