CoreWeave는 최신 실적 발표에서 매출 추정치를 상회했으며 연간 가이던스를 상향 조정했고, 이에 따라 장전 거래에서 주가가 17% 상승했다.

CoreWeave (CRWV) shares jumped as much as about 17% in premarket trading on Wednesday, to near $57, reversing a prolonged decline. The rebound was driven mainly by third-quarter revenue that topped market estimates and by upward revisions to full-year 2026 revenue and adjusted operating profit guidance, which eased investor concerns about slowing demand for AI computing power.

According to the earnings report, CoreWeave's third-quarter revenue reached $3.661 billion, up 168% from $1.365 billion in the same period last year. The figure exceeded market expectations of about $35.5 billion [EDITOR'S NOTE: The source gives the consensus estimate as "$35.5 billion," which is inconsistent with reported revenue of $3.661 billion. This is likely a typo for $3.55 billion. Verify before publication.] and rose by about $1 billion quarter over quarter. Adjusted operating income was $379 million, an operating margin of about 10%. The company's revenue backlog grew to $132.5 billion, up 138% year over year and above the $104 billion recorded at the end of the second quarter. The company said this shows that demand from large technology companies for GPU cloud services and AI infrastructure remains robust.

Based on third-quarter performance and delivery progress on existing contracts, CoreWeave raised its full-year 2026 revenue guidance to between $13 billion and $13.3 billion, up from the previous forecast of $12.4 billion to $13.2 billion. It also increased its adjusted operating profit target to between $1.275 billion and $1.375 billion, with the midpoint rising about 26% from the original forecast. Its year-end annualized revenue run-rate expectation was raised to between $20 billion and $21 billion.

The growth in backlog and guidance suggests CoreWeave retains strong momentum after the recent sell-off in the AI infrastructure sector. The company said customer demand for 2027 significantly exceeds currently available capacity, and its newly launched AI development platform, Forge, is helping it win additional cloud computing customers. As signed contracts convert into revenue, earlier market concerns about an oversupply of AI computing power have temporarily eased.

At the end of the third quarter, CoreWeave's debt stood at approximately $46.9 billion. Including lease liabilities, total debt and lease obligations reached $66.2 billion, up from $51.6 billion at the end of the second quarter. The company held about $4.1 billion in cash and $2.3 billion in restricted cash. Its data center expansion requires substantial external capital, and elevated leverage remains a key risk in market assessments of CoreWeave's valuation.

Third-quarter capital expenditures reached $14.5 billion. The company narrowed its full-year 2026 capex range to between $37 billion and $39 billion, from the prior range of $35 billion to $39 billion. Management said the higher lower bound mainly reflects certain infrastructure being on track for early delivery to customers. CoreWeave still expects active power capacity in operation to exceed 1.85 gigawatts by year-end.

To lower financing costs, CoreWeave plans to reduce its reliance on high-yield unsecured bonds and shift toward asset-backed loans collateralized by Nvidia chips and other computing equipment. These loans are expected to reach billions of dollars, with interest rates of about 7% to 7.5%, well below the yields of over 16% on some of its unsecured bonds. The company also expects to receive approximately $9 billion in prepayments and deposits from signed customer contracts over the next three months to fund data center construction.

This financing structure has eased some of the investor concerns about liquidity. Customer prepayments reduce the internal capital CoreWeave must deploy upfront, and using GPUs and other equipment as collateral helps lower the cost of new borrowing. The company said that through 2027, the additional capital it must raise at the parent-company level is expected to be under $5 billion, and that it will flexibly adjust capital expenditures based on market conditions and customer demand.