CoreWeave, Inc. (CRWV)
UndervaluedFundamental
27
Price
$54.23
Market Cap
$33.86B
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 with artificial intelligence on September 18, 2026, 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
$140.58
Current Price
$54.23
Margin of Safety
+61.4%
Fair Value Range
$133.55 - $147.61
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
4.95
P/FCF
-
Gross Margin
67.4%
ROIC
-0.3%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-0.3%
WACC
8.2%
ROIC − WACC
-8.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (6)
- EPS shows upward trend
- Price CAGR 21.37%
- Gross margin 67.4%
- Low reliance on intangibles
- Earnings surprise, average 15.4%
- Net margin trend -25.4% vs -28.8%
Failed (13)
- ROIC -0.3%
- P/B ratio 4.95
- 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 –
- Dividend payout –
- CapEx intensity
- Price below Graham Number
- Revenue growth 5Y
- PEG ratio (needs P/E > 0 and growth > 0)
- Earnings quality (operating cash flow / 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 |
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
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much CRWV moves, measured on its daily prices.
More volatile than 99% of the tracked stocks (90-day volatility).
- Volatility 30d
- 82.7%
- Volatility 90d
- 97.2%
- Beta vs S&P 500 (1y)
- 3.60Correlation 0.48
- Max drawdown (12m)
- -60.8%
- ATR (14d, % of price)
- 10.92%
Earnings reactions
How CRWV moved around its past quarterly results.
Next earnings release
Nov 11, 2026 · In 18 days · Time not known
EPS estimate: -1.21Revenue estimate: $3.5B
What usually happens
- Over the last 6 releases the stock moved a median of 17.4% the next day, up or down.
- Next-day moves: up 1, down 5 (out of 6).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026 | After the close | -1.23 | -1.03 | +16.3% | +20.3% | +19.3% | +3.2% |
| May 7, 2026 | After the close | -0.92 | -1.12 | -22.3% | -8.1% | -11.4% | -11.4% |
| Feb 26, 2026 | After the close | -0.50 | -0.56 | -11.2% | -13.7% | -18.5% | -23.4% |
| Nov 10, 2025 | After the close | -0.38 | -0.08 | +78.7% | -9.0% | -16.3% | -28.7% |
| Aug 12, 2025 | After the close | n/a | n/a | n/a | -10.6% | -20.8% | -37.6% |
| May 14, 2025 | After the close | n/a | n/a | n/a | +2.1% | -2.5% | +59.2% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on CRWV and what the price did next.
- 10/22/2026NegativeCoreWeave in bilico mentre Jensen Huang elogia la forte domanda di neocloud
- +1 day
- -8.9%
- +3 days
- pending
- 10/21/2026NegativePerché le azioni di CoreWeave e Nebius scendono mercoledì?
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/19/2026PositivePerché le azioni CoreWeave salgono del 2% lunedì?
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/16/2026NegativeCoreWeave Debt Stress; JB Hunt Falls on Rising Costs | Stock Movers
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/15/2026NegativeCoreWeave Slides on Debt; TSMC Moves on Outlook | Stock Movers
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/14/2026NegativePerché le azioni CoreWeave crollano del 16% mercoledì?
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 9/29/2026NegativeCoreWeave e Nebius in ribasso mentre persiste il rischio di bolla AI
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 9/21/2026PositiveHeadline no longer in the latest news feed
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 9/17/2026NegativeHeadline no longer in the latest news feed
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 9/16/2026PositiveHeadline no longer in the latest news feed
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for CRWV.
- 2d agoNEGATIVECoreWeave in bilico mentre Jensen Huang elogia la forte domanda di neocloud
CoreWeave Inc. shares have experienced a significant downturn, falling to $57, their lowest point since May 9th of the previous year. The stock has plummeted over 67% from its year-to-date peak, erasing billions in market capitalization. This sharp decline occurs despite the company's strong position in the neocloud sector and its successful pivot from Bitcoin mining to AI infrastructure, securing deals with major AI players like Anthropic and OpenAI. Investors are closely watching to see if this retracement presents a buying opportunity amidst broader concerns in the neocloud industry and rising bond yields.
