CoreWeave Shares Jump 8% After Q3 Beat; Debt Load Still $66B

The contrast is the story: a hyperscale growth rate and sold-out 2028 capacity sit alongside a debt and lease burden that dwarfs quarterly revenue, so the market is effectively pricing execution risk against a balance sheet built to fund it. The raised 2026 guide and the visibility implied by pre-sold capacity matter most for counterparties and lenders, not just equity holders. Whether that backlog converts to cash flow fast enough to service the obligations is the open question.