New York:US artificial intelligence cloud provider CoreWeave has announced a significant 168% increase in its third-quarter revenue and has subsequently raised its full-year outlook. This announcement led to a notable rise in its shares during premarket trading on Wednesday.

According to Anadolu Agency – English, CoreWeave's revenue for the July-September period rose to $3.66 billion, up from $1.37 billion in the same period last year. However, the company's net loss also widened to $709 million, or $1.27 per share, compared to $110 million, or 22 cents per share, a year earlier. The net interest expenses increased from $310 million to $846 million.

Operating income for CoreWeave grew to $207 million from $52 million, with adjusted operating income reaching $379 million. The company's shares saw a 13.5% increase in premarket trading as of 0940GMT, as the positive outlook alleviated concerns regarding the sustainability of AI infrastructure demand and financing.

Other AI cloud providers experienced gains as well, with Nebius rising by 11.4% and IREN advancing by 7.9% in premarket trading. CoreWeave also adjusted its 2026 revenue forecast to be between $13 billion and $13.3 billion and set its adjusted operating income guidance between $1.275 billion and $1.375 billion.

The company has increased the lower end of its capital expenditure forecast, now projecting spending between $37 billion and $39 billion. Chief Executive Michael Intrator referred to the quarter as a 'breakout,' attributing success to diversified funding sources and expecting about $9 billion in customer prepayments and deposits over the next three months.

CoreWeave's revenue backlog was reported to be approximately $132.5 billion at the end of September.