Overview

• Wells Fargo raised CoreWeave to Overweight from Equal Weight and lifted its price target to $170, citing demand that is outpacing supply.
• The bank increased its GPU-hour pricing assumption to $2.50 from $2.00, pointing to improved unit economics.
• CoreWeave’s backlog includes an $11.9 billion OpenAI capacity deal with up to $4 billion more through 2029 and a $6.3 billion Nvidia agreement to take unused capacity through 2032.
• Analysts see hyperscaler shortages persisting into early 2026, creating potential share gains as CoreWeave deepens ties with Microsoft, Google, and OpenAI.
• Revenue reached $1.21 billion in Q2 2025 versus $395 million a year earlier, though analyses flag dependence on Nvidia GPUs and a concentrated customer base as key risks.