CoreWeave shares jumped about 16% in after-hours trading on Tuesday and climbed further in premarket trading on Wednesday 11 November 2026, after the artificial intelligence cloud provider reported third-quarter revenue of $3.66 billion, up 168% from a year earlier and ahead of the $3.54 billion consensus.

The results lifted the wider market. Nasdaq-100 futures rose about 1.9% in premarket trading, S&P 500 futures gained 0.86% and Dow futures added 0.11%, as technology shares bounced back from Tuesday's sell-off. Chip and memory stocks including Micron, AMD, Nvidia and Broadcom climbed 4% to 8% before the open.

Backlog hits $132.5 billion

CoreWeave ended September with approximately $132.5 billion in revenue backlog, ahead of the $131 billion analysts polled by S&P Global had expected. Management expects about $9 billion in customer prepayments and deposits over the next three months, and plans to rely mainly on contract-backed financing rather than unsecured debt at current yields, addressing a key concern hanging over AI infrastructure spending.

The company raised its full-year 2026 revenue outlook to between $13 billion and $13.3 billion, and its adjusted operating margin reached 10%, hitting double digits a quarter earlier than management had planned. Adjusted operating income was $379 million, against $234 million expected, and adjusted EBITDA was $2.26 billion, up 169% year on year.

Losses widen despite the sales beat

CoreWeave still reported a net loss of $709 million, or $1.27 a share, compared with $110 million a year earlier, with net interest expense of $846 million. Third-quarter capital expenditure reached $14.5 billion, versus the $11.9 billion estimate, and management now expects $37 billion to $39 billion for the full year.

Chief executive Michael Intrator called the quarter a "breakout" for the company, with revenue increasing by more than $1 billion sequentially. Management expects positive adjusted net income during the first half of 2028. Nebius reports on Thursday, giving traders a second look at the economics of specialist AI cloud providers.