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CoreWeave Q3 revenue more than doubles, beats analyst estimates

By Reuters News


Overview

  • US AI cloud infrastructure provider's Q3 revenue more than doubled yr/yr, beating analyst expectations

  • Adjusted EBITDA, adjusted net loss, and adjusted operating income for Q3 all beat consensus

  • Company raised full-year 2026 revenue and adjusted operating income guidance


Outlook

  • CoreWeave raises full-year 2026 revenue guidance to $13.0 bln-$13.3 bln

  • Company lifts full-year 2026 adj operating income forecast to $1.275 bln-$1.375 bln

  • CoreWeave expects 2026 capex of $37 bln-$39 bln, up from prior low end of $35 bln


Result Drivers

  • REVENUE GROWTH - Co attributed record revenue to strong demand for AI infrastructure and services, per CEO Michael Intrator

  • INFRASTRUCTURE EXPANSION - Co said rapid scaling of AI infrastructure and international expansion contributed to growth

  • TECHNOLOGY ADVANCEMENTS - Co highlighted new AI development tools and high-performance deployments as drivers of customer adoption


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$3.66 bln

$3.55 bln (35 Analysts)

Q3 Loss Per Share

$1.27

Q3 Adjusted Net Loss

Beat

$529 mln

$676.86 mln (23 Analysts)

Q3 Adjusted EBITDA

Beat

$2.26 bln

$2.04 bln (27 Analysts)

Q3 Adjusted Operating Income

Beat

$379 mln

$233.69 mln (27 Analysts)

Q3 Adjusted EBITDA Margin

62.00%


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 32 "strong buy" or "buy", 12 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the it services & consulting peer group is "buy"

  • Wall Street's median 12-month price target for CoreWeave, Inc. is $126.50, about 158.3% above its November 9 closing price of $48.98


Reuters Recommended Reads

  • Nov 10 - Anthropic's IPO: A close look at AI frontrunner's rapid growth, spiraling costs

  • Nov 10 - Nvidia selloff deepens, adding to AI jitters

  • Nov 9 - Banks, investors grow wary of AI debt, spooked by market selloff


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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