Atlas Research Note

CoreWeave Q3 2026: Pricing Is Moving Up, and the Paid-Off Fleet Is Worth More Than Modeled

Ben Bajarin · November 11, 2026

Creative Strategies earnings read | November 11, 2026 | CoreWeave third-quarter 2026 results and conference call, November 10, 2026 CoreWeave grew revenue 168% from a year ago to $3.66 billion, came in above the high end of its revenue guide, beat the top of its operating income guide by about 45% and doubled its adjusted operating margin to 10%. It raised its 2026 revenue guide to $13.0 billion to $13.3 billion and its exit-2026 annualized revenue guide to $20 billion to $21 billion. Operating view: Investors came into this print with one question, which was whether CoreWeave can pay for the capacity it has already sold, and management gave a more detailed answer than we expected.

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Notes

CoreWeave Q3 2026: Pricing Is Moving Up, and the Paid-Off Fleet Is Worth More Than Modeled

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