CoreWeave Revenue Beats

It's Benzinga, bringing Wall Street to Main Street. CoreWeave reported third quarter revenue of $3.7 billion, beating Wall Street's expectations of $3.6 billion, according to the Wall Street Journal. The AI cloud computing company reported a backlog of $133 billion, exceeding estimates of $131 billion. CoreWeave also projected fourth quarter revenue and interest costs slightly above expectations. The company's shares have fallen more than 50% since August, amid concerns about rising borrowing costs, and its unsecured debt now yields around 15%. CEO Michael Intrator said CoreWeave expects nearly $9 billion in customer prepayments and deposits over the next three months. CoreWeave's overall borrowing costs remain far above the 3% annual returns generated by its data centers, according to Davidson analyst Gil Luria. NVIDIA, which owns a 12.8% stake in CoreWeave, remains a key financial backer. Shares rose nearly 2% in after-hours trading on Tuesday. For all things money, visit Benzinga.com.