CoreWeave beats quarterly revenue estimates as AI demand defies growing doubts

Résumé détaillé

Nov 10 : CoreWeave beat Wall Street estimates for quarterly revenue on Tuesday, driven by strong demand for its cloud services, easing recent concerns around the durability of AI infrastructure demand amid its mounting debt load.

The company's shares were up more than 7 per cent in extended trading following a sharp slump last month.

CoreWeave reported revenue of $3.66 billion for the third quarter ended September, up from $1.37 billion a year earlier, compared with analysts' average estimate of $3.55 billion, according to data compiled by LSEG.

It also raised its annual revenue forecast to between $13.0 billion and $13.3 billion, from $12.4 billion to $13.2 billion earlier.

"Customer contracts come first, and investment follows," CEO Mike Intrator said in a statement.

"Because CoreWeave's investments are tied to committed demand, lenders have something concrete to lend against and customers typically help fund the buildout through prepayments."

The company's stock has crashed more than 40 per cent in the past month as the company emerged as the focal point of growing fears about a potential AI bubble, with investors fretting about heavy borrowing to fund purchases of chips, land and energy for AI data centers that generate little return until they are leased.

The $27 billion Nvidia-backed AI cloud company has never turned a profit, according to data compiled by LSEG, and had more than $50 billion in debt as of June.

Yields on CoreWeave's 2030 bonds are currently at about 15.2 per cent, while its five-year credit-default swaps — a measure of perceived default risk — trade at 1,135 points.

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