Investing.com——CoreWeave周二上调了2026年全年营收预测，释放出对其人工智能基础设施更强劲需求的信号，并推动其股价在周三盘前交易中上涨超过16%。
Investing.com -- CoreWeave raised its full-year 2026 revenue forecast on Tuesday, signalling stronger demand for its artificial intelligence infrastructure and sending its shares up more than 16% in premarket trading on Wednesday.
通过以55%的折扣升级至InvestingPro来追踪重大财报。该公司目前预计2026年营收为130亿美元至133亿美元，此前的预测以及分析师普遍预期为129亿美元。该公司还将调整后营业利润预期上调至12.75亿美元至13.75亿美元，按中位数计算，较早前的指引增长了26%。
Track major earnings by upgrading to InvestingPro at 55% off The company now expects 2026 revenue of $13 billion to $13.3 billion, compared with its previous forecast and analyst consensus of $12.9 billion. It also raised its adjusted operating income outlook to $1.275 billion to $1.375 billion, representing a 26% increase at the midpoint from its earlier guidance.
高管在财报电话会议上表示，预计CoreWeave将在2028年上半年实现调整后盈利。
Executives said during an earnings call that they expect CoreWeave to turn profitable on an adjusted basis in the first half of 2028.
随着人工智能公司和云服务商竞相确保基础设施的安全，这种乐观的前景凸显了计算能力需求的规模，促使CoreWeave加快了数据中心的部署。
The upbeat outlook underscores the scale of demand for computing capacity as AI companies and cloud providers race to secure infrastructure, prompting CoreWeave to accelerate data centre deployment.
然而，扩张也带来了巨额资本支出和融资成本，该公司在提高盈利目标的同时，还增加了投资预算。
However, the expansion is also driving substantial capital spending and financing costs, with the company increasing its investment budget even as it raises profitability targets.
CoreWeave第三季度的资本支出从上一季度的94亿美元跃升至14.5亿美元。
CoreWeave’s capital spending jumped to $14.5 billion in Q3 from $9.4 billion in the prior quarter.
CoreWeave将2026年资本支出预测的下限从35亿美元上调至37亿美元，上限仍维持在39亿美元。该公司表示，支出的增加反映了提前部署基础设施并交付给客户的预期。该公司继续预计到年底有效电力将超过1.85吉瓦。
CoreWeave increased the lower end of its 2026 capital expenditure forecast to $37 billion from $35 billion, maintaining the upper end at $39 billion. The company said the higher spending reflects expectations of deploying infrastructure and delivering it to customers ahead of schedule. It continues to expect more than 1.85 gigawatts of active power by year-end.
Stifel分析师表示，CoreWeave的经营杠杆案例“正在获得支持”，但“更重要的争论是资金”。分析师指出，自10月初以来，随着贷款机构从新兴云服务商撤出，该公司的无担保债券收益率已升至约16%。
Stifel analysts said the operating leverage case for CoreWeave "is gaining support," but that "the more important debate is funding." Since early October, the company’s unsecured bonds have moved to yields of about 16% as lenders pulled back from neoclouds, the analysts noted.
分析师称，管理层的回应是：在当前收益率下不发行无担保债券，到2027年母公司层面的资本投入将低于50亿美元，并可选择将2027财年的资本支出保持在与前一年持平的水平，Stifel将其解读为“一个底线，而不是指导方针”。
Management’s answer, the analysts said, was no unsecured issuance at current yields, less than $5 billion of parent-level capital through 2027, and the option to hold fiscal 2027 capex flat from a year earlier, which Stifel reads as "a floor rather than a guide."
分析师写道：“我们认为该计划是合理的，尽管它依赖于预付款和持续进入有担保市场的机会，且前方还有验证点。”Stifel维持其持有评级，并将目标价从120美元下调至60美元，“这反映了市场风险偏好的降低”。
"We view the plan as reasonable, though it relies on prepayments and continued access to secured markets, with proof points ahead," the analysts wrote. Stifel maintained its Hold rating and lowered its price target to $60 from $120, "reflecting the market’s reduced risk appetite."
CoreWeave公布的第三季度营收为36.6亿美元，高于上年同期的13.7亿美元，也高于分析师预期的35.4亿美元。其调整后每股亏损为1.27美元，小于分析师预期的每股亏损1.55美元。然而，该公司公布净亏损7.09亿美元，而上年同期亏损1.10亿美元。净利息支出从3.10亿美元增加到8.46亿美元，反映出随着CoreWeave在其人工智能基础设施业务上进行巨额投资，融资负担不断加重。
CoreWeave reported third-quarter revenue of $3.66 billion, up from $1.37 billion a year earlier and above analyst estimates of $3.54 billion. Its adjusted loss came in at $1.27 per share, narrower than analysts’ expectations for a loss of $1.55 per However, the company reported a net loss of $709 million, compared with a loss of $110 million a year earlier. Net interest expense increased to $846 million from $310 million, reflecting the higher financing burden as CoreWeave invests heavily in its AI infrastructure business.
该公司预测第四季度的利息支出将更高，在10.5亿至11.5亿美元之间。截至9月30日，其债务水平约为470亿美元。
The company forecast interest expense to be even higher in the fourth quarter, between $1.05 to $1.15 billion. Its debt levels stood at about $47 billion as of September 30.
CoreWeave表示，其在该季度增加了超过200兆瓦的有效电力，使其总量达到1.7吉瓦以上。截至9月底，其营收积压订单约为1325亿美元。
CoreWeave said it added more than 200 megawatts of active power during the quarter, taking its total to more than 1.7 gigawatts. Its revenue backlog stood at approximately $132.5 billion at the end of September.
这家得到英伟达支持的云服务商的股价在过去一个月里暴跌了近58%，因为投资者对飙升的债务水平以及人工智能泡沫迹象的增加感到担忧。
Shares of the Nvidia-backed cloud provider plummeted nearly 58% in the past month, as investors fretted over soaring debt levels and increasing signs of an AI bubble.
该公司处于人工智能债务繁荣的核心，为了资助其激进的计算能力扩张，它承担了巨额债务。但这也使其容易受到人工智能发展任何潜在放缓的影响。
The company sits at the heart of the AI debt boom, having taken on vast amounts of debt to fund its aggressive expansion of computing capacity. But this also leaves it vulnerable to any potential slowdown in AI development.
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