Coreweave, Inc. (CRWV)
NASDAQ:CRWV
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CoreWeave
(NASDAQ:CRWV)
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Rating:49Neutral
Price Target:
$107.00
▼(-8.43% Downside)
Action:Reiterated
Date:05/19/26
The score is held down primarily by heavy leverage, persistent large losses, and deeply negative free cash flow tied to very high CapEx needs. Offsetting this are exceptional revenue growth, strong gross margins and operating cash generation, and an earnings call that reinforced demand visibility via a near-$100B backlog and reaffirmed guidance, while technicals remain mixed-to-neutral.
Positive Factors
Revenue scale & high gross margins
Rapid top-line scaling combined with consistently high gross margins indicates durable unit economics for GPU compute services. Strong margins provide pricing power and absorption of variable costs, supporting long-term reinvestment in capacity and product development despite near-term operating losses.
Negative Factors
Heavy leverage and elevated debt ratios
Rapidly rising debt levels and a high debt-to-equity ratio materially increase financial risk. High leverage raises interest expense, tightens covenant sensitivity, and reduces flexibility for opportunistic investments or margin softness, especially if revenue ramps slow or component costs stay elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scale & high gross margins
Rapid top-line scaling combined with consistently high gross margins indicates durable unit economics for GPU compute services. Strong margins provide pricing power and absorption of variable costs, supporting long-term reinvestment in capacity and product development despite near-term operating losses.
Read all positive factors
CoreWeave (CRWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$56.89B
Dividend YieldN/A
Average Volume (3M)29.46M
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth129.93%
EPS Growth-21.73%
CountryUS
Employees881
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-3.11
Shares Outstanding447,573,940
10 Day Avg. Volume26,973,991
30 Day Avg. Volume29,462,405
Financial Highlights & Ratios
PEG Ratio-1.48
Price to Book (P/B)9.34
Price to Sales (P/S)6.07
P/FCF Ratio-4.30
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue11.74
Enterprise Value/Gross Profit16.92
Enterprise Value/Ebitda38.77
Forecast
1Y Price Target
$132.68Price Target Upside13.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering24
EPS Forecast (FY)-3.33
Revenue Forecast (FY)$12.66B
CoreWeave Business Overview & Revenue Model
Company Description
CoreWeave, Inc. operates a cloud platform that provides scaling, support, and acceleration for GenAI. The company builds the infrastructure that supports compute workloads for enterprises. Its products include GPU compute, CPU compute, storage ser...
How the Company Makes Money
CoreWeave makes money primarily by selling cloud infrastructure capacity—especially GPU compute—on a usage-based basis and/or through contracted capacity commitments to customers that need large-scale accelerated compute. Key revenue streams inclu...
CoreWeave Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive growth narrative: exceptional revenue acceleration (+112% YoY), a near-$100B backlog, meaningful customer wins and platform/product expansion, plus major financing achievements that lower blended capital costs. These positives are tempered by expected and disclosed near-term pains: sizeable GAAP losses and interest expense driven by heavy debt-funded CapEx, temporary margin pressure from deployment timing and increased component costs. Management characterizes margin weakness as timing-related and reaffirms guidance and multi-year targets, reflecting confidence in sequential margin recovery and long-term profitability.Positive Updates
Revenue Growth
Quarterly revenue of $2.1 billion, up 32% sequentially and 112% year-over-year, demonstrating strong top-line acceleration.
Negative Updates
Large GAAP Losses and Rising Interest Expense
Net loss of $740 million in Q1 vs. $315 million in Q1 2025 (increase ~135%); interest expense rose to $536 million from $264 million YoY (increase ~103%), driven by increased debt financing to scale infrastructure.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Quarterly revenue of $2.1 billion, up 32% sequentially and 112% year-over-year, demonstrating strong top-line acceleration.