- 3d agoNEGATIVEPerché le azioni di CoreWeave e Nebius scendono mercoledì?
CoreWeave (CRWV) shares fell approximately 3% on Wednesday, despite positive pre-market sentiment from SpaceX executive comments. The AI infrastructure provider faced pressure due to concerns over debt-financed expansion and potential overcapacity in computing power. While SpaceX CEO Elon Musk highlighted strong demand for computing power, exceeding supply, this news did not translate into positive price action for CoreWeave. Investors appear wary of the company's financial strategy and the long-term outlook for AI hardware supply and demand dynamics.
- 5d agoPOSITIVEPerché le azioni CoreWeave salgono del 2% lunedì?
CoreWeave Inc. (CRWV) shares rebounded approximately 2% on Monday, recovering from a significant prior week decline. This surge follows positive analyst recommendations and a broader investor return to technology stocks, despite ongoing concerns about the company's debt-financed expansion. The Nvidia-backed cloud computing firm is trading at $62.9. The recovery also coincides with gains in major indices like the Nasdaq Composite (+0.92%) and S&P 500 (+0.44%), suggesting a supportive market environment for tech-related equities. Investors are watching closely to see if this rebound signals a sustained recovery for CoreWeave.
- 8d agoNEGATIVECoreWeave Debt Stress; JB Hunt Falls on Rising Costs | Stock Movers
CoreWeave (CRWV) experienced a significant downturn, with shares plummeting 20% in the first three trading sessions of the week. This sharp decline is attributed to its debt reaching levels indicative of financial distress, with investors assigning a greater than 60% probability of default within the next five years. The news highlights substantial risk for current and potential investors in the company, signaling a period of severe financial strain.
- 9d agoNEGATIVECoreWeave Slides on Debt; TSMC Moves on Outlook | Stock Movers
CoreWeave's stock is experiencing a significant downturn due to mounting concerns over its debt. Credit default swaps indicate a greater than 50% probability of default within five years, and the company's bonds are yielding an exceptionally high 15%. This level of risk is rarely seen for new debt issuances in the primary market. The news suggests substantial financial distress for CoreWeave, posing a considerable risk to investors.
- 10d agoNEUTRALCathie Wood riduce Palantir per comprare questo titolo AI dopo un crollo del 16%
Cathie Wood's ARK Invest has increased its stake in CoreWeave, a significant player in AI infrastructure, by purchasing approximately $12.4 million worth of shares following a 15.46% dip in its stock price to $65.78. This move comes as ARK simultaneously reduced its holdings in Palantir Technologies by $6.3 million, a strategic profit-taking maneuver rather than a full exit. The investment in CoreWeave, despite its recent price drop, signals Wood's confidence in the company's long-term potential within the AI sector, contrasting with the sale of a high-valuation AI software winner. Investors are watching to see if CoreWeave can sustain its growth trajectory and validate Wood's contrarian approach.
- 10d agoNEGATIVEPerché le azioni CoreWeave crollano del 16% mercoledì?
CoreWeave Inc. (CRWV) shares plummeted 16% on Wednesday, accompanied by a surge in its bond yields, as investor concerns mount over the company's substantial debt load for AI infrastructure development. The AI-focused cloud computing provider's stock decline reflects a growing demand for higher compensation for risks associated with financing the sector. The yield on CoreWeave's 9.625% 2032 bonds reached 14.8%, and its 9.75% 2031 bonds traded around 14.9%. This significant price drop and yield increase signal heightened investor apprehension regarding CoreWeave's financial leverage and its ability to manage its debt obligations in the current market environment.
- 18d agoNEUTRALLe azioni CoreWeave affrontano rischi crescenti mentre permangono sfide chiave
CoreWeave Inc. shares reached $91.90, marking a more than 50% increase from their year-to-date low. This rally aligns with broader gains in the AI sector, where Nvidia approaches a $6 trillion market cap, and AMD, Dell, and Broadcom also saw increases. CoreWeave, a significant player in AI solutions, is experiencing a strong upward trend. However, despite the impressive performance, the company faces substantial underlying risks that warrant caution for investors.
- 25d 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.