CoreWeave, Inc. (CRWV)
NEUTRALFundamental
37
Price
$88.33
Market Cap
$47.57B
Part 1 · What the company is worth
Overview
CoreWeave rents out access to data centres built almost entirely around NVIDIA GPUs, so that AI companies can train and run their models without building and maintaining their own computing infrastructure. It owns and leases the buildings and hardware and signs multi-year contracts with a small number of very large AI customers who commit to buying a set amount of capacity over time.
How it makes money
Revenue comes from long-term, take-or-pay contracts under which customers commit to pay for a fixed amount of computing capacity whether they use it or not, plus usage above that floor. This gives CoreWeave unusually strong revenue visibility for a young company, but it comes at the cost of very large upfront and ongoing spending on data centres, power and GPUs, much of it funded with debt secured against the equipment and the contracts themselves. The company does not disclose revenue by product or service line.
Competitive moat
No identified moat · NoneCoreWeave's edge has been speed — getting GPU capacity built and available faster than larger cloud providers could redirect their own build-outs — rather than a structural barrier competitors cannot cross. Amazon, Microsoft and Google are all expanding GPU capacity of their own, and a customer's long-term contract is a source of revenue visibility, not a lock-in that CoreWeave itself created.
What drives demand
CyclicalDemand depends on the AI infrastructure budgets of a handful of very large technology and AI companies, decided in multi-year cycles that can change direction quickly if AI spending plans are cut back. Revenue here is the direct consequence of a small number of customers' capital decisions, not of broad-based end-user demand.
Key risks
- Extreme customer concentration — A single customer, Microsoft, provided roughly two-thirds of 2025 revenue. The loss, renegotiation or non-renewal of that relationship would be far more than a marginal event for CoreWeave.
- Heavy debt-funded capital spending — CoreWeave has taken on substantial debt secured against its data centres and GPUs to fund rapid expansion. If demand growth slows, the company still owes interest and principal on equipment it may not be able to fill.
- Dependence on NVIDIA GPUs — The business is built almost entirely around NVIDIA hardware; supply constraints, pricing changes, or NVIDIA prioritising its own cloud partnerships would directly limit CoreWeave's ability to grow.
- Customers building or securing their own capacity — The same hyperscale customers CoreWeave depends on are also building their own data centres and securing GPU supply directly, which could reduce their need for CoreWeave's capacity once their own build-outs catch up.
Customer concentration
Top customers account for 67% of revenue
Microsoft alone accounted for approximately 67% of 2025 revenue, with large additional commitments from OpenAI and Meta. A change of plan by any one of these few customers would move the whole company's results.
The case for
Buyers argue that CoreWeave's head start in building large-scale GPU capacity and its take-or-pay contracts with the biggest AI spenders give it years of visible revenue, and that a rapidly diversifying backlog toward OpenAI, Meta, Anthropic and others reduces the Microsoft concentration over time.
The case against
Sellers fear that CoreWeave is a heavily leveraged bet on a handful of customers' AI capital budgets, that those same customers are building the in-house capacity that would eventually let them need CoreWeave less, and that the business has no advantage larger cloud providers cannot eventually replicate.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$7.59B
Trailing 12 months (through 6/30/2026)
Net Income
$-1.93B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$-7.25B
Total Equity
$3.33B
Total Liabilities
$45.97B
Current Ratio
0.46
Interest Coverage
0.14
Debt/EBITDA
21.43
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$144.17
Current Price
$88.33
Margin of Safety
+38.7%
Fair Value Range
$136.96 - $151.38
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-35.0%
P/B Ratio
-
P/FCF
-
Gross Margin
67.4%
ROIC
-0.3%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-0.3%
WACC
10.3%
ROIC − WACC
-10.7 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (7)
- EPS shows upward trend
- Price CAGR 22.70%
- Gross Margin 67.4%
- Low reliance on intangibles
- Analyst Consensus 69% Buy
- Earnings Surprise avg 15.5%
- Net Margin Trend -25.4% vs -28.8%
Failed (12)
- ROIC -0.3%
- Debt/Equity ratio
- Operating Margin -3.0%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -40.3%
- Share Dilution 106.9%
- Piotroski F-Score 4/9
Unavailable (8)
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- CapEx intensity
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Michael N. Intrator | Co-founder, President, CEO & Chairman | 55 |
| Mr. Brannin McBee | Co-Founder & Chief Development Officer | 39 |
| Mr. Brian M. Venturo | Co-Founder, Chief Strategy Officer & Director | 40 |
| Mr. Nitin Agrawal | CFO & Treasurer | 45 |
| Mr. Ernie Rogers | Chief Architect of Strategic Financing | 50 |
| Mr. Jon Jones | Chief Revenue Officer | 51 |
| Mr. Peter Salanki | Co-founder & CTO | 38 |
| Mr. Sachin Jain | Chief Operating Officer | 47 |
| Mr. Jeffrey R. Baker | Chief Accounting Officer | 56 |
| Ms. Sandhya Venugopal | Chief Information Officer | 43 |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for CRWV, sourced from Markets Gazette.
