Key Takeaways
- CoreWeave shares rose 3% today after a rival neocloud said its AI cloud revenue nearly tripled from the prior quarter to $200 million.
- But the rival pushed more than $4 billion of annualized revenue into January, after infrastructure delays.
- CoreWeave’s quarterly interest expense reached $640 million in the second quarter of 2026, so delays cost it more than most.
- CoreWeave’s Nov. 10 report will show whether that demand arrives on time.
CoreWeave (CRWV) jumped 3% today on a rival’s results. The rival said after Thursday’s close that its AI cloud revenue nearly tripled from the prior quarter to $200 million. Jefferies equity strategist Jane Gibbons called Thursday’s AI selloff “reactionary, not a fundamental reset.”
But the rival’s Co-CEO, Daniel Roberts, said its more than $4 billion of contracted ARR is “now targeted for January.” That rival is IREN (IREN), and Reuters reported delays to some infrastructure for Microsoft (MSFT). CoreWeave’s annual report names Microsoft as its largest customer in 2025, at about 67% of revenue. And CoreWeave’s GPU supplier, Nvidia (NVDA), needs that capacity online too.
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The demand is still there
Analysts expect CoreWeave’s revenue to climb from $5.13 billion in 2025 to $43.6 billion in 2028.
IREN’s quarter gives no reason to cut those numbers, though a delay like IREN’s could push some of that revenue later.
The Financial Times reported that Microsoft passed on more than doubling its lease at Nscale’s Texas site. Yet Azure revenue grew 48% in the quarter ended Sept. 30. So is Microsoft changing what it wants from neoclouds, or buying less from them?
Nvidia invested $2 billion in CoreWeave in January. If neocloud deliveries slip, does Nvidia’s outlook slip with them on Nov. 17?
The interest bill comes first
The stock doesn’t price in that growth: CoreWeave traded at just 1.4x forward sales heading into today, against a 3.6x average over the past year.
The reason is its debt: quarterly interest expense went from $104 million in the third quarter of 2024 to $640 million in the second quarter of 2026.
Management guides third-quarter interest expense of $860 million to $940 million, against adjusted operating income of $200 million to $260 million.
The way I see it, Gibbons is right: this week didn’t change CoreWeave’s fundamentals, including an interest bill far ahead of its operating income. I’d wait for margins to close that gap before buying the bounce.
Of course, CoreWeave reports Tuesday, Nov. 10, and adjusted operating income above the guide would change that picture quickly.
So what is CoreWeave stock actually worth?
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