We covered the setup this morning in our CoreWeave earnings preview. Here's what came out and how it lines up with what the options market was charging.
A Beat Against Its Own Guidance
From CoreWeave's earnings release filed with the SEC:
24/7 Wall St. listed the Street's estimates at $3.56 billion of revenue and a loss of $1.46 per share, though published consensus figures varied by source; Investing.com cited $3.54 billion and a loss of $1.54.
The outlook moved up too. Full-year 2026 revenue guidance is now $13.0 billion to $13.3 billion, up from $12.4 billion to $13.2 billion. Adjusted operating income guidance rose to $1.275 billion to $1.375 billion, which the company called a 26% increase at the midpoint. CoreWeave also lifted its exit-2026 annualized run-rate revenue target to $20 billion to $21 billion, from $18.5 billion to $19.5 billion.
The Interest Bill Keeps Climbing
Debt was the question hanging over this report, and the release addressed it only partly. Net interest expense was $846 million, slightly under the $860 million to $940 million the company had guided. But fourth-quarter interest expense is now expected at $1.05 billion to $1.15 billion, and full-year capital spending at $37 billion to $39 billion, with the low end raised from $35 billion.
On funding, CEO Michael Intrator pointed to "financing backed by customer contracts, operating cash flow, and approximately $9 billion in customer prepayments and deposits expected in the next three months alone." During the quarter the company raised about $4.2 billion in convertible notes, set up its first at-the-market program for up to 35 million Class A shares, and closed a $2.6 billion delayed-draw term loan. An at-the-market program lets a company sell new shares into the market over time, which can add supply to the stock. The conference call at 5:00 p.m. ET may add detail on financing, and that commentary can move the stock after the first headline reaction.
About $8.80 of Priced Movement for the Week
At Tuesday's close, Cboe delayed quotes showed these at-the-money $49 straddles, using mid-prices:
| Expiration | $49 call | $49 put | Straddle | Share of $48.73 close |
The November 13 straddle set break-evens near $40.20 and $57.80 at expiration. The early after-hours print near $51.60 is about a third of the way to the upper one. Even the $54.00 high stayed inside that range.
Front-week implied volatility was extreme going in, around 245% on the November 13 strikes, against about 163% for November 20 and about 115% for December 18. That steep drop-off between expirations is the earnings premium. Once the event passes, the November 13 options tend to lose much of it quickly, a pattern called IV crush. A long straddle bought at the close can lose money even with a 6% move if that's where the stock opens.
The Last Bets Before the Print
The day's trading was split almost evenly: about 284,000 calls and 280,000 puts. The busiest contracts pointed in both directions:
Cboe's data don't say whether these were bought or sold, or whether they were legs of spreads. Strikes this far from the stock price often go to zero, and the bid-ask spread on a few-cent option can be a large share of what you pay.
A few risks to keep in mind for Wednesday: the open can look very different from the first after-hours prints, the share program and convertibles can weigh on the stock, and with front-week IV above 200%, both buyers and sellers of short-dated options face big swings in value. Our implied volatility guide explains IV crush, and the OCC options disclosure document covers the risks of standardized options.
Sources
*By the OptionsPilot Editorial Team. Published November 10, 2026, 1:16 PM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
