CoreWeave shares jump 15% premarket after Q3 revenue beats estimates
In brief
- CoreWeave reported Q3 revenue of $3.66 billion, up 168% from $1.36 billion a year earlier.
- Q3 revenue beat the $3.54 billion Google Finance consensus estimate by about 3.4%.
- CoreWeave shares rose 15.27% premarket, trading at $56.12 as of 12:50 pm UTC.
- CoreWeave's revenue backlog stood at about $132.5 billion as of Sept. 30, subject to delivery.
A beat, and a very large backlog
CoreWeave released the numbers after the market closed on Tuesday. Revenue more than doubled year over year (the 168% jump took the quarterly figure from $1.36 billion to $3.66 billion), and it cleared the $3.54 billion Google Finance consensus by roughly 3.4%.
The backlog is the bigger number.
CoreWeave reported a revenue backlog of about $132.5 billion as of Sept. 30. That's not booked revenue. The figure covers revenue the company expected to recognize under existing customer contracts, and it's subject to delivery and service availability, so it isn't the same thing as cash that's already landed.
How the stock reacted
Shares traded at $56.12 as of 12:50 pm UTC, according to Yahoo Finance data cited by Cointelegraph. At that price, the stock's year-to-date decline had narrowed to 32%. Premarket figures can change once the regular session opens, so the 15.27% move is a snapshot from one point in the morning (not a closing price).
From crypto mining to AI compute
CoreWeave didn't start out as an AI company. It began as a crypto miner and started shifting to AI infrastructure in 2019.
The company has also announced a couple of large customer agreements. In April, CoreWeave disclosed a multiyear agreement with AI developer Anthropic to provide computing capacity for its Claude models. Days later, it signed a $6 billion deal with Jane Street (the quantitative trading firm) to supply cloud infrastructure for trading and research. Both deals were announced months before this week's report, and they're background here rather than an explanation for the quarter's beat.
For readers who follow crypto, it's a familiar arc: a company that once mined coins now sells compute to AI labs and trading firms, with a backlog that runs well past $100 billion on paper.
Frequently asked questions
What is CoreWeave's $132.5 billion revenue backlog?
CoreWeave reported a revenue backlog of about $132.5 billion as of Sept. 30. The figure includes revenue the company expected to recognize under existing customer contracts, subject to delivery and service availability, so it isn't revenue that's already been booked.
How much did CoreWeave beat Q3 revenue estimates by?
CoreWeave reported $3.66 billion in third-quarter revenue, up 168% from $1.36 billion a year earlier. That came in about 3.4% above the $3.54 billion consensus estimate compiled by Google Finance.