Read all positive updates
Company Guidance
CoreWeave reaffirmed full‑year 2026 guidance of $12.0–$13.0 billion of revenue and $900–$1,100 million of adjusted operating income, guided Q2 revenue of $2.45–2.60 billion and Q2 adjusted operating income of $30–$90 million, and expects Q2 interest expense of $650–$730 million and Q2 CapEx of $7–$9 billion (full‑year CapEx $31–$35 billion). Management said Q1 was the margin trough and expects sequential margin expansion through the year, exiting 2026 with low‑double‑digit adjusted operating margins and $18–$19 billion of annualized run‑rate revenue (raising the low end by $1B); they target >$30 billion ARR exiting 2027 ( >75% already contracted). Backlog was ~$99.4 billion (up ~50% sequentially, ~4x YoY) with 36% weighted to the next 24 months and 75% to four years, and capacity targets include >1.7 GW active power by end‑2026, >3.5 GW contracted today, and >8 GW active power by 2030.CoreWeave Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
33
Negative
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 6.23B | 5.13B | 1.92B | 228.94M |
| Gross Profit | 4.32B | 3.68B | 1.42B | 160.16M |
| EBITDA | 1.89B | 2.47B | 480.04M | -426.43M |
| Net Income | -1.59B | -1.17B | -863.45M | -593.75M |
Balance Sheet | ||||
| Total Assets | 55.57B | 49.30B | 17.83B | 4.98B |
| Cash, Cash Equivalents and Short-Term Investments | 3.04B | 3.98B | 1.36B | 219.51M |
| Total Debt | 17.84B | 15.16B | 10.62B | 2.00B |
| Total Liabilities | 50.81B | 45.97B | 18.25B | 5.57B |
| Stockholders Equity | 4.76B | 3.33B | -413.60M | -596.59M |
Cash Flow | ||||
| Free Cash Flow | -10.62B | -7.25B | -5.95B | -1.11B |
| Operating Cash Flow | 5.98B | 3.06B | 2.75B | 1.83B |
| Investing Cash Flow | -16.55B | -10.27B | -8.66B | -3.15B |
| Financing Cash Flow | 11.37B | 9.31B | 7.46B | 1.79B |
CoreWeave Risk Analysis
CoreWeave disclosed 59 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.07T | 25.32 | 33.13% | 0.44% | 17.87% | 29.63% | |
71 Outperform | $60.75B | -69.02 | -56.40% | ― | 31.07% | 16.46% | |
68 Neutral | $15.70B | 59.72 | 154.32% | ― | 17.61% | 119.62% | |
66 Neutral | $549.21B | 35.87 | 57.35% | 1.00% | 14.87% | 29.81% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $52.44B | 69.90 | 16.37% | ― | 443.93% | ― | |
49 Neutral | $56.89B | -35.37 | -40.33% | ― | 129.93% | -21.73% |
* Technology Sector Average
CRWV
CoreWeave
106.86
-4.45
-4.00%
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CoreWeave Corporate Events
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Launches Pioneering HPC Infrastructure-Backed Loan Facility
Positive
May 18, 2026
On May 15, 2026, CoreWeave’s finance subsidiary entered a $3.1 billion delayed draw term loan facility, backed by GPU infrastructure and unconditionally guaranteed by the parent and its subsidiaries, with draws available until September 2026...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Expands High-Yield Debt with Additional Notes Offering
Positive
Apr 21, 2026
On April 21, 2026, CoreWeave, Inc. completed a private offering of $1 billion in 9.750% Senior Notes due 2031, issued as additional notes under its existing April 14, 2026 indenture. Together with the $1.75 billion of notes issued on April 14, the...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Deepens Jane Street AI Cloud Partnership, Investment
Positive
Apr 15, 2026
On April 15, 2026, CoreWeave announced a major expansion of its relationship with Jane Street, under which the global trading firm committed approximately $6 billion to consume CoreWeave’s AI cloud over time. The agreement will give Jane Str...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Expands Capital Structure With Major Debt Offerings
Positive
Apr 14, 2026
On April 14, 2026, CoreWeave completed a private offering of $1.75 billion in 9.750% Senior Notes due 2031, guaranteed on a senior unsecured basis by certain wholly owned subsidiaries and subject to restrictive covenants on additional debt, divide...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Announces Major Senior and Convertible Notes Offerings
Positive
Apr 9, 2026
On April 9, 2026, CoreWeave announced plans to privately offer $1.25 billion of senior unsecured notes due 2031, guaranteed by certain subsidiaries and marketed to qualified institutional buyers and non‑U.S. investors, with proceeds earmarke...
Business Operations and Strategy
CoreWeave Expands Long-Term AI Cloud Deal With Meta
Positive
Apr 9, 2026
On March 31, 2026, CoreWeave and Meta Platforms, Inc. signed a new order under their existing master services agreement, expanding Meta’s access to CoreWeave’s AI cloud capacity through December 2032 for approximately $21 billion, incl...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Secures Investment-Grade AI Infrastructure Loan Facility
Positive
Mar 31, 2026
On March 30, 2026, CoreWeave’s subsidiary CoreWeave Compute Acquisition Co. VIII, LLC entered into an $8.5 billion delayed draw term loan facility arranged by MUFG, Morgan Stanley, and others, primarily to fund GPU servers and infrastructure...
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.