The stock has had a rough run into this report. TipRanks said CRWV had dropped about 40% over the past month on worries about debt-funded AI infrastructure spending, and after the Democrats' midterm win, worries about slower data-center expansion. We covered the start of that slide in our October 26 neocloud selloff piece.
The Street's Numbers for Tonight
Estimates vary by data provider, so treat them as rough markers rather than one bar:
Analysts quoted in those reports keep raising the same question: does strong demand for AI compute make up for rising financing costs? Wells Fargo's Michael Turrin said financing concerns are "overshadowing" the fundamentals, and Citi's Tyler Radke said he expects more detail on medium-term financing needs.
The Priced Move Has Shrunk Since Last Week
At Cboe's 11:08 a.m. ET snapshot, the November 13 $50 straddle was about $8.88 at midpoints ($4.20 call plus $4.68 put). That's roughly 17.9% of the share price, with breakevens near $41.12 and $58.88 at expiration. The November 20 $50 straddle was about $10.60, or roughly 21.4%.
A week ago that bet was bigger. Options Whale calculated the November 13 at-the-money straddle at 21.8% of the stock at the November 3 close of $53.74, and an earlier TipRanks note put the implied move at 21.1%. By Tuesday, TipRanks' last-minute read was 18.17%. Option prices have come down even as the event got closer, so the market is now pricing a smaller earnings-day swing. Even so, it's still bigger than the stock's history: TipRanks put CoreWeave's average absolute post-earnings move over the last four quarters at 16.38%, in a range of 11.40% to 19.28%.
Three Expirations, Three Very Different IVs
The term structure shows how much of the premium is tied to tonight:
That steep drop-off is the classic setup for an IV crush. Once the results and guidance are out, much of the front-week premium usually goes away within a session, whichever way the stock moves. A long straddle bought before the report generally needs a move bigger than the roughly 17.9% priced just to break even at expiration. A short straddle or iron condor collects that premium but takes on a gap risk with no cap on the short-straddle side, and CoreWeave has moved close to 20% after a report before.
Calls Led the Morning's Trading
By the same snapshot, about 90,800 calls had traded against about 51,900 puts. The busiest contracts were:
On the put side, the November 20 $50 put carried the largest open interest near the money, at about 17,158 contracts, though only 278 had changed hands by late morning. Volume and open interest don't show whether these trades were buys or sells, new or closing, or part of spreads. A cheap out-of-the-money weekly call can be a lottery-ticket upside bet, the short leg of a call spread, or a covered call written against stock.
Things That Could Drive the Reaction
Our implied volatility guide explains why option prices tend to fall after earnings, and the OCC options disclosure document covers the risks of standardized options.
Sources
*By the OptionsPilot Editorial Team. Published November 10, 2026, 8:25 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
