📌 Base exchange rate: 1 USD = 1,486 KRW (As of 2026-04-21) | This report is for informational purposes only and is not an investment recommendation.
📋 Executive Summary
CoreWeave (NASDAQ: CRWV)[Company Name] is a New Jersey-based AI-specialized cloud infrastructure company that operates services providing GPU computing resources at a hyperscale level. Despite being a newly listed company that went public on NASDAQ in March 2025, it is attracting market attention with rapid annual revenue growth of 1,681 TP3T, driven by the explosive demand for AI infrastructure. [Company Name], which is receiving attention in the same AI infrastructure sector Applied Digital (APLD)과 Vertiv(VRT) It is classified as a key company in the AI infrastructure investment theme, along with others.
| item | detail |
|---|---|
| Current stock price | $117.43 (As of 2026-04-21) |
| Market capitalization | Approximately 1 TP 4 T 62.8 billion (approximately 93 trillion 324.7 billion won) |
| 52-week range | $36.00 ~ $187.00 |
| Investment Opinion | ⭐ Buy |
| 12-Month Target Price (Base) | $150 (Expected return approx. +27.7%) |
| Next earnings announcement | May 7, 2026 (Q1 2026) |
Key Investment Points:
- Order backlog due to surge in demand for AI infrastructure $66.8 billion (approx. 992 trillion won)Reached [amount] to secure strong sales visibility
- 2026 Revenue Guidance $ 12 billion ~ $ 13 billion (approx. 178 trillion ~ 193 trillion won)Growth of approximately 1,401 TP3T compared to the previous year is projected.
- Jane Street and Contract worth $6 billion (approximately 8.916 trillion KRW) Strengthening position through agreement and attracting 1 billion KRW equity investment for $
🏢 Company Overview
Coreweave was founded in 2017 and originally started as a cryptocurrency mining company, but transitioned its business to AI and ML cloud infrastructure in 2019. It provides high-performance computing environments based on GPU clusters and has major clients including big tech AI companies such as Microsoft, OpenAI, and Anthropic.
The main service is CoreWeave Cloud PlatformIt encompasses Kubernetes-based container orchestration, GPU/CPU computing, networking, and storage solutions. Recently, AI development platforms Weights & Biases (W&B)We are expanding into the AI developer ecosystem by acquiring [company name].
- head office: Livingston, New Jersey, USA
- Number of employees: 2,189 people
- Listing Date: March 28, 2025 (NASDAQ)
- CEO: Michael N. Intrator (Co-founder)
- Website: coreweave.com
📊 Financial Performance Analysis (Last 4 Quarters)
① Quarterly sales trends
| branch | Sales (USD M) | Converted to Korean Won | QoQ growth rate | YoY growth rate |
|---|---|---|---|---|
| Q1 2025 | $981.6M | Approximately 1.4587 trillion won | — | — |
| Q2 2025 | $1,212.8M | Approximately 1.8022 trillion won | +23.5% | — |
| Q3 2025 | $1,364.7M | Approximately 2.0279 trillion won | +12.5% | — |
| Q4 2025 | $1,571.9M | Approximately 2.3358 trillion won | +15.2% | +110.3% |
| TTM Total | $5,131M | Approximately 7.6247 trillion won | — | +168% (FY2025) |
② Quarterly Profitability Indicators
| branch | Gross profit | Gross profit margin | Operating profit | EBITDA | net profit |
|---|---|---|---|---|---|
| Q1 2025 | $719.2M | 73.3% | -$27.5M | $438.7M | -$314.6M |
| Q2 2025 | $900.1M | 74.2% | $19.2M | $583.7M | -$290.5M |
| Q3 2025 | $995.9M | 73.0% | $51.9M | $704.2M | -$110.1M |
| Q4 2025 | $1,062.8M | 67.6% | -$89.6M | $741.3M | -$451.7M |
💡 point: The gross profit margin maintains a level of approximately 73–741 TP3T, demonstrating a high-margin structure. The slight decline in margins in Q4 is attributed to capital investment for AI infrastructure expansion and increased SG&A costs following the IPO. EBITDA is steadily increasing, rising from 439M $ in Q1 to 741M $ in Q4.
