CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion on Tuesday, Nov. 10, up from the $12.4 billion to $13.2 billion it projected in August and above the $12.86 billion analysts expected, according to LSEG, CNBC reported from the company's statement.

Third-quarter revenue was $3.66 billion, against $3.55 billion expected, up 168 percent from about $1.36 billion a year earlier. The adjusted loss was 95 cents a share, narrower than the $1.16 analysts expected. The net loss widened to $709 million, or $1.27 a share, from $110 million a year earlier.

The company also raised its 2026 forecast for adjusted operating income to $1.275 billion to $1.375 billion, from $960 million to $1.15 billion in August. Its backlog reached $132.5 billion, up from $104 billion at the end of June. CoreWeave expects 2026 capital spending of $37 billion to $39 billion and 1.85 gigawatts of active power by the end of the year, CNBC reported. The company said it expects to be profitable in 2028, Reuters reported.

The price of money

A data center is a long-duration asset. The construction bill comes first, and the rental income arrives over years. When the rate used to discount that distant income rises, the present value of those later payments falls more than the value of near-term ones.

The benchmark for that rate moved on Tuesday. The Treasury sold $42 billion of 10-year notes at a high yield of 5.020 percent, according to Treasury results. CoreWeave's own borrowing costs sit far above that: some of its bond yields recently topped 16 percent, CNBC reported. The company carried almost $47 billion of debt at the end of the third quarter.

Executives addressed financing on Tuesday. "At current yields, we do not intend to issue additional parent-level unsecured debt through 2027," Chief Financial Officer Nitin Agrawal said, according to CNBC. He projected less than $5 billion of parent-level debt financing through 2027 and said the company's asset-level secured loans were "continuing to trade around par value." CoreWeave plans new debt tied to a set of contracts in the coming weeks.

Chief Executive Mike Intrator said the company expects most of its 2027 capital to come from customer prepayments and financing from hardware partners.

"The business can execute well and still face a tougher financing environment," said Joe Tigay, a portfolio manager at Equity Armor, CNBC reported. Alberto Conca of LFG+ZEST told Reuters: "The results confirm that demand for AI is still very strong. However, CoreWeave still faces significant questions over the sustainability of its debt burden."

The ballot box

Voters weighed in on data centers on Nov. 3. There were 41 local data-center ballot measures in 10 states, and voters sided against data centers in all but one, in Harwood, N.D., CNBC reported. Ohio had 21 of them. In Ohio, Democrat Amy Acton, who supports a "conditional moratorium" on data centers, defeated Vivek Ramaswamy for governor. In a CNBC Voter Poll, 56 percent of voters said data centers were a crucial or major factor.

Intrator said on Tuesday: "we do not anticipate any impact from the seismic regulatory shift that's occurred." He said almost all of the company's power is online or permitted and under construction.

The stock

CoreWeave shares closed Tuesday at $48.73 and had lost more than 40 percent in the past month, CNBC reported. On Wednesday morning the stock was up 16 percent in premarket trading, Reuters reported. That is a premarket price, not a close.

Anthropic, a CoreWeave customer, is scheduled to debut on Nasdaq next week, CNBC reported. Its updated filing on Tuesday sets a range of $70 to $78 a share for 825 million Class A shares, implying a valuation of about $1.405 trillion at the top of the range, less than the $2 trillion many expected weeks ago, Kiplinger reported.