CoreWeave (CRWV)
NASDAQ:CRWV
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CoreWeave
(NASDAQ:CRWV)
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Rating:49Neutral
Price Target:
$79.00
▼(-1.80% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
CoreWeave (CRWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$42.29B
Dividend YieldN/A
Average Volume (3M)23.27M
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth235.40%
EPS Growth19.90%
CountryUS
Employees881
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.56
Shares Outstanding419,028,080
10 Day Avg. Volume21,737,983
30 Day Avg. Volume23,268,862
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 Cap1.19
Enterprise Value/Revenue9.85
Enterprise Value/Gross Profit13.74
Enterprise Value/Ebitda20.47
Forecast
1Y Price Target
$112.81Price Target Upside40.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering23
EPS Forecast (FY)-2.7
Revenue Forecast (FY)$12.47B
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 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 dema...
CoreWeave Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive growth narrative: exceptional top-line growth (FY revenue +168% YoY), an enormous contracted backlog ($66.8B), rapid capacity additions, high adjusted EBITDA, meaningful customer diversification, and deepening partnerships (notably with NVIDIA). These positives are balanced by expected near-term financial headwinds—large and accelerating CapEx, rising interest expense, widening GAAP losses, and margin pressure due to depreciation and timing of revenue recognition as new capacity is brought online. Management framed the negatives as deliberate, contract-backed investments to monetize a long-duration backlog. Given the scale of demand, backlog visibility, and progress on monetization and financing, the highlights materially outweigh the lowlights, though execution and financing risks remain in the near term.Positive Updates
Record Revenue Growth
Full-year 2025 revenue of $5.1 billion, up 168% year-over-year; Q4 2025 revenue of $1.6 billion, up 110% year-over-year.
Negative Updates
GAAP Losses and Elevated Interest Expense
Q4 net loss of $452 million vs $51 million net loss in Q4 2024; Q4 interest expense rose to $388 million from $149 million in Q4 2024, reflecting increased debt to finance buildout.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Growth
Full-year 2025 revenue of $5.1 billion, up 168% year-over-year; Q4 2025 revenue of $1.6 billion, up 110% year-over-year.
Read all positive updates
Company Guidance
CoreWeave guided to aggressive 2026 investment and growth: CapEx of $30–35 billion (more than 2x 2025’s $14.9B) funded against a $66.8 billion contracted revenue backlog and >3.1 GW of contracted capacity, with every new contract expected to start generating revenue by year‑end 2026 and active power targeted to double from 850 MW to >1.7 GW by year‑end; full‑year 2026 revenue of $12–13 billion (≈140% YoY at the midpoint) with adjusted operating income of $900M–$1.1B, margins bottoming in Q1 (low single digits) and reaching low double digits by Q4, and a long‑term margin target of 25–30% (mature contribution margins mid‑20s); Q1 2026 guidance: revenue $1.9–2.0B, adjusted operating income $0–40M, CapEx $6–7B, and interest expense $510–590M; management also expects to exit 2026 with a $17–19B annualized run rate and to exceed $30B annualized run rate exiting 2027.CoreWeave Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
33
Negative
Cash Flow
42
Neutral
| 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 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.72T | 23.36 | 33.61% | 0.71% | 16.67% | 28.60% | |
65 Neutral | $7.88B | 42.89 | -214.15% | ― | 14.20% | 204.86% | |
63 Neutral | $410.73B | 27.89 | 57.35% | 1.00% | 11.08% | 29.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $56.12B | ― | -60.27% | ― | 28.48% | -19.12% | |
56 Neutral | $26.67B | 208.29 | 2.48% | ― | -87.55% | 336.73% | |
49 Neutral | $42.29B | -26.69 | -33.10% | ― | 235.40% | 19.90% |
* Technology Sector Average
CRWV
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101.75%
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CoreWeave Corporate Events
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Expands NVIDIA Partnership With Major Equity Investment
Positive
Jan 26, 2026
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 joint...
Business Operations and StrategyPrivate Placements and Financing
CoreWeave Amends Credit Agreement to Enhance Financial Flexibility
Positive
Jan 2, 2026
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 deliveri...
Private Placements and Financing
CoreWeave Completes $2.587 Billion Convertible Notes Offering
Neutral
Dec 11, 2025
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...
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.