CoreWeave (CRWV) AI Stock Analysis

• Market Cap: $38.46B
• Dividend Yield: N/A
• Average Volume (3M): 26.78M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: 235.40%
• EPS Growth: 19.90%
• Country: US
• Employees: 881
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.56
• Shares Outstanding: 409,336,980
• 10 Day Avg. Volume: 28,014,600
• 30 Day Avg. Volume: 26,784,102
• 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 Cap: 1.34
• Enterprise Value/Revenue: 10.02
• Enterprise Value/Gross Profit: 13.99
• Enterprise Value/Ebitda: 20.84
• 1Y Price Target: $118.29
• Price Target Upside: 60.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 19
• EPS Forecast (FY): -2.14
• Revenue Forecast (FY): $12.46B

• Rating: 49 Neutral
• Price Target: $79.00 ▲(7.08% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is held down primarily by leveraged, capital-intensive financials (large GAAP losses, sharply rising debt, and deeply negative free cash flow) and a technically weak price trend below key moving averages. Offsetting factors include strong earnings-call-driven growth visibility (large contracted backlog and ambitious revenue guidance) and supportive financing/strategic events, but these do not fully neutralize execution and funding risks.

Positive Factors

Massive contracted revenue backlog

A $66.8B contracted backlog provides multi-year demand visibility and de-risks near-term capacity investments. It underpins forward revenue conversion as capacity comes online, supports contractual pricing and customer commitment, and makes growth largely contract-driven rather than purely market-dependent.

Rapid revenue scale with strong gross margins

Very high gross margins alongside explosive top-line growth indicate durable unit economics for GPU-accelerated cloud services. As utilization and scale improve, these margins support long-term contribution margins and the potential to absorb fixed costs as depreciation and leasing normalize.

Strategic NVIDIA partnership and $2B equity investment

Deep alignment with NVIDIA secures preferential hardware and software roadmap access, technical co-development, and credibility with enterprise customers. The equity stake and cooperation materially ease GPU sourcing, speed buildout, and enhance competitive differentiation in AI infrastructure.

Negative Factors

Very high and rising leverage

Debt levels and leverage materially increase financing and covenant risk over the medium term. High gross debt relative to equity reduces flexibility, magnifies interest sensitivity, and constrains the firm's ability to withstand shocks or pursue opportunistic investments without additional external funding.

Deep negative free cash flow and extreme capex needs

Sustained deeply negative free cash flow driven by massive, accelerating capex requires continuous external financing. This persistent cash burn elevates dilution and refinancing risk, and makes long-term execution dependent on consistent capital markets access and successful conversion of contracted backlog to revenue.

Ongoing GAAP losses and growing interest burden

Continued GAAP losses combined with rising interest expense reduce retained earnings and impair return metrics. Interest costs and operating losses together compress net margins and leave the company exposed to higher funding costs and earnings volatility until scale and margin progression offset depreciation and financing charges.

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 services, networking services, managed services, and virtual and bare metal servers. Additionally, its platform offers a fleet lifecycle controller, node lifecycle controller, tensorizer, and observability. The company's services also include VFX and rendering, AI model training, AI interference, and mission control. CoreWeave, Inc. was formerly known as Atlantic Crypto Corporation and changed its name to CoreWeave, Inc. in December 2019. CoreWeave, Inc. was incorporated in 2017 and is based in Livingston, New Jersey.

How the Company Makes Money

CoreWeave generates revenue primarily through its cloud services, where customers pay for access to its GPU computing power on a pay-as-you-go or subscription basis. This model allows businesses to scale their computing needs based on project demands without the upfront costs associated with purchasing hardware. Key revenue streams include hourly usage fees for GPU instances, managed services, and potentially long-term contracts with enterprise clients. Additionally, strategic partnerships with technology companies and integration with popular AI and ML frameworks enhance its service offerings and attract a broader customer base, thereby contributing to its overall earnings.

CoreWeave Financial Statement Overview

Summary

Explosive revenue growth and strong gross margins, plus strong and rising operating cash flow, are outweighed by persistent large GAAP losses, rapidly rising leverage, and deeply negative free cash flow driven by very heavy capex and weakening cash-flow-to-debt coverage.

Income Statement

Revenue is scaling rapidly (from $0.23B in 2023 to $1.92B in 2024 to $5.13B in 2025), supported by consistently strong gross margins (~70–74%), which signals solid unit economics. However, profitability is weak: net income remains deeply negative each year (loss widened to about -$1.17B in 2025) and net margins are still meaningfully below zero despite improved operating results versus 2023. Overall, strong top-line momentum and gross profitability are offset by continued bottom-line losses and uneven operating profitability.

Balance Sheet

Leverage is the key concern. Total debt climbed sharply (about $2.0B in 2023 to $10.6B in 2024 to $15.2B in 2025) and debt relative to equity is high in 2025 (debt-to-equity ~4.5x). Equity was negative in 2023–2024, improving to a positive ~$3.34B in 2025, but the company is still generating negative returns on equity in 2025 due to losses. The asset base expanded materially, but the balance sheet remains burdened by heavy debt and profitability-driven pressure on capital.

