CoreWeave stock jumps 15% premarket after Q3 revenue beats estimates

CoreWeave shares jumped 15.27% in premarket trading Wednesday after the AI cloud provider reported third-quarter revenue that beat analyst estimates.

The shares traded at $56.12 as of 12:50 pm UTC, trimming the stock’s year-to-date decline to 32%, according to Yahoo Finance.

CoreWeave reported $3.66 billion in third-quarter revenue after the market closed on Tuesday, up 168% from $1.36 billion a year earlier.

Revenue came in about 3.4% above the $3.54 billion consensus estimate compiled by Google Finance. 

The company also reported a revenue backlog of about $132.5 billion as of Sept. 30. The figure includes revenue CoreWeave expects to recognize under existing customer contracts, subject to delivery and service availability.

In April, CoreWeave announced a multiyear agreement with AI developer Anthropic to provide computing capacity for its Claude models. Days later, CoreWeave signed a $6 billion deal with quantitative trading company Jane Street to supply cloud infrastructure for trading and research.

CoreWeave started as a crypto miner and began shifting to AI infrastructure in 2019.

Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone