Earnings · $CRWV
CoreWeave Reports Tuesday With Debt Costs and a $35 Billion-Plus Capex Plan Under Scrutiny After a Sharp AI Selloff
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The AI cloud provider's third-quarter report lands after shares roughly halved in a month and its 2032 bonds topped a 16% yield.
By Emma Cruz ·
CoreWeave is scheduled to report third-quarter results on Tuesday, Nov. 10, with a conference call at 5 p.m. ET, according to the company's own announcement [1]. The report arrives after a punishing stretch for AI-linked stocks. On Thursday, Nov. 5, the Nasdaq fell 5.5%, its worst session since April 2025, and the Philadelphia Semiconductor Index dropped 12%, CoinDesk reported [2].
CoreWeave shares fell 9.83% that day to $43.66 and were trading near $46.40 late Friday, up 6.28% on the session, according to a 24/7 Wall St. analysis published on Yahoo Finance [3]. The same analysis put the stock's decline over the past month at roughly 47.5% [3].
The prior quarter sets the baseline. In its second-quarter release on Aug. 11, CoreWeave reported revenue of $2.575 billion, up from $1.212 billion a year earlier, and a net loss of $626 million, or $1.14 a share [4]. Adjusted operating income was $128 million, a 5% margin versus 16% a year earlier, and net interest expense was $640 million [4]. Revenue backlog stood at about $104 billion as of June 30, a figure that excluded more than $25 billion of new customer commitments added early in the third quarter [4]. Active power capacity had grown by nearly 500 megawatts to 1.5 gigawatts [4]. Chief Executive Michael Intrator said at the time that "customer demand is accelerating" [4].
That release did not include numerical guidance; the company said it would provide it on the call [4]. Figures compiled by 24/7 Wall St. put the third-quarter outlook at revenue of $3.45 billion to $3.6 billion and interest expense of $860 million to $940 million, with 2026 capital spending of $35 billion to $39 billion [3]. Interest expense at that level would be well above the $640 million reported in the second quarter, which is why financing has become a central question around the name.
Credit markets are signaling caution. CoreWeave's 2032 bonds, which carry a 9.625% coupon on a $1.25 billion issue, yielded more than 16% on Nov. 6, up from about 15% in mid-October, the 24/7 Wall St. analysis said [3]. Five-year credit default swap pricing rose above 1,289 basis points on Nov. 5 before easing to about 1,155 on Nov. 6 [3]. Second-quarter free cash flow was negative $5.743 billion, and the analysis also noted that Microsoft accounted for about 67% of 2025 revenue, a concentration that leaves results tied to a small number of customers [3].
The report is a test of whether AI infrastructure spending can be funded at a reasonable cost. The things to watch are whether the roughly $25 billion of new commitments shows up in reported backlog, how much of the planned capital spending is secured by customer contracts, whether interest expense lands inside the guided range, and how much additional power capacity CoreWeave has brought online since June. Management's tone on financing, including any comments on new debt or the cost of capital, is likely to draw as much attention as the headline revenue figure.
Sources:
[1] CoreWeave, "CoreWeave Announces Date of Third Quarter 2026 Financial Results and Conference Call", October 27, 2026. https://investors.coreweave.com/news/news-details/2026/CoreWeave-Announces-Date-of-Third-Quarter-2026-Financial-Results-and-Conference-Call/default.aspx
[2] CoinDesk, "Bitcoin tumbles to $76,000 as collapsing AI trade drags stocks sharply lower", November 5, 2026. https://www.coindesk.com/markets/2026/11/05/bitcoin-crypto-stocks-caught-in-ai-trade-meltdown-but-wintermute-trader-sees-glass-half-full
[3] 24/7 Wall St. via Yahoo Finance, "CoreWeave's Bonds Now Yield More Than 16%, Days Before Earnings", November 7, 2026. https://finance.yahoo.com/markets/stocks/articles/coreweave-bonds-now-yield-more-153753330.html
[4] CoreWeave, "CoreWeave Reports Strong Second Quarter 2026 Results", August 11, 2026. https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Second-Quarter-2026-Results/default.aspx
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.