CoreWeave raised its full-year 2026 guidance on Tuesday, forecasting revenue of $13.0 billion to $13.3 billion and adjusted operating income of $1.275 billion to $1.375 billion, after reporting third-quarter revenue of $3.66 billion, up 168% from a year earlier and ahead of Wall Street's $3.54 billion consensus.

The company's backlog of business hit $133 billion, above the $131 billion analysts expected, and it projected fourth-quarter revenue and interest costs slightly above expectations. Fourth-quarter interest expense is expected to run $1.05 billion to $1.15 billion.

On the earnings call, Chief Executive Michael Intrator said CoreWeave was abandoning unsecured public debt in favor of delayed-draw facilities backed by customer contracts, and that the company expects to collect $9 billion in customer deposits over the next three months. "We expect these sources to fund the significant majority of our capital needs through 2027," Intrator said. Chief Financial Officer Nitin Agrawal said the next delayed-draw loan would carry a yield of 7% to 7.5%, well below the roughly 15% yield on the company's unsecured senior notes.

Agrawal added that the company does not intend to issue additional parent-level unsecured debt through 2027 at current yields. CoreWeave also launched a new program to sell stock to raise money.

Shares rose about 2% in after-hours trading after closing Tuesday at $48.73, down 0.5% in the regular session, and later climbed to $51.09, up 4.85%, as of 6:35 p.m. ET.

CoreWeave also said it opened its first data centers in Asia and introduced Forge, a service for running and evaluating AI models. The company still expects more than 1.85 gigawatts of active power by year-end and $20 billion to $21 billion in annualized run-rate revenue as it exits 2026.

The financing shift matters because CoreWeave's growth is heavily debt-funded: third-quarter interest expense of $846 million, up from $310 million a year earlier, more than erased adjusted operating income of $379 million, and the company posted a net loss of $709 million, against a $110 million loss a year ago.