CoreWeave (CRWV): 3Q26 Results: Beat and Raise & Reassurance on 2027 Funding Sources

CoreWeave reported a strong 3Q26 with revenue of $3.661bn (+168% YoY), 3% above consensus and 4% above the midpoint of guidance, while adjusted operating income of $379m materially beat the $245m consensus and the $200-260m guide. The resulting 10.4% margin versus 6.9% consensus brought double-digit operating profitability forward by a quarter. FY26 revenue and adjusted operating income guidance midpoints rose approximately 3% and 26% to $13.15bn and $1.325bn, implying 4Q revenue of $4.686-4.986bn and adjusted operating income of $747-847m, with the $797m midpoint 18% above consensus and an implied 16.5% margin versus 14.3% expected. ARR guidance increased to $20-21bn from $18.5-19.5bn, year-end active power remains above 1.85GW, contracted power rose more than 900MW QoQ and FY26 capex guidance moved to $37-39bn. On the 2027 funding debate, management pointed to $6.5bn of cash, nearly $5bn of undrawn DDTLs, roughly $9bn of prepayments and deposits over the next three months (including