Overview
- Cantor Fitzgerald on Jan. 5 reiterated Overweight with a $131 price target, citing long‑term upside from Blackwell GPU adoption and a valuation discount versus peers.
- Cantor shifted some expected revenue from Q4 2025 and Q1 2026 into Q2 2026 but kept 2026–2027 projections slightly above consensus.
- Truist on Jan. 6 initiated coverage at Hold with an $84 target, pointing to heavy capex, elevated leverage, and concentrated customer exposure.
- Truist noted NVIDIA owns about 7% of CoreWeave and has committed to buy up to $6.3 billion of unsold capacity through April 2032, offering a revenue backstop.
- Truist reported that about 77% of revenue came from the two largest customers last year, with Microsoft at 62% and roughly 70% through 3Q25, and it expects Microsoft’s share to drop below 50% next year as the OpenAI contract begins.