CoreWeave Pops On Beat And Raise... Then Guides To A $1.1 Billion Quarterly Interest Bill As Debt Hits $47 Billion

Résumé détaillé

CoreWeave Pops On Beat And Raise... Then Guides To A $1.1 Billion Quarterly Interest Bill As Debt Hits $47 Billion The bar could hardly have been lower.CoreWeave (CRWV) walked…

CoreWeave (CRWV) walked into tonight's third-quarter report with its stock down more than 73% from its June 2025 high of $183, its 9.75% 2031 bonds yielding north of 15%, its CDS above 1,100bps, and a freshly elected class of governors who would rather not see another data center built in their states, thank you very much. Options were pricing a 15.5% move in either direction, and after a week in which exactly one of 45 data center ballot measures went the industry's way, most of the nervous money was looking down.

Well, the neocloud delivered: revenue, margins and guidance all came in above expectations, and the stock immediately spiked as much as 10% after hours to $54, a welcome change for a name that had fallen after five of its six reports as a public company.

But as has been the case lately, it didn’t last: within minutes most of the gain was gone.

What did the market see once it got past the first page of the release?

Probably the two sentences that will matter most to anyone who owns the company's bonds (and after the past month, maybe its stock too) were tucked into the outlook: CoreWeave expects to pay between $1.05 billion and $1.15 billion in interest in the fourth quarter alone, and it is pulling capex forward, lifting the low end of its full-year range to $37 billion. In other words, the best quarter in the company's history still ended with $11.8 billion more debt than it started with.

Here is what CoreWeave reported for the third quarter, with estimates from Bloomberg consensus:

Sequentially, revenue rose by more than $1 billion in a single quarter, a first for the company, and the adjusted operating margin climbed back to 10% from 5% in Q2 and just 1% in Q1. CEO Michael Intrator said margins reached "double digits a quarter ahead of plan", which is fair: the July price increases and a wave of new capacity showed up exactly where the bulls said they would.

So far, so good. If this were a software company, we could probably stop here.

Start with interest.

Début de l'article, extrait de ZeroHedge. Pour lire la suite, ouvrez l'article chez le média.