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CoreWeave (CRWV)

CoreWeave rents GPU computing to AI labs and large tech companies, and reports Q3 results on 11-10.

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Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What it does

CoreWeave runs a cloud built for AI. It rents GPU computing, storage and software to AI labs, large tech companies and enterprises, and its quarterly filing names Microsoft and OpenAI among its significant customers. In Q2 2026 it reported revenue of $2.58B, up from $1.21B a year earlier, and a revenue backlog of about $104B at 6-30.

Role in the theme

CoreWeave is a GPU cloud in the AI compute hosts (neoclouds) theme. It is also the tenant behind most of Core Scientific's revenue and behind the leased capacity at Galaxy's Helios campus.

Latest

  • 10-28: Microsoft's CFO said "some 3P GPU-as-a-Service contracts" were delayed to its fiscal second half, which runs January to June 2027. CRWV fell 5.8% in overnight trading after the call.
  • 10-27: CoreWeave set its Q3 2026 results and call for 11-10 at 5:00 p.m. ET.
  • 10-27: The five-year credit default swap spread on its debt was about 1,041 basis points, per Markit data reported by Crypto Briefing. This spread is the market price of insuring the debt against default.

What to watch

  • Q3 results and call on 11-10 at 5:00 p.m. ET.
  • Whether the third-party GPU contracts that Microsoft delayed start in its fiscal second half (January to June 2027).
  • The credit default swap spread, which stood above 1,000 basis points in late October.
  • New financing. Its most recent large deal was a $4.2B offering of 2.875% convertible notes due 2033, completed on 9-22.

Covered in

Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.