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CoreWeave
(NASDAQ:CRWV)
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Rating:51Neutral
Price Target:
$94.00
▲(30.77% Upside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by high leverage and deeply negative free cash flow despite strong revenue growth, high gross margins, and improving operating cash flow. Technicals are mildly supportive but mixed on the intermediate trend, while valuation is pressured by continued losses (negative P/E) and no dividend. The latest earnings call adds a modest lift due to raised guidance and strong backlog/demand indicators, tempered by very large CapEx and interest expense.
Positive Factors
Demand and Backlog Expansion
Rapid revenue growth and a large contracted backlog provide substantial visibility into future demand. Continued customer commitments and expanding power capacity support durable scale in AI infrastructure over the next several quarters.
Negative Factors
Extreme Leverage
The heavily debt-funded capital structure limits financial flexibility and increases refinancing and interest-rate exposure. Any slowdown in customer utilization or renewals could make debt servicing and further capacity funding more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Demand and Backlog Expansion
Rapid revenue growth and a large contracted backlog provide substantial visibility into future demand. Continued customer commitments and expanding power capacity support durable scale in AI infrastructure over the next several quarters.
Read all positive factors
CoreWeave (CRWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.12B
Dividend YieldN/A
Average Volume (3M)27.49M
Price to Earnings (P/E)―
Beta (1Y)1.62
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. Volume24,417,125
30 Day Avg. Volume27,491,610
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$138.94Price Target Upside93.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering22
EPS Forecast (FY)-4.02
Revenue Forecast (FY)$12.89B
CoreWeave Business Overview & Revenue Model
Company Description
CoreWeave (CRWV) is a cloud infrastructure provider focused on delivering GPU-accelerated computing for artificial intelligence (AI), machine learning, and other high-performance workloads. The company operates in the cloud computing and data cent...
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 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $3.60T | 26.73 | 33.22% | 0.77% | 17.79% | 31.42% | |
69 Neutral | $13.72B | 45.38 | 54.71% | ― | 21.41% | 83.31% | |
66 Neutral | $112.65B | -91.28 | -57.21% | ― | 31.07% | 16.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $60.87B | 846.58 | 0.91% | ― | 460.89% | -71.23% | |
51 Neutral | $50.12B | -24.59 | -45.37% | ― | 115.26% | -47.09% | |
49 Neutral | $414.24B | 23.91 | 50.59% | 1.74% | 17.35% | 32.98% |
* General Sector Average
CRWV
CoreWeave
89.76
-1.03
-1.13%
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CoreWeave Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Completes Large Multicurrency Senior Notes Offering
Positive
Jun 18, 2026
On June 18, 2026, CoreWeave, Inc. completed a private offering of $1.25 billion in 9.625% U.S. dollar-denominated Senior Notes due 2032 and €2.0 billion in 8.5% euro-denominated Senior Notes due 2032, sold to qualified institutional buyers u...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Announces $3.5 Billion Senior Notes Offering
Positive
Jun 11, 2026
On June 11, 2026, CoreWeave, Inc. announced plans to privately offer $3.5 billion (or euro equivalents) of dollar- and euro-denominated senior unsecured notes due 2032, guaranteed by certain wholly owned subsidiaries and sold to qualified institut...
Executive/Board ChangesShareholder Meetings
CoreWeave Shareholders Approve Directors, Auditor and Executive Pay
Positive
Jun 10, 2026
On June 8, 2026, CoreWeave, Inc. held its 2026 Annual Meeting of Stockholders, where approximately 85.51% of the combined voting power of its Class A and Class B shares was represented, constituting a quorum. Stockholders elected Michael Intrator ...
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.