CoreWeave Jumps 24.71%, Declares Itself Largely Sold Out Through 2027

CoreWeave (NASDAQ: CRWV) closed at $60.77 on Wednesday, November 11, 2026, up $12.04 or 24.71%. That was the stock's biggest single-day gain since June 3, 2025, when it rose 25.19%, and the third-best day in its history. Only April 1, 2025 exceeded it, with a 41.77% surge days after the IPO. The rally lifted market value to $33.52 billion.

The context tempers the celebration. Shares closed at $48.73 on November 10 and at $43.66 on November 5 during the AI selloff. Even after a 25.51% one-week gain, the stock remains down 24.28% over one month and 15.14% for the year.

What did the CEO say about demand?

On the November 10 earnings call, a Goldman Sachs analyst asked about demand. CEO Michael Intrator answered: "We are largely sold out through 2027." He said every bit of 2028 capacity offered so far has sold, with more still to offer, and demand for 2028 runs several times the capacity available.

Third-quarter revenue was $3.7 billion. That figure rose 168% year over year and exceeded the second quarter by more than $1 billion. Backlog, meaning revenue already under contract, grew 138% to roughly $133 billion. Active power passed 1.7 gigawatts; contracted power reached 4.6 gigawatts.

Can raised guidance cover the losses?

CoreWeave raised its 2026 revenue outlook to $13.0 billion to $13.3 billion, above the $12.9 billion consensus. It lifted its adjusted operating income outlook to $1.275 billion to $1.375 billion. By year-end, it expects to bring in revenue of $20 billion to $21 billion.

The third quarter tells a harder story. Adjusted operating income was $379 million, a 10% margin. The company still posted a net loss of $709 million. Operating profit already covers heavy depreciation on new hardware, but $846 million of net interest expense exceeded what remained.

Capital spending plans amplify the debt question. CoreWeave intends to spend $37 billion to $39 billion on capital projects this year, far more than its revenue. Borrowed money covers the difference.

What is happening to GPU prices?

Intrator said CoreWeave raised GPU prices about 25% in July and roughly 10% more later in the quarter, with prices still rising into the fourth quarter.

CoreWeave prices capacity per megawatt, meaning the annual revenue from servers that one megawatt of power can run. New four- and five-year contracts are moving to $20 million to $25 million per megawatt. Short-term capacity has sold above $40 million.

Roughly 130,000 GPUs come off contract in 2027 and 170,000 in 2028. Renting them again at current prices could add annual revenue approaching $10 billion without new capital spending. That revenue is not counted in the backlog. CoreWeave also said it was the first cloud provider to bring NVIDIA's Vera Rubin online for Cognition.

Why did the stock fall after hours?

Reports emerged after the close that CoreWeave is preparing an investment-grade loan led by Morgan Stanley and MUFG. Early yield talk sits at 7% to 7.5%, about half the yield on its existing high-yield debt. The loan could launch the week of November 16, and its terms may change. CoreWeave did not comment.

Cheaper borrowing did not hold the rally. The stock fell 6.37% to $56.90 in after-hours trading as of 7:59 p.m. ET. One outlet linked the drop to reports that NVIDIA's board could move to remove CEO Jensen Huang, which NVIDIA has not confirmed. The concern is that a leadership change could alter NVIDIA's commitments. NVIDIA owns about 10% of CoreWeave and has agreed to buy its unused capacity through April 2032.

What do analysts expect now?

Analysts rate CoreWeave a Moderate Buy. The split is 21 Buy, 7 Hold, and 3 Sell, with an average price target of $107.96.

Cautions remain despite the rally. Demand looks durable, but the company still depends on heavy borrowing, still loses money, and leans on NVIDIA as supplier, part-owner and buyer of its unused capacity.

Two events frame the near term. NVIDIA reports earnings on November 17, the same week the loan could launch. If the loan prices as discussed and NVIDIA's commitments hold, that would ease caution. A close below Tuesday's $48.73 would deepen it. CoreWeave has not yet set the date of its next earnings report.