CoreWeave Revenue Reaches $3.661 Billion in Third Quarter

Key Takeaways

• CoreWeave reported $3.661 billion in quarterly revenue, versus $1.365 billion a year earlier, and a backlog of about $132.5 billion.
• CoreWeave posted $207 million in operating income and a $709 million net loss for the quarter ended September 30.
• The company raised its 2026 revenue forecast to $13 billion–$13.3 billion, adjusted operating income outlook to $1.275 billion–$1.375 billion, and capital spending plan to $37 billion–$39 billion.
• CoreWeave expects $9 billion in customer deposits and prepayments over three months and says it is oversubscribed for capacity in 2027 and 2028.
• CoreWeave’s results helped lift AI infrastructure stocks and global markets, while investors continued to weigh financing costs and risks, including Applied Digital’s $6.4 billion in debt against $3.7 billion in cash and restricted cash.
• Railway says a build-system breach exposed customer AI credentials, potentially affecting variables in about 100,000 workspaces; it estimates $740,000 in unauthorized AI-service charges.
• Tessl’s plan for concurrent coding agents uses ticket claims, file announcements and speculative merge trains, but the company has not shared performance, cost or rollback data.
• A proposed $550 million AI data center at Maine’s former Androscoggin Paper Mill faces local questions about water and electricity; it would not replace the 170 jobs lost when the mill closed.
• Avanade’s APAC survey found only 17% of respondents said AI had fundamentally reshaped team operations, while 68% had not formally reviewed AI investment returns.
• Garage raised $41 million for its equipment marketplace; it says annual sales exceed $100 million and the platform serves more than 1,000 communities.

CoreWeave lifts 2026 forecast as revenue and customer demand surge

CoreWeave reported $3.661 billion in revenue for the quarter ended September 30, up from $1.365 billion a year earlier. The company posted $207 million in operating income and a $709 million net loss, while its revenue backlog reached about $132.5 billion. It raised its 2026 revenue forecast to $13 billion to $13.3 billion and its adjusted operating income forecast to $1.275 billion to $1.375 billion. CoreWeave also raised its capital spending forecast to $37 billion to $39 billion and said it expects $9 billion in customer deposits and prepayments over the next three months. CEO Michael Intrator said demand remains overwhelming, with the company oversubscribed for capacity in 2027 and 2028.

CoreWeave results lift Applied Digital and other AI infrastructure stocks

Applied Digital shares rose 8% in morning trading after CoreWeave reported results that beat estimates and raised its 2026 revenue forecast to $13 billion to $13.3 billion. IREN gained 9%, TeraWulf rose 12%, and Cipher Digital also climbed as AI infrastructure stocks rebounded. CoreWeave CEO Michael Intrator said customer contracts support the company’s funding, easing investor concerns after its credit default swap spreads rose above 11% earlier in the month. The article also notes that Applied Digital has $6.4 billion in debt against $3.7 billion in cash and restricted cash. It says higher interest rates could increase the cost of capital for Applied Digital and its peers.

CoreWeave earnings ease investor worries and send AI stocks higher

Shares of Sharon Holdings, IREN, Galaxy Digital, and Applied Digital rose after CoreWeave reported strong results. Its revenue reached $3.66 billion, above the $3.55 billion forecast and about 168% higher than a year earlier. CoreWeave reported an adjusted loss of 95 cents per share, smaller than the $1.16 loss analysts expected, and CEO Michael Intrator called it a “breakout quarter.” The company raised its 2026 revenue forecast to $13 billion to $13.3 billion and set planned capital spending at $37 billion to $39 billion. JPMorgan credit analyst Thomas Egan said the results reassured investors about AI demand and the financing available to build AI capacity.

CoreWeave raises outlook as strong results ease AI demand concerns

CoreWeave said third-quarter revenue rose 168% to about $3.7 billion, beating estimates, and raised its 2026 forecast. It now expects revenue of $13 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion. The company said customer contracts and about $9 billion in customer deposits and prepayments help fund its growth. Shares were up 10.8% in premarket trading, while Nebius gained 10.2%. Zacks Chief Equity Strategist John Blank told CNBC that CoreWeave had eased financing concerns by moving away from unsecured bond financing.

Railway says stolen customer AI keys led to $740,000 in charges

Railway said an attacker used a flaw in its build system to enter company systems and seek AI provider keys stored by customers. The attacker decrypted variables in at most 1.85% of workspaces, about 100,000, and accessed stored histories from 353 builds. Railway estimates that stolen keys led to $740,000 in unauthorized usage charges, but its report does not explain how it calculated the figure or what period it covers. The company said it cannot refund charges made with compromised keys and advised customers to contact AI providers, revoke or replace sensitive keys, and review their access and audit logs. Railway said it disabled the credential used by the attacker, so copied data that was not decrypted can no longer be decrypted with it.

Railway breach leads to $740,000 in fraudulent AI charges

Cloud hosting company Railway said attackers exploited an unknown vulnerability to steal customer credentials and access paid AI services. The attackers used a weakness in Railway’s internal systems to reach encrypted customer environment variables, including AI service API keys. Railway estimates that variables from as many as 100,000 customer workspaces could have been decrypted, though it has not confirmed how many accounts were affected. The attack began on October 20 at about 07:28 UTC and ended on October 21 at 09:24 UTC, after a 26-hour battle between attackers and Railway’s engineers. Railway says the stolen keys led to about $740,000 in charges for coding agents and AI training pipelines, and it is working with AI providers on refunds while promising to cover losses they will not repay.

