CoreWeave Inc. (NASDAQ:CRWV) shares rose nearly 8% after hours Tuesday after CEO Michael Intrator said political changes following the midterm elections would not derail its AI data center expansion.
CoreWeave CEO Sees No Major Regulatory Threat
Speaking during the company’s third-quarter earnings call, Intrator said CoreWeave does not expect regulatory developments to materially affect its expansion pipeline.
Responding to a question from Samik Chatterjee about the potential impact of the post-election political environment on the company’s long-term infrastructure ambitions, Intrator said CoreWeave remains confident in its existing projects.
He attributed that confidence to the permitting and construction progress of data centers expected to support the company’s customer backlog.
“We do not anticipate any impact from the seismic regulatory shift that has occurred,” Intrator said, adding that the company is “very comfortable with our pipeline.”
CoreWeave Bets on Responsible Data Center Development
Intrator acknowledged the changing political environment but said the company believes it can continue scaling by working closely with communities hosting its infrastructure.
He said that CoreWeave has prioritized early engagement with local communities and responsible construction practices.
“We want to build responsibly,” he said, describing community engagement and maintaining good relationships with local stakeholders as longstanding priorities.
CoreWeave has also added 1.3 gigawatts of capacity outside the U.S., with expansion efforts spanning Indonesia, India, Spain, Denmark and Canada.
CoreWeave Says Texas Data Center Plans Face No Delays
Intrator also addressed questions about CoreWeave’s outreach to Texas’ governor-elect and the company’s exposure to the state.
He said most of CoreWeave’s required electricity capacity in Texas is either already operational or has received full regulatory approval and is under construction.
The CEO added that this gives the company confidence that its data centers, which will ultimately support its existing customer backlog, will not face disruptions.
State Rep. Gina Hinojosa defeated incumbent Gov. Greg Abbott (R) by 706,700 votes, securing 52.8% of the vote against Abbott’s 45.7%. She had campaigned for stricter data center regulations, including an immediate moratorium on new developments.
Texas accounts for 27% of planned U.S. data center capacity, measured in gigawatts, according to Wells Fargo. Democrats also won or retained gubernatorial seats in other major data center markets, including Georgia, Pennsylvania and Ohio, which account for 7%, 5% and 5% of planned U.S. capacity, respectively, according to the bank’s estimates.
CoreWeave Seeks Cooperation With Texas Governor-Elect
Intrator also confirmed that he had written to the incoming governor to establish a relationship ahead of the administration’s transition.
“My letter to her was to reach out and say, ‘Hey. You know, we are nonpartisan. We are looking to continue to build our infrastructure,’” he said during the call.
CoreWeave Beats Q3 Estimates, Raises 2026 Revenue Outlook
CoreWeave reported third-quarter revenue of $3.66 billion, topping estimates of $3.55 billion, while its adjusted loss of 95 cents per share was narrower than the expected $1.16.
The company raised its 2026 revenue guidance to $13 billion-$13.3 billion from $12.4 billion-$13.2 billion, above estimates of $12.86 billion.
It expects to exit the year with an annualized revenue run rate of $20 billion-$21 billion.
CoreWeave now expects full-year capital expenditures of $37 billion-$39 billion, compared with its previous outlook of $35 billion-$39 billion. It reiterated its target of having more than 1.85 gigawatts of active power capacity by year-end.
Price Action: CoreWeave shares were up 7.90% to $52.58 in after-hours trading Tuesday, after closing the regular session at $48.73, according to Benzinga Pro.
Benzinga Edge Stock Rankings show CRWV has a negative trend across the short, medium and long term. It also has a Momentum score in 2nd percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: PJ McDonnell/Shutterstock
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