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CoreWeave
(NASDAQ:CRWV)
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Rating:50Neutral
Price Target:
$85.00
▼(-3.45% Downside)
Action:Reiterated
Date:09/23/26
Overall score reflects strong growth and upbeat raised guidance/backlog momentum, but is held back primarily by heavy leverage, ongoing GAAP losses, and deeply negative free cash flow driven by very large reinvestment needs. Technical signals are also weak/neutral, and valuation support is limited given negative earnings and no dividend.
Positive Factors
Backlog and Revenue Growth
Rapid revenue growth and a sharply expanding backlog provide durable visibility into future demand for GPU cloud capacity. The scale of customer commitments supports continued infrastructure utilization, strengthens planning confidence, and can underpin multi-quarter expansion as contracted capacity is deployed.
Negative Factors
High Leverage
The debt-heavy capital structure materially limits financial flexibility and increases exposure to refinancing and interest-rate risk. Large fixed obligations can constrain investment choices if customer growth slows, while the need to maintain lender access may make future expansion increasingly dependent on external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and Revenue Growth
Rapid revenue growth and a sharply expanding backlog provide durable visibility into future demand for GPU cloud capacity. The scale of customer commitments supports continued infrastructure utilization, strengthens planning confidence, and can underpin multi-quarter expansion as contracted capacity is deployed.
Read all positive factors
CoreWeave (CRWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.43B
Dividend YieldN/A
Average Volume (3M)25.39M
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue Growth115.26%
EPS Growth-47.09%
CountryUS
Employees2,189
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-3.65
Shares Outstanding458,871,700
10 Day Avg. Volume26,757,294
30 Day Avg. Volume25,392,007
Financial Highlights & Ratios
PEG Ratio-1.44
Price to Book (P/B)9.34
Price to Sales (P/S)6.07
P/FCF Ratio-4.30
Enterprise Value/Market Cap2.02
Enterprise Value/Revenue13.18
Enterprise Value/Gross Profit19.55
Enterprise Value/Ebitda39.25
Forecast
1Y Price Target
$142.43Price Target Upside61.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering27
EPS Forecast (FY)-4.05
Revenue Forecast (FY)$12.88B
CoreWeave Business Overview & Revenue Model
Company Description
CoreWeave, Inc. operates a specialized cloud computing platform designed to empower generative AI (GenAI) applications. It constructs the fundamental infrastructure necessary to manage intensive compute workloads for large enterprises. The company...
How the Company Makes Money
CoreWeave primarily makes money by selling access to GPU-accelerated cloud infrastructure as a service. Its core revenue stream is usage- and contract-based fees paid by customers to run AI and other compute-intensive workloads on CoreWeave’s GPU ...
CoreWeave Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Positive
The call conveyed very strong commercial and operational momentum: record revenue growth, a dramatically expanded backlog, rapid power and capacity additions, accelerating platform and managed inference adoption, and improving operating leverage (strong adjusted EBITDA and sequential operating income improvement). These positives are balanced against substantial near-term investment and financing-related pressures—large CapEx, elevated interest expense, and sizable GAAP losses driven by build-out and ramp costs. Management emphasized disciplined capacity allocation, strong demand, and multiple milestones (technical leadership, strategic partnerships, and financing achievements) that underpin confidence in long-term ROI despite meaningful short-term cash and leverage demands.Positive Updates
Record Revenue and Strong Growth
Revenue of $2.6 billion in Q2 2026, up 112% year-over-year and 24% sequentially; full-year 2026 revenue guidance raised to $12.4B–$13.2B and expected end-of-year annualized run-rate revenue of $18.5B–$19.5B.
Negative Updates
Large GAAP Net Losses
Net loss of $626 million in Q2 2026 versus a net loss of $290 million in Q2 2025 (worsened year-over-year); adjusted net loss of $567 million compared to an adjusted net loss of $130 million in Q2 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Strong Growth
Revenue of $2.6 billion in Q2 2026, up 112% year-over-year and 24% sequentially; full-year 2026 revenue guidance raised to $12.4B–$13.2B and expected end-of-year annualized run-rate revenue of $18.5B–$19.5B.
