CoreWeave shares surged over 13% pre-market, after reporting a 167% year-over-year revenue increase in the third quarter.

CoreWeave, an AI cloud service provider, is currently up 13.5% at $55.3 in pre-market trading. CoreWeave's third-quarter revenue increased by 167% year-over-year to $3.66 billion, exceeding market expectations of $3.55 billion; the company reported a loss per share of $0.95, less than the expected $1.16. The company expects to achieve adjusted profitability in the first half of 2028. CoreWeave raised its full-year 2026 revenue guidance from $12.4 billion to $13.2 billion to $13 billion to $13.3 billion, and increased the lower limit of its full-year spending guidance by $2 billion, bringing the new range to $37 billion to $39 billion. As of the end of September, the company's contracted but unconfirmed revenue reached $132.5 billion, up from $104 billion at the end of June. Capital expenditures in the third quarter rose to $14.5 billion from $9.4 billion in the previous quarter.