Tessl’s concurrent coding plan still needs real world proof

Tessl’s Patrick Debois argues that coding agents can work on tasks at the same time using ticket claims, file announcements and speculative merge trains. The system would test which changes can be combined and flag conflicts based on intent, such as confusing dollars with cents on invoices. Debois said software factories see about ten times more pull requests, but the article questions whether his approach can handle conflicts that involve intent rather than code lines. Tessl says its open standards factory platform shifts coding from assistance to execution. The article says the company has not shared cost, speed or rollback data to prove the approach works under heavy use.

Developer renews plan for AI data center at former Maine paper mill

A local developer plans to seek permits to turn part of the former Androscoggin Paper Mill in Jay, Maine, into an AI data center with national partner Sentinel Data Centers. The $550 million project could provide Jay with a tax base, though it would not restore the 170 jobs lost when the mill closed after a wood pulp digester exploded six years ago. Some residents worry about the data center’s water and electricity use, while town leaders say demand would be similar to the paper mill’s and expect little change in environmental impact. Governor Janet Mills vetoed a proposed data center moratorium earlier this year, while Governor-Elect Hannah Pingree has said she would sign a bill to ban new data centers in Maine. Developers plan a public meeting at the site in one month to discuss water and electricity use.

Lafayette council rejects downtown bar with AI bartenders

The Lafayette City Council voted down a proposal for a new high-tech bar in downtown Lafayette after meeting late Tuesday. The owner planned to staff the club with artificial intelligence bartenders. Council members rejected the proposal amid concerns about safety in the downtown area.

Avanade study finds APAC AI spending favors small improvements

Avanade surveyed 3,600 business decision makers across 11 markets, including 1,400 respondents in Asia-Pacific. In APAC, 79% said too much AI investment goes toward incremental improvements instead of transformational opportunities. Although 76% described their teams as established, advanced or AI-first in their AI journey, only 17% said they had fundamentally reshaped how their teams operate around AI. The research also found that 68% had not formally calculated and reviewed the financial returns on AI investment, and 76% said their organization presents itself as more AI-mature than it is. Only 43% said their organization uses business value and return on investment targets to judge AI progress.

CoreWeave rally lifts tech stocks and AI-backed picks

Tech stocks rose after CoreWeave shares jumped 16% following stronger earnings, easing concerns about demand for AI cloud services. The article highlights gains among selected stocks, including Veeco Instruments, Consensus Cloud Solutions and Axcelis Technologies. One enterprise cloud and IT infrastructure stock rose 24.87% in November and 40.06% since it was selected, though the article does not name it. Investing.com says its AI-selected tech picks have returned 165.27% since November 2023, beating the benchmark by 87.71%.

CoreWeave earnings boost AI stocks and global markets

On November 11, 2026, CoreWeave reported better-than-expected earnings and revenue and raised its sales guidance, lifting many AI-related stocks in premarket trading. S&P 500 futures rose nearly 1% and Nasdaq futures gained close to 2%, while Asian and European markets also moved higher. The article reported that the S&P 500 has gained an average of 0.36% between Veterans Day and Thanksgiving since 1954, with positive returns 67% of the time. It also noted that recent U.S. market swings have left the S&P 500 lower, even as most sectors rose, because large technology stocks weighed on the index.

Garage raises $41 million to expand its AI equipment marketplace

Garage raised $41 million in Series B funding to expand its AI-powered marketplace for heavy equipment, and the company says annual platform sales have topped $100 million. The marketplace connects buyers and sellers of equipment such as fire engines and garbage trucks, helping local governments and service providers trade used assets. Garage says it serves more than 1,000 communities across all 50 states and Canada and has helped municipalities save more than $100 million. A new fire truck can cost up to $2 million, while a high-quality used truck on Garage can cost about $150,000, a reduction of more than 90%.

Jefferies executive sees a healthy shift in AI investment

Jason Greenberg, Jefferies’ executive chair of TMT investment banking, discussed the AI market and a recent stock sell-off on CNBC’s “Squawk on the Street.” Greenberg said AI investment is going through a healthy rotation. The video description does not provide further details about his comments.

Sources

• CoreWeave stock jumps 11% as earnings beat eases AI slowdown fears
• Applied Digital Rallies 8% as CoreWeave's Results Revive the AI Data Center Trade; Cipher Digital Jumps 10%, IREN Surges 9%
• AI Stocks Jump: Here's What You Should Know - Applied Digital (NASDAQ:APLD), IREN (NASDAQ:IREN), Galaxy…
• CoreWeave stock pops 16% after outlook raise eases AI slowdown concerns
• Railway Says Stolen Customer AI Keys Led to $740,000 in Estimated Unauthorized Usage Charges
• Cloud hosting firm Railway says recent breach leads to $740,000 in fraudulent AI charges
• Tessl's concurrent coding pitch needs proof
• Maine developer revives plan to turn former Jay paper mill into AI data center
• Lafayette City Council rejects proposed new downtown AI bar
• Avanade research finds 79% of APAC respondents say AI investment is too focused on incremental improvements
• +102%, +40%: As CoreWeave lifts tech, earnings beats power these AI-picked winners
• Bespoke’s Morning Lineup – 11/11/26 – CoreWeave Replenishes the AI Trade
• Garage Raises $41M Series B to Scale AI-Powered Marketplace for America's Essential Equipment, Surpassing $100M in Annual Platform Sales
• We're going through a healthy rotation in AI investment, says Jefferies' Jason Greenberg