Overview
- Cantor Fitzgerald reaffirmed an Overweight rating with a $131 target, shifting some revenue assumptions into Q2 2026 while maintaining above-consensus 2026–2027 projections.
- Cantor cited growing deployment of NVIDIA Blackwell GPUs from an existing double‑digit share of CoreWeave’s fleet and outlined a scenario for a $30 billion‑plus forward revenue run rate by calendar 2028.
- Truist Securities initiated coverage at Hold with an $84 target, pointing to heavy capex needs, elevated leverage, and reliance on a small number of customers.
- Truist noted Microsoft represented about 70% of revenue through Q3 2025, with exposure expected to moderate next year as the OpenAI contract begins, and it warned of risk if viable GPU alternatives emerge or supply constraints ease.
- NVIDIA holds roughly 7% of CoreWeave and has agreed to purchase up to $6.3 billion of unsold capacity through April 2032, while CoreWeave’s Q3 results showed 134% revenue growth to $1.4 billion alongside a $110.1 million net loss, $1.9 billion in capex, and over $14 billion of debt.