Overview

• Wells Fargo raised CoreWeave to Overweight from Equal Weight and increased its price target to $170 from $105, pointing to persistent compute shortages into 2026 and stronger unit economics.
• Cantor Fitzgerald reaffirmed an Overweight rating with a $116 target after an 8-K disclosed a $6.3 billion Nvidia agreement that requires Nvidia to take any unused capacity through April 2032.
• Cantor noted the Nvidia order would lift CoreWeave’s $30.1 billion backlog by about 21% from its Q2 level, excluding any additional Q3 increases.
• CoreWeave reported Q2 revenue of $1.21 billion, up 207% year over year, with adjusted EBITDA of $753.2 million, and management guided 2025 revenue to $5.15–$5.35 billion.
• Shares have fallen roughly 34% from a $187 peak following IPO lock-up expiration and uncertainty around the pending Core Scientific acquisition, even as the company deploys $20–$23 billion in 2025 capex toward roughly 900MW of power.