Key Takeaways
- One-Year Slide: CRWV fell 36.3% over 12 months, from $137 to $87.
- Debt Drag: Q2 interest expense hit $640M, up from $267M YoY, and dwarfed $128M of adjusted operating income even as revenue rose 112% to $2.6B.
- Analyst Split: The $142 mean target sits ~63% above the $87 close, backed by 23 buys and 8 outperforms against 8 holds, 1 underperform and 2 sells.
CoreWeave Stock Fell 36% as Interest Costs Outran a 112% Revenue Surge
CoreWeave (CRWV) lost 36% over the past year as financing costs from its infrastructure buildout climbed sharply. Q2 interest expense reached $640 million, up from $267 million a year earlier, against adjusted operating income of $128 million. Net loss widened to $626 million from $290 million, even as revenue climbed 112% to $2.6 billion.
CFO Nitin Agrawal tied the jump to the buildout on the Q2 2026 earnings call, saying interest expense was “driven by increased debt to support the continued scaling of our infrastructure and delivery of our contracted customer commitments.” The bill keeps growing. Q3 interest expense is guided to $860 million to $940 million, and 2026 capex now runs $35 billion to $39 billion, up from the $30 billion to $35 billion guided in February. CoreWeave also priced $2.75 billion of 9.750% senior notes due 2031 in April and announced a $3.5 billion senior notes offering in June.
CoreWeave’s $104.2 billion backlog shows demand remains strong, but rising interest expense is limiting how much of that growth reaches the bottom line.
CoreWeave Stock Nearly Halved by December While Street Targets Held at $142
CoreWeave stock closed at $137 on September 30, 2025 and dropped 47.7% to $72 by December 31. The bounce to $100 by June 30 faded to $87 as the debt load grew, and Viking Global Investors dissolved its stake in a filing dated August 14.
The Street holds 23 buys, 8 outperforms, 8 holds, 1 underperform and 2 sells, up from 9 buys and 4 outperforms a year ago. The mean target of $142 sits 63% above the $87 close and 2% above the $139 mean from September 2025, despite the stock’s 36.3% slide. Targets span $39 to $317 across 38 estimates.
So what is CoreWeave, Inc. stock actually worth?
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