- 1d agoNEUTRALAzioni CoreWeave -3%, perché un analista vede un potenziale rialzo dell'88%
CoreWeave (CRWV) shares dipped nearly 3% in pre-market trading as rising global bond yields put pressure on tech stocks, with the 30-year US Treasury yield surpassing 5.3%. Despite this, Truist Securities maintains a 'Buy' rating and raised its price target, citing the company's pricing power as a buffer against increased GPU costs. This analyst view suggests potential for an 88% upside, contrasting with the immediate market reaction. Investors are weighing the short-term pressure from rising yields against the long-term growth potential highlighted by the analyst.
- 13d agoPOSITIVECava Rises on Sales; CoreWeave Sores on AI Outlook | Stock Movers
CoreWeave is experiencing a significant surge in its stock price, driven by an exceptionally strong revenue outlook. The company's performance is directly attributed to the booming demand within the Artificial Intelligence sector. This robust demand has allowed CoreWeave to project sales figures that have surpassed even the most optimistic forecasts. Investors are reacting positively to this news, signaling confidence in CoreWeave's ability to capitalize on the AI market's growth trajectory and its potential for sustained profitability.
- 5/27/2026NEGATIVECoreWeave Stock Is On The Move: The Chart Tells An Interesting Story
CoreWeave Inc. (NASDAQ: CRWV) experienced a downturn on Wednesday as investors reassessed their positions in high-beta Artificial Intelligence infrastructure stocks. The move suggests a broader market sentiment shift away from growth-oriented tech names, potentially impacting CoreWeave's valuation. Traders are reportedly stepping back from these names, indicating a risk-off sentiment that could lead to further price pressure for companies heavily reliant on speculative growth narratives. Investors should monitor the broader AI sector sentiment for potential continued volatility.
- 5/26/2026POSITIVEWhat Is Going On With CoreWeave Stock On Tuesday?
CoreWeave (CRWV) stock experienced a significant premarket surge, reaching $108.09 following GF Securities' initiation of a 'Buy' rating with a $162 price target. The analyst report highlights CoreWeave's robust 69% gross margins and a projected $2.56 billion revenue roadmap for 2026. This positive outlook is underpinned by the company's strong position within the AI cloud infrastructure sector, suggesting substantial growth potential and making it an attractive prospect for investors focused on the burgeoning AI market.
- 5/21/2026POSITIVECoreWeave Gains As GF Securities Sees AI Infrastructure Boom Driving Growth
CoreWeave's stock experienced a significant surge following GF Securities' initiation of coverage with a $162 Buy rating. The brokerage firm forecasts a substantial boom in the neocloud AI market, estimated at $1.7 trillion, which is expected to be a major growth driver for GPU providers like CoreWeave. This positive outlook and strong initiation rating indicate high investor confidence in CoreWeave's future performance within the rapidly expanding AI infrastructure sector.
- 5/8/2026POSITIVECoreWeave Reports 'Strongest' Bookings In Company History, Shares Move Higher After Q1 Earnings (UPDATED)
CoreWeave Inc. announced record-breaking bookings, signaling its strongest performance in company history. Following its first-quarter earnings report, the company's shares saw an upward movement. While specific financial figures for bookings and Q1 earnings were not detailed in this update, the company's positive trajectory suggests robust demand for its services, likely related to AI infrastructure and cloud computing. Investors are watching CoreWeave closely as it continues to scale and capture market share in a rapidly growing sector.
- 4/10/2026POSITIVEMeta's Latest $21 Billion Move Could Help De-Risk CoreWeave's Growth: Analyst
CoreWeave has secured a significant $21 billion expansion deal with Meta Platforms for AI inference services. This strategic move is expected to provide substantial revenue tailwinds for CoreWeave, bolstering its growth trajectory in the competitive AI infrastructure market. While JPMorgan analysts acknowledge the positive development, they also caution investors about potential macro-economic volatility and inherent power supply risks associated with such large-scale operations. The deal underscores CoreWeave's growing importance as a key provider of specialized cloud computing for AI workloads.
- 4/9/2026POSITIVECoreWeave Stock Rips 30% From Lows On Meta Deal— Cathie Wood Up $500K In Days
CoreWeave Inc. (CRWV) shares surged 30% from their recent lows, fueled by a significant deal with Meta Platforms and strong early investment gains for Cathie Wood's ARK Invest. Wood's initial stake has reportedly appreciated by $500,000 within days, underscoring the rapid positive momentum. This rally suggests strong investor confidence in CoreWeave's business prospects, likely driven by the strategic partnership with Meta and the company's overall growth trajectory. The market is interpreting this as a validation of CoreWeave's technology and market position.
- 4/2/2026NEGATIVEWhat's Going On With CoreWeave Stock Thursday?
CoreWeave Inc. (CRWV) experienced a 5% decline on Thursday, with short interest reaching a significant 22.59%. This downturn is attributed to retreating Nasdaq futures and notable insider liquidations. As an AI cloud provider, the stock's performance is sensitive to broader market sentiment and internal confidence signals. The high short interest suggests a bearish outlook from a segment of the market, while insider selling can erode investor confidence, potentially pressuring the stock further.
via Markets Gazette