Read all positive updates
Company Guidance
CoreWeave raised its outlook and provided detailed Q3 and full‑year 2026 guidance: it now expects to end 2026 with more than 1.85 GW of active power, Q3 revenue of $3.45–3.60B, Q3 adjusted operating income of $200–260M, Q3 interest expense of $860–940M and Q3 CapEx of $11.5–13.5B. For full‑year 2026 management increased revenue guidance to $12.4–13.2B, adjusted operating income to $960M–$1.15B, and CapEx to $35–39B, and raised its expected end‑of‑year annualized run‑rate revenue to $18.5–19.5B; it also expects to exit 2026 with at least $250M of managed‑inference ARR. Management said margins will expand sequentially to the low‑teens in Q4, reiterated multi‑year visibility to at least 8 GW by 2030, and noted contracted power of ~4.2 GW (backlog $104.2B, with >$25B of new commitments added in early Q3).CoreWeave Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
24
Negative
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 7.59B | 5.13B | 1.92B | 228.94M |
| Gross Profit | 5.12B | 3.68B | 1.42B | 160.16M |
| EBITDA | 2.55B | 2.47B | 480.04M | -426.43M |
| Net Income | -1.93B | -1.17B | -863.45M | -593.75M |
Balance Sheet | ||||
| Total Assets | 77.07B | 49.30B | 17.83B | 4.98B |
| Cash, Cash Equivalents and Short-Term Investments | 6.41B | 3.98B | 1.36B | 219.51M |
| Total Debt | 51.61B | 29.82B | 10.62B | 2.00B |
| Total Liabilities | 72.05B | 45.97B | 18.25B | 5.57B |
| Stockholders Equity | 5.02B | 3.33B | -413.60M | -596.59M |
Cash Flow | ||||
| Free Cash Flow | -13.65B | -7.25B | -5.95B | -1.11B |
| Operating Cash Flow | 6.91B | 3.06B | 2.75B | 1.83B |
| Investing Cash Flow | -21.27B | -10.27B | -8.66B | -3.15B |
| Financing Cash Flow | 19.21B | 9.31B | 7.46B | 1.79B |
CoreWeave Technical Analysis
Positive
88.04
Price Trends
86.70
Positive
92.50
Negative
92.28
Negative
Market Momentum
0.06
Negative
53.76
Neutral
69.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRWV, the sentiment is Positive. The current price of 88.04 is above the 20-day moving average (MA) of 87.19, above the 50-day MA of 86.70, and below the 200-day MA of 92.28, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 53.76 is Neutral, neither overbought nor oversold. The STOCH value of 69.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRWV.
CoreWeave Risk Analysis
CoreWeave disclosed 67 risk factors in its most recent earnings report. CoreWeave reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CoreWeave Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.84T | 28.75 | 33.22% | 0.70% | 17.79% | 31.42% | |
69 Neutral | $16.47B | 55.58 | 54.71% | ― | 21.41% | 83.31% | |
65 Neutral | $430.28B | 21.96 | 42.58% | 1.41% | 21.62% | 45.95% | |
64 Neutral | $120.32B | -107.25 | -53.56% | ― | 32.04% | 23.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $66.01B | 933.88 | 0.91% | ― | 460.89% | -71.23% | |
50 Neutral | $49.43B | -24.55 | -45.37% | ― | 115.26% | -47.09% |
* General Sector Average
CRWV
CoreWeave
89.62
-44.23
-33.04%
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CoreWeave Corporate Events
Private Placements and Financing
CoreWeave Upsizes $4.2 Billion 2033 Convertible Notes Offering
Positive
Sep 22, 2026
On September 22, 2026, CoreWeave completed an upsized private placement of $4.2 billion in 2.875% Convertible Senior Notes due 2033, sold to qualified institutional buyers under Rule 144A and guaranteed on a senior unsecured basis by key subsidiar...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Launches Major Convertible Notes and Equity Offering
Positive
Sep 17, 2026
On September 17, 2026, CoreWeave announced plans to raise $3.0 billion through a private offering of convertible senior notes due 2033 to qualified institutional buyers, with an option for an additional $500 million. The notes are senior unsecured...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Secures Oversubscribed $2.6 Billion Loan Facility
Positive
Aug 10, 2026
On August 7, 2026, CoreWeave’s subsidiary CoreWeave Financing DDTL V-V, LLC entered into a $2.6 billion delayed draw term loan facility arranged by JPMorgan, MUFG and others, maturing in 2031 and backed by substantially all assets of the bor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.