CoreWeave shares advanced sharply after the company reported third-quarter revenue that exceeded analyst estimates and raised its full-year sales forecast, providing a lift to broader artificial intelligence and semiconductor stocks. The stock rose as much as 15% in premarket trading and extended gains during the session, reversing part of a steep recent decline.

Revenue reached $3.66 billion for the quarter ended September 30, a 168% increase from $1.36 billion a year earlier. The figure came in above consensus estimates that had clustered around $3.54 billion to $3.56 billion. The company also reported a revenue backlog of approximately $132.5 billion, up from about $104 billion at the end of the second quarter.

Guidance Raised as Demand Signals Strengthen

CoreWeave increased its full-year 2026 revenue guidance to a range of $13 billion to $13.3 billion, up from the prior range of $12.4 billion to $13.2 billion. Adjusted operating income is now expected between $1.275 billion and $1.375 billion. Management pointed to robust demand for high-performance computing capacity and projected about $9 billion in customer prepayments and deposits over the next three months.

The company recorded a net loss of $709 million, or $1.27 per share, compared with a loss of $110 million a year earlier. Interest expense rose to $846 million in the quarter from $310 million previously, and the firm expects fourth-quarter interest expense between $1.05 billion and $1.15 billion. Capital spending guidance for the full year stands at $37 billion to $39 billion.

Debt Position and Financing Plans

Total debt stood at roughly $46.9 billion at the end of the third quarter. The weighted average cost of debt was 7.9%. Market yields on some of the company’s unsecured notes had climbed above 16% in early November, prompting management comments on future funding.

Chief Executive Michael Intrator stated that the company does not intend to issue additional parent-level unsecured debt at current yields through 2027. Finance executives indicated that most capital needs for the following year are expected to come from customer prepayments, financing tied to hardware partners, and a limited amount of other funding. The firm plans to raise new debt linked to specific contracts in the coming weeks and projects under $5 billion in parent-level debt financing through 2027.

More than 75% of committed capital expenditures through 2027 is tied to investment-grade and enterprise customers. Nearly all of the 2026 spending plan is linked to signed agreements. Major customers include Meta with a $21 billion contract and OpenAI with agreements totaling about $22.4 billion, along with Microsoft, Nvidia, Anthropic, and Jane Street.

Market Reaction and Sector Impact

The results helped reverse recent pressure on AI infrastructure names. Nvidia shares gained around 4% to 5%, while other related stocks including those of Cipher Digital, IREN, and TeraWulf advanced roughly 6%. The Roundhill Memory ETF rose about 8%, and the VanEck Semiconductor ETF advanced more than 4%. Nasdaq 100 futures moved higher by approximately 2%.

CoreWeave, which began as a cryptocurrency miner before shifting focus to AI infrastructure around 2019, has built substantial power capacity. Active power commitments exceeded 1.7 gigawatts, with contracted power above 4.6 gigawatts. The company targets more than 1.85 gigawatts of active power by the end of 2026 and has plans for its first data centers in Asia.

Separately, Citi raised its price target on the shares to $149 from $128. The stock had lost more than 40% of its value in the prior month amid concerns over debt levels and the sustainability of AI infrastructure spending.

Management also addressed potential regulatory and local opposition to data center projects, stating that the company anticipates no material impact on its 2027 delivery plans. Slower construction across the sector, executives noted, could keep GPU pricing elevated for longer by limiting available capacity.