Key Stats for CoreWeave, Inc.
- 52-Week Range: $63.80 – $187.00
- Current Price: $93.17
- Street Mean Target: ~$140
- Market Cap: ~$52 billion
- LTM Net Debt: ~$33 billion
Now Live: Discover how much upside your favorite stocks could have using TIKR’s new Valuation Model (It’s free) >>>
A Revenue Ramp That Is Almost Impossible to Contextualize
CoreWeave (CRWV) generated $16 million in revenue in 2022. By the end of 2025, that figure was $5.1 billion. Q1 2026 alone produced $2.1 billion, more in one quarter than the entire full-year 2024 result, and 112% higher than Q1 2025.
The company went public at $40 per share in March 2025, traded above $180 within months, and now sits around $93 after a Q1 earnings beat on revenue but a disappointment on guidance. That arc captures the tension in the stock pretty well.
The growth is driven by insatiable demand for GPU compute among AI labs, hyperscalers, and enterprise customers. CoreWeave rents access to clusters of high-performance graphics processing units, the specialized chips required to train and run large AI models, from purpose-built data centers designed specifically for that workload.
Customer diversification is also improving. In Q1 2025, a single customer, widely believed to be Microsoft, accounted for 72% of revenue. By Q1 2026, that figure had fallen to 45%, with a second customer now at 20%.
New agreements with Meta, including a $21 billion commitment signed in March, and a multi-year deal with Anthropic to support Claude model development, signal that the customer base is broadening meaningfully.
See analysts’ growth forecasts and price targets for CoreWeave stock (It’s free) >>>
EBITDA Is Growing, But the Losses Are Not a Simple Story
EBITDA has grown alongside revenue, from near zero in 2022 to $2.4 billion in 2025. On an adjusted basis, Q1 2026 produced $1.2 billion in EBITDA at a 56% margin, a figure that would look strong at any scale, let alone for a company this young.
The complication is what sits below that line. Depreciation and amortization totaled $1.15 billion in Q1 2026 as the installed base of data center infrastructure began to depreciate.
Add $536 million in net interest expense, and the quarterly net loss widens to $740 million despite the EBITDA strength.
The adjusted operating margin fell from 17% in Q1 2025 to just 1% in Q1 2026 as deployment costs outpaced revenue recognition from newly activated capacity, a trend that needs to reverse for the bear case to lose its footing.
See how Tesla performs against its peers in TIKR (It’s free!) >>>
What the $99 Billion Backlog Actually Means
CoreWeave’s revenue backlog stood at $99.4 billion as of March 31, 2026, up from $25.9 billion a year earlier. About 36% is expected to convert to revenue within 24 months, with roughly 75% within four years.
This matters because it reframes the risk profile. CoreWeave is not projecting demand it hopes will materialize; it has signed agreements with Meta, Anthropic, Microsoft, and others who have committed to pay for capacity that is either already built or under construction.
The capex is aggressive, but it is largely pre-funded by contracted cash flows. An $8.5 billion investment-grade term loan closed in Q1, and a further $3.5 billion senior notes offering was announced in June 2026.
The street has a mean price target of around $140 against a current price near $95, implying roughly 47% upside if consensus is right. The high target is $303, and the low is $36. Of 33 analysts covering the stock, 19 have buy ratings, and 11 have holds.
What the Bulls Are Betting On
- The backlog de-risks the revenue story. Nearly $100 billion in committed contracts from blue-chip counterparties is not a forecast, it is a signed book with unusual visibility for a company at this stage.
- EBITDA margins validate the unit economics. A 56% adjusted EBITDA margin suggests the underlying business is working, and as debt is paid down, those margins should convert more cleanly into cash.
- NVIDIA’s $2 billion equity investment is not a casual signal. It reflects a strategic conviction beyond a typical vendor relationship and implies continued access to hardware at scale.
- The inference market is still in early innings. As AI applications shift toward real-time inference at scale, demand for the infrastructure CoreWeave operates is likely to grow, not contract.
What the Bears Are Watching
- The debt load is enormous relative to the equity base. Net debt of $33 billion relative to a $52 billion market cap is an aggressive capital structure that leaves little room for a slowdown in demand.
- Customer concentration remains elevated. One customer at 45% of revenue represents significant exposure, and a change in that relationship would materially affect the financial model.
- Capex guidance keeps rising. Full-year 2026 guidance of $30-35 billion implies the balance sheet gets more levered before it gets less.
- Operating margins are compressing near term. That trend needs to reverse before the losses become a structural concern rather than a timing one.
See analysts’ growth forecasts and price targets for Tesla stock (It’s free!) >>>
Should You Invest in CoreWeave, Inc.
The bull case is not about near-term earnings; it is about whether $99.4 billion in committed contracts, backed by a business with a 56% EBITDA margin and NVIDIA as a strategic partner, is worth more than the market is currently pricing. The street thinks yes.
The bears think the leverage makes this a binary outcome. Both views hinge on the same question: how durable is the demand to fill that backlog?
Use TIKR to track CoreWeave’s revenue, margins, and analyst targets every quarter alongside every other stock on your radar. No credit card required.
Looking for New Opportunities?
- See what stocks billionaire investors are buying so you can follow the smart money.
- Analyze stocks in as little as 5 minutes with TIKR’s all-in-one, easy-to-use platform.
- The more rocks you overturn… the more opportunities you’ll uncover. Search 100K+ global stocks, global top investor holdings, and more with TIKR.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
