CoreWeave shares jump 26.5% after raising 2026 revenue forecast

Key Facts

CoreWeave shares jumped 26.5% on Wednesday, November 11, after the cloud computing company reported quarterly results and raised its revenue forecast, helping artificial intelligence infrastructure stocks recover some of their recent losses. The Associated Press said the stock rose after the quarterly loss came in below analysts’ expectations, while the higher forecast supported gains across the sector. The results came amid investor concerns about financing data center expansion and AI-related spending. Western Digital shares had fallen about 17% during the previous week amid concerns about data center policy and AI spending. The gain attributed to Western Digital in Wednesday trading could not be verified, but Investing.com recorded the stock up 8.4% at $313.62 in morning trading, an intraday reading.

CoreWeave said on November 10 that revenue for the third quarter, ended September 30, was $3.661 billion, compared with $1.365 billion in the corresponding period of 2025. Net loss, by contrast, widened to $709 million from $110 million a year earlier. The figures put sales growth alongside a larger loss as the company steps up spending to meet demand for AI-related cloud computing services. The company said its backlog stood at about $132.5 billion on September 30. That balance indicates the scale of work the company said it was awaiting execution, alongside plans to increase infrastructure capacity.

The company raised its 2026 revenue forecast to a range of $13.0 billion to $13.3 billion. It also raised its forecast for adjusted operating income to $1.275–$1.375 billion and said the midpoint was 26% above its previous forecast. CoreWeave wrote in its statement: "We are raising our full-year 2026 revenue outlook to a range of $13.0 billion to $13.3 billion." The higher forecast reflects management’s assessment that demand for its services will continue, but comes alongside a quarterly loss larger than in the corresponding period a year earlier. The chief executive said about $9 billion in customer prepayments and deposits were expected in the three months following the results announcement, linking the expected expansion to financial commitments from customers.

CoreWeave raised the lower end of its 2026 capital spending forecast to $37 billion, from a previous range of $35 billion to $39 billion, while keeping the upper end at $39 billion. The company said the higher floor reflects expectations that infrastructure will be deployed and delivered to customers earlier than planned. That puts capital expansion at the center of the company’s results: revenue and forecasts increased, but providing computing capacity requires substantial investment. Its chief executive had said that "demand for infrastructure remains immense," according to Investing.com. The platform said CoreWeave’s results helped ease concerns about financing AI infrastructure spending.

CoreWeave’s results come as storage stocks have faced pressure after Western Digital fell about 17% during the previous week. On October 22, Western Digital reported revenue of $4.38 billion in the first quarter of fiscal 2027, up 55% year over year, and non-GAAP diluted earnings per share of $4.64. The company had explained the link between AI and storage by saying that "nearly every AI workload, from training and inference to agentic and physical AI, creates data that is stored persistently and cost-effectively on hard drives." The statement provides a framework for market interest in storage companies when infrastructure companies report results, but on its own does not establish a change in demand for Western Digital products during Wednesday’s session.

Western Digital forecast year-over-year revenue growth of 66% to 72% in the second quarter of fiscal 2027, with revenue at the midpoint of the range of $5.1 billion and non-GAAP earnings per share of $5.80. Those forecasts provide additional context for tracking the stock, alongside the sector’s move after CoreWeave’s results. For the latter company, its announced capital spending forecast points to continued infrastructure deployment and delivery during 2026, while management said customer prepayments and deposits expected over the following three months amounted to about $9 billion. Western Digital’s move recorded in morning trading remains an intraday reading and does not in itself represent a closing price.