Cash Flow

Operating cash flow is strong and rising (about $1.83B in 2023 to $2.75B in 2024 to $3.06B in 2025), which is a notable strength versus the company’s net losses. The major weakness is very large negative free cash flow (about -$1.11B in 2023, -$5.95B in 2024, and -$7.25B in 2025), indicating heavy reinvestment/capex needs and ongoing external funding reliance. Operating cash flow relative to debt has weakened over time (coverage down to ~0.19 in 2025), increasing financial risk if capital spending remains elevated.

Breakdown	Dec 2025	Dec 2024	Dec 2023
Income Statement
Total Revenue	5.13B	1.92B	228.94M
Gross Profit	3.68B	1.42B	160.16M
EBITDA	2.47B	480.04M	-426.43M
Net Income	-1.17B	-863.45M	-593.75M
Balance Sheet
Total Assets	49.30B	17.83B	4.98B
Cash, Cash Equivalents and Short-Term Investments	3.98B	1.36B	219.51M
Total Debt	15.16B	10.62B	2.00B
Total Liabilities	45.97B	18.25B	5.57B
Stockholders Equity	3.33B	-413.60M	-596.59M
Cash Flow
Free Cash Flow	-7.25B	-5.95B	-1.11B
Operating Cash Flow	3.06B	2.75B	1.83B
Investing Cash Flow	-10.27B	-8.66B	-3.15B
Financing Cash Flow	9.31B	7.46B	1.79B

CoreWeave Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MSFT	74 Outperform	$3.00T	23.36	34.39%	0.71%	16.67%	28.60%
DOCN	68 Neutral	$5.10B	22.05	―	―	14.20%	204.86%
ORCL	65 Neutral	$437.93B	23.45	70.60%	1.00%	11.08%	29.56%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SNOW	60 Neutral	$56.73B	-48.84	-54.09%	―	28.48%	-19.12%
NBIS	50 Neutral	$24.61B	208.29	0.50%	―	-87.55%	336.73%
CRWV	49 Neutral	$38.46B	―	-50.28%	―	235.40%	19.90%

CoreWeave Corporate Events

CoreWeave Expands NVIDIA Partnership With Major Equity Investment

On January 23, 2026, CoreWeave entered into a Securities Purchase Agreement with NVIDIA and completed a private placement of 22,935,780 shares of its Class A common stock at $87.20 per share, raising $2 billion in cash from NVIDIA. Announced jointly on January 26, 2026, the deal deepens the companies’ long-standing relationship through a new collaboration framework under which CoreWeave will build and operate large-scale AI factories using NVIDIA’s accelerated computing, CPU and storage platforms, while NVIDIA’s investment and technology roadmap support are expected to accelerate CoreWeave’s buildout of more than 5 gigawatts of AI infrastructure by 2030 and broaden the reach of CoreWeave’s AI-native software among cloud service providers and enterprise customers.

The most recent analyst rating on (CRWV) stock is a Buy with a $110.00 price target. To see the full list of analyst forecasts on CoreWeave stock, see the CRWV Stock Forecast page.

CoreWeave Amends Credit Agreement to Enhance Financial Flexibility

On December 31, 2025, CoreWeave, Inc. and its subsidiaries amended their DDTL 3.0 Credit Agreement and related Parent Guarantee and Pledge Agreement with MUFG Bank and associated agents to realign the financing facility with the timing of deliveries discussed on CoreWeave’s September 30, 2025 quarter earnings call. The First Amendment reduces the minimum liquidity requirement to $100 million for monthly payment dates between March 1 and May 1, 2026, delays the initial testing of the debt service coverage ratio covenant to October 31, 2027 and the contract realization ratio covenant to February 28, 2026, and allows unlimited equity cures for covenant breaches until October 28, 2026 (with limited use thereafter), effectively providing CoreWeave with greater financial flexibility and covenant headroom as it manages its growth and contractual commitments.

The most recent analyst rating on (CRWV) stock is a Hold with a $89.00 price target. To see the full list of analyst forecasts on CoreWeave stock, see the CRWV Stock Forecast page.

CoreWeave Completes $2.587 Billion Convertible Notes Offering

On December 11, 2025, CoreWeave completed a private offering of $2.587 billion in Convertible Senior Notes due 2031, which are unsecured obligations guaranteed by its subsidiaries. The proceeds, approximately $2.542 billion after expenses, will be used for capped call transactions and general corporate purposes. The offering is expected to impact CoreWeave’s market positioning by potentially reducing dilution of its Class A common stock and affecting its market price.

The most recent analyst rating on (CRWV) stock is a Hold with a $89.00 price target. To see the full list of analyst forecasts on CoreWeave stock, see the CRWV Stock Forecast page.