CoreWeave stock drew fresh bullish analyst coverage and announced a new enterprise cloud agreement, pushing shares higher in premarket trading.
Evercore ISI analyst Amit Daryanani maintained a Buy rating with a $150 price target, implying about 76% upside from the stock's recent level near $85.43. Daryanani ranks #13 out of 12,521 analysts tracked by TipRanks and points to CoreWeave's broad product portfolio, customer-focused approach, and predictable contract structure. Services beyond GPU rental are expected to pass $500 million in annual recurring revenue by the end of 2026, expanding over 100% annually. CoreWeave serves AI labs, enterprises, hyperscalers, and sovereign clients, and does not charge data transfer fees. It combines longer-term contracts for revenue visibility with shorter-term premium deals recently reported around $40 million per megawatt.
In its most recent quarter, CoreWeave posted revenue of $2.58 billion, up 112.5% year over year, and beat EPS estimates by $0.38 with a loss of $1.14 per share versus the $1.52 loss expected. The company remains unprofitable, with a negative net margin of 25.41% and a debt-to-equity ratio of 5.53. It also announced a $3 billion convertible notes offering, with an option for an additional $500 million. Institutional investors such as Nykredit A/S and Virginia Retirement Systems added new positions, while insiders including CEO Michael Intrator and Magnetar Financial sold substantial holdings. Wall Street remains divided: 21 analysts rate the stock Buy, 10 Hold, and four Sell, with an average target near $138.90.
UBS analyst Karl Keirstead initiated coverage with a Buy rating and $120 price target, about 38% upside from Tuesday's close. UBS called the call non-consensus, arguing concerns over leverage and credit risk may be peaking. The firm expects AI compute demand to broaden from large model developers to enterprises and sees revenue per gigawatt potentially rising from about $11 billion to more than $15 billion. CoreWeave also announced a multi-year agreement with Harell Data, a biotech data platform, to use CoreWeave Cloud for AI model training, fine-tuning, and inference on Nvidia A100 and Hopper GPUs. Financial terms were not disclosed.
Risks remain centered on high leverage, rising financing costs, and customer concentration, with about 72% of revenue coming from just three customers. CoreWeave completed an upsized $4.2 billion convertible senior notes offering on September 22 and has raised its 2026 revenue forecast to between $12.4 billion and $13.2 billion. The company has also gone live with Nvidia's Vera Rubin rack-scale systems.
