CoreWeave, Inc. (CRWV)

Price$88.12Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares price in extraordinary growth, but debt and spending leave little room for disappointment.

The observed price implies roughly $48 billion of equity value using about 552 million shares outstanding. Adding roughly $35.6 billion of debt and subtracting $5.5 billion of cash gives an enterprise value near $77 billion, about six times the midpoint of management's 2026 revenue guidance. That is demanding because CoreWeave remains loss-making and heavily capital-intensive. The valuation can work if rapid growth produces durable margins and sharply lower investment needs, but today's price provides limited protection if either assumption fails.

Big pictureRevenue is exploding, yet the business still consumes far more cash than it produces.

Revenue reached $2.58 billion in the second quarter, up 112% from a year earlier, while first-half operating cash flow was about $3.7 billion. But cash paid for property and equipment reached $14.1 billion in the same six months, leaving deeply negative free cash flow, meaning cash left after running and investing in the business. Management now expects $35-$39 billion of 2026 capital spending. This model therefore depends on continued outside financing until the enormous infrastructure build becomes sufficiently cash-generative.

Business strengthLong contracts and repeat customer spending are powerful, but a few customers still dominate.

CoreWeave had about $104 billion of revenue backlog, and its SEC filing showed $103.7 billion of remaining contracted obligations, with roughly 80% expected within four years. About 93% of first-half revenue growth came from existing customers, supporting the bull case that customers expand usage after adopting the platform. However, the two largest customers supplied about 40% and 23% of first-half revenue. Long contracts soften near-term economic swings, but customer concentration means one large buyer changing its AI spending plans could materially alter growth and asset utilization.

What could change the storyHigher margins and cheaper funding could justify the valuation; slower demand would expose the leverage.

The strongest bull case is that sold-out capacity, higher contract pricing and a huge backlog let revenue outrun financing costs. Management raised 2026 revenue guidance to $12.4-$13.2 billion and expects improving adjusted operating margins. The bear case is that debt principal already exceeds $35 billion while third-quarter interest expense is expected near $0.9 billion. Share count also rose roughly 5% from January to July as equity helped finance expansion. A convincing upgrade would require sustained positive free cash flow and slower debt growth without sacrificing demand.

AI: News

Second-quarter demand surgeCoreWeave doubled revenue, raised its outlook and revealed another major jump in contracted demand.

On August 11, CoreWeave reported second-quarter revenue of $2.58 billion, up 112% year over year, and backlog of about $104 billion, excluding more than $25 billion of additional commitments signed early in the third quarter. Management raised full-year revenue guidance to $12.4-$13.2 billion and capital spending guidance to $35-$39 billion. Reuters reported the shares rose more than 19% the following session, a reaction consistent with investors rewarding stronger growth and pricing expectations.

Nasdaq-100 inclusionIndex inclusion broadened automatic ownership and reinforced CoreWeave's rapid rise among large technology companies.

CoreWeave announced on June 12 that it would enter the Nasdaq-100 before trading began June 22. Membership can create incremental demand because funds tracking the index must hold constituent shares. Reuters reported CoreWeave was up roughly 4% in premarket trading alongside other newly added companies. That timing supports an association with the announcement, although it does not establish that index inclusion alone caused the move or changed the company's underlying cash-generation capacity.

Costly unsecured financingNew bond financing expanded funding capacity but showed investors still demand high interest rates.

On June 11, CoreWeave priced $1.25 billion of senior notes paying 9.625% and €2 billion of notes paying 8.5%, both due in 2032. The funds can refinance debt and finance general corporate needs, helping CoreWeave keep building capacity against committed contracts. The rates are nevertheless important for shareholders: rapid infrastructure growth remains dependent on expensive capital, and interest expense already reached $640 million in the second quarter. Lower future borrowing costs would materially improve the equity economics.

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Revenue

2022

2023

2024

2025

Net income

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2023

2024

2025

Free cash flow

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2023

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022
Revenue	$5.13B	$1.92B	$229.0M	$15.8M
Gross profit	$3.68B	$1.42B	$160.0M	$3.7M
Gross margin	71.68%	74.26%	69.87%	23.42%
Research & development	$352.0M	$56.0M	$21.0M	—
Operating expenses	$5.18B	$1.59B	$243.0M	$26.6M
Operating income	−$46.0M	$324.0M	−$14.0M	−$22.9M
Operating margin	−0.90%	16.92%	−6.11%	−144.54%
EBITDA	$2.41B	$1.19B	$89.0M	−$13.9M
EBITDA margin	46.93%	61.98%	38.86%	−87.66%
Net income	−$1.17B	−$863.0M	−$594.0M	−$31.1M
Net profit margin	−22.74%	−45.07%	−259.39%	−196.18%
Basic EPSper basic share	-$2.75	-$4.30	-$3.09	-$0.08
Diluted EPSper diluted share	-$2.81	-$4.30	-$3.09	-$0.08

Review official source filings ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys106$43267.69B disclosed value

Sells (SEC code S)4247$88368.15B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 24, 2026Form 4 · 10b5-1	Venturo Brian MChief Strategy Officer	SellClass A Common Stock · indirect	40	$104.44	$4.2K	0
Jun 24, 2026Form 4 · 10b5-1	Venturo Brian MChief Strategy Officer	SellClass A Common Stock · indirect	602	$103.58	$62.4K	40
Jun 24, 2026Form 4 · 10b5-1	Venturo Brian MChief Strategy Officer	SellClass A Common Stock · indirect	4.1K	$102.85	$422.9K	642
Jun 24, 2026Form 4 · 10b5-1	Venturo Brian MChief Strategy Officer	SellClass A Common Stock · indirect	2.4K	$101.87	$240.6K	4.8K
Jun 24, 2026Form 4 · 10b5-1	Venturo Brian MChief Strategy Officer	SellClass A Common Stock · indirect	4.1K	$100.88	$409.8K	7.1K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat2 days ago
CoreWeave launches an engineering service for physical-world AI applications
CoreWeave ($CRWV) launched Physical AI Field Engineering, a service that places its specialists alongside customer engineering teams to develop and deploy AI models using proprietary operational data. The offering builds on the team and met ...
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CoreWeave, Inc. (CRWV)

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CoreWeave launches an engineering service for physical-world AI applications