To The Moon

$CoreWeave (CRWV)$ is scheduled to report quarterly earnings after the U.S. market close on May 7, 2026, with investors closely watching the AI infrastructure provider’s revenue trajectory and progress toward profitability.

Wall Street consensus estimates project quarterly revenue of $1.965 billion, up 130.43% year over year, while adjusted EPS is expected at negative $0.898, compared with a year-earlier decline of 632.39%.

Options Positioning Ahead of Earnings

1. Open Interest Structure: $120 Calls Draw the Most Attention

Among options expiring on May 8, the $120 call has emerged as the most actively watched contract, with open interest reaching 23,056 contracts. Other heavily traded strikes include the $110 call with 21,300 contracts and the $45 put with 17,119 contracts.

2. Implied Volatility Signals an Expected 11% Earnings Swing

Implied volatility for options expiring during earnings week (May 8 maturity) has surged to 211.95%. Based on options pricing models, the market is implying a roughly 11.08% move in either direction following earnings, with a 68% probability range.

Using the latest share price of $137.98, the implied post-earnings trading range stands between approximately $122.69 and $153.27. The elevated IV level underscores expectations for significant volatility around the earnings release.

3. Block Trade Activity Points to Near-Term Caution, Longer-Term Range Trading

Large options transactions over the past three trading sessions suggest increasingly nuanced institutional positioning.

Near- to medium-term sentiment appears cautious to bearish. One notable trade involved a $5.05 million bearish diagonal call spread, in which the trader sold September-expiry $110 calls while purchasing May-expiry $128 calls, effectively positioning for range-bound price action.

$CRWV Diagonal Spread 260515/260918 128.0C/110.0C$

At the same time, investors purchased September-expiry $120 puts worth roughly $2.46 million, either as downside hedges or outright bearish bets on medium-term weakness.

$CRWV 20260918 120.0 PUT$

Longer-dated premium-selling strategies also remain active. Several sizable trades involved selling deep out-of-the-money options to monetize elevated volatility.

Among the most notable were sales of January 2027 $280 calls totaling $6.83 million and January 2027 $40 puts worth roughly $426,300. These positions suggest traders expect CoreWeave shares to remain within a broad long-term trading range and view the probability of extreme upside or downside moves as relatively limited.

$CRWV 20270115 280.0 CALL$

$CRWV 20270115 40.0 PUT$

Market Sentiment Snapshot

Overall, institutional positioning reflects a combination of “near-term defensiveness and longer-term volatility selling.” Traders appear somewhat cautious on the stock’s immediate post-earnings direction, while remaining skeptical that shares will experience sustained extreme moves over the longer horizon.

As a result, many investors are seeking to capture premium by selling longer-dated deep out-of-the-money options.

Strategy Watch

Given the market’s pricing for exceptionally high post-earnings volatility, investors seeking event-driven exposure but unwilling to assume the margin risk associated with naked option selling may consider defined-risk spread structures such as iron condors or butterflies.

These strategies aim to profit if shares remain within the implied trading range of roughly $122 to $153.

Following the logic behind recent institutional flow, selling longer-dated deep out-of-the-money options — such as the $280 calls or $40 puts — represents a common premium-harvesting strategy in elevated IV environments. However, investors should remain mindful that such trades can carry substantial, and in some cases theoretically unlimited, downside risk during extreme market moves.