CoreWeave, Inc. (CRWV)
UndervaluedFundamental
27
Price
$87.12
Market Cap
$49.71B
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
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
Nebius rents out large NVIDIA GPU clusters as an AI-specialised cloud to the same AI labs and enterprises CoreWeave sells training and inference capacity to, in both the United States and Europe.
Oracle Cloud Infrastructure sells dedicated GPU superclusters under multi-year contracts to frontier AI labs, the same large committed-capacity deals that make up most of CoreWeave's backlog.
Microsoft Azure offers the same GPU-accelerated training and inference capacity as part of a general-purpose cloud, and CoreWeave's 10-K names hyperscalers as its primary competitors even though several are also customers.
Amazon Web Services sells GPU and custom-silicon AI instances to the same enterprises and AI startups, competing for the workloads CoreWeave would otherwise host.
Lambda sells on-demand and reserved GPU cloud clusters to AI developers and startups, the same customer segment and the same per-GPU-hour revenue CoreWeave competes for.
Crusoe builds and operates its own energy-adjacent AI data centres and resells that GPU capacity under long-term contracts, bidding for the same large AI compute deals as CoreWeave.
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
$141.08
Current Price
$87.12
Margin of Safety
+38.2%
Fair Value Range
$134.03 - $148.14
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-35.0%
P/B Ratio
7.96
P/FCF
-
Gross Margin
67.4%
ROIC
-0.3%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-0.3%
WACC
9.6%
ROIC − WACC
-9.9 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 21.37%
- Gross Margin 67.4%
- Low reliance on intangibles
- Analyst Consensus 70% Buy
- Earnings Surprise avg 15.4%
- Net Margin Trend -25.4% vs -28.8%
Failed (13)
- ROIC -0.3%
- P/B Ratio 7.96
- 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 -45.4%
- Share Dilution 106.9%
- Piotroski F-Score 4/9
Unavailable (7)
- P/FCF 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
Institutional Holdings
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.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-03-02
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-12
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-22
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for CRWV, sourced from Markets Gazette.
- 2d agoNEGATIVECoreWeave e Nebius in ribasso mentre persiste il rischio di bolla AI
CoreWeave's stock (CRWV) is trading at $86.65, down 53% from its all-time high, amidst growing concerns of an AI bubble. Nebius (NBIS) has also seen a 20% decline from its peak, now at $240. Despite these drops, both neocloud companies are experiencing phenomenal revenue growth and increasing backlogs, with Nebius anticipating capacity constraints as early as next year. The current market sentiment, however, is heavily influenced by the broader AI bubble fears, leading to a bearish outlook for these specific stocks despite their strong operational performance.
- 10d agoPOSITIVECoreWeave sale, ma un pattern rischioso indica un'inversione di tendenza
CoreWeave's stock surged over 6% on Monday, reaching $86.57, as investors re-entered the artificial intelligence sector. This rebound follows a recent dip to a weekly low of $78. The company's gains mirrored a broader rally in AI-related stocks, including AMD, which surpassed a $1 trillion market cap, Intel, Arm Holdings, and DigitalOcean, all experiencing significant price increases. Nebius and IREN also saw positive movement. This renewed investor interest in AI companies suggests a potential upward trend for firms like CoreWeave, driven by the sector's perceived growth potential.
- 14d agoNEGATIVECoreWeave crolla per offerta di debito: comprare sul calo?
CoreWeave Inc. (CRWV) shares experienced a significant downturn on September 17th following the artificial intelligence infrastructure giant's announcement of a substantial debt offering. The company intends to raise $3 billion USD through senior convertible notes due in 2033, with an option for initial investors to purchase an additional $500 million USD. This move comes as CRWV stock is already struggling, trading over 25% below its recent peak. The debt issuance signals potential financial strain or aggressive expansion plans that investors are currently viewing with caution, leading to a sell-off.
- 15d agoPOSITIVECoreWeave sale: cluster Nvidia Rubin potenzia capacità cloud per l'AI
CoreWeave Inc. (CRWV) shares saw a significant surge following the activation of a multi-rack Nvidia Vera Rubin NVL72 cluster on its CoreWeave Cloud. This advanced infrastructure connects hundreds of Nvidia Rubin GPUs into a unified system, enabling clients to run large-scale AI training, inference, and reinforcement learning workloads across multiple racks. The upgrade is specifically designed to bolster capacity for increasingly complex AI models and demanding inference tasks. The news highlights CoreWeave's strategic investment in cutting-edge hardware to meet the escalating demand for AI-driven cloud computing, positioning the company for continued growth in the AI sector.
- 23d agoPOSITIVEPerché le azioni CoreWeave salgono del 16% oggi
CoreWeave Inc. (CRWV) shares surged 16% on Tuesday, propelled by OpenAI's new Astra model, which serves as a catalyst for the AI cloud infrastructure firm. CoreWeave holds a substantial $22.4 billion deal with OpenAI for compute power, augmenting its already strong contracted demand. This momentum follows robust Q2 2026 results, where the company reported $2.58 billion in revenue, a 112% year-over-year increase and exceeding Wall Street's expectations. With a backlog of approximately $104 billion and over $25 billion in new customer commitments, CoreWeave is demonstrating significant growth and market traction in the AI infrastructure sector.
- 9/1/2026NEGATIVECoreWeave: segnale d'allerta nonostante forte crescita dei ricavi
CoreWeave's stock has experienced a significant decline, falling over 40% from its year-to-date high to trade at $82, its lowest point since August 3rd. Despite reporting strong revenue growth, the stock has formed a bearish technical pattern, indicating potential for further downside. CRWV has fallen below its 50-day exponential moving average (EMA), a key indicator suggesting that sellers are gaining control. The emergence of a head and shoulders pattern further reinforces the bearish outlook, signaling a possible strong downward breakout in the short term.
- 8/24/2026NEUTRALAzioni 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.
- 8/12/2026POSITIVECava 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.
via Markets Gazette