CoreWeave's Q3 Revenue Surges 168% as Company Raises 2026 Outlook

CoreWeave reported third-quarter revenue of $3.7 billion, a 168% year-over-year increase, and raised its fiscal 2026 guidance, sending its stock soaring despite shares being down nearly 13% year-to-date. Operating income jumped to $207 million from $52 million a year ago, with operating margin rising to 6%, though net loss per share widened to $1.27. The company's revenue backlog reached $132.5 billion, up 138%, and it now projects fiscal 2026 revenue of $13 billion to $13.3 billion. CoreWeave faces risks including regulatory pressure from recent election results, significant debt, and customer concentration, with Microsoft accounting for 67% of revenue. Management says the company is largely sold out through 2027, with strong demand already for 2028.