③ Recent Earnings Report (Q4 2025 Earnings Report)
| characteristic | actual value | Market forecast | result |
|---|---|---|---|
| sales | $1,571.9M (approx. 2.3358 trillion won) | $1,550M | ✅ Earnings Surprise |
| Adjusted EPS | -$0.56 | -$0.49 | ❌ Earnings miss |
| Adjusted EBITDA margin | 57% | — | ✅ Strong profitability |
| Order Backlog | $66.8 billion (approx. 992 trillion 948 billion won) | — | ✅ Industry's largest level |
Interest expenses accounted for $387.6M (approx. 576 billion KRW) of the net loss of $451.7M (approx. 671.3 billion KRW) in Q4 2025, confirming that capital financing costs, rather than actual business losses, were the main cause of the deficit.
④ Financial Soundness (as of the end of December 2025)
| item | Amount (USD) | Converted to Korean Won |
|---|---|---|
| Cash and short-term investment | $3,161M | Approximately 4.6973 trillion won |
| Total debt | $29,822M | Approximately 44 trillion 315.5 billion won |
| Net Debt | $18,246M | Approximately 27 trillion 113.5 billion won |
| Total assets | $49,302M | Approximately 73 trillion 264.8 billion won |
| Debt-to-Equity Ratio (D/E) | 894% | ⚠️ Very High |
| Current ratio | 0.455 | ⚠️ Less than 1 |
⑤ Quarterly Trend of Free Cash Flow (FCF)
| branch | Sales CF | Capital expenditure (CapEx) | FCF |
|---|---|---|---|
| Q1 2025 | $61.2M | -$1,407.4M | -$1,346.2M |
| Q2 2025 | -$251.3M | -$2,453.0M | -$2,704.2M |
| Q3 2025 | $1,689.1M | -$2,388.9M | -$699.8M |
| Q4 2025 | $1,559.0M | -$4,059.8M | -$2,500.8M |
| TTM Total | $3,058M | -$10,309M | -$7,251M (approx. -10.775 trillion won) |
⚠️ FCF Analysis: The large negative FCF is due to aggressive capital expenditures (CapEx) for the expansion of AI infrastructure. CapEx guidance for 2026 is set to continue increasing at 30–35 billion KRW (approximately 445–520 trillion KRW). However, operating cash flow (OCF) improved significantly in Q3 and Q4, showing a positive signal that cash generation in the core business is strengthening.
💰 Valuation Analysis
| Valuation Indicators | Current figures | evaluation |
|---|---|---|
| P/S (TTM) | 12.24x | High-growth stock premium reflected |
| EV/Revenue (TTM) | 17.2x | Highly evaluated area |
| EV/EBITDA | 36.3x | Reflecting growth expectations |
| P/B | 17.7x | — |
| Forward P/S (2026E) | ~5.1x (Assuming sales of 1TP/4T 12.5 billion) | Reasonable when reflecting growth |
While the current TTM valuation appears high, the forward P/S drops sharply to around 5 times based on projected 2026 revenue ($ 12–13 billion KRW). Among peer AI infrastructure companies, Marvell Technology (MRVL) The relative premium is justifiable given Coreweave's ultra-fast growth, and the key is whether performance is achieved.
📈 Growth Outlook
2026 Guidance and Analyst Outlook
- Company 2026 Revenue Guidance: $ 12 billion–$ 13 billion (approx. 178 trillion–193 trillion won) → Growth of approximately +133–1541 TP3T compared to the previous year
- 2026 CapEx Plan: $ 30 billion–$ 35 billion (approx. 445–520 trillion KRW) — Aggressive infrastructure expansion
- Analyst Consensus Revenue Forecast: Approx. $12 billion in 2026, approximately $20 billion+ in 2027
- Order Backlog: $ 66.8 billion KRW → Securing revenue visibility for the next few years
Key Growth Engine
1. Explosion in Demand for AI Computing: GPU clusters are essential for training and inferencing generative AI models, and this company is a direct beneficiary of the increased AI investment by Big Tech firms.
2. Anthropic Long-term Partnership: Claude secures a stable revenue base by signing a contract to supply large-scale computing resources for AI model training.
3. Jane Street $ 6 Billion Won Contract: Diversification of AI cloud demand in the financial sector. Reducing dependence on Big Tech and expanding the customer base.
4. Platformization through the acquisition of W&B: Strengthening customer lock-in by providing AI development platforms beyond simple infrastructure supply.
5. Power Capacity Expansion: Currently operating 850MW → Contracted power capacity 3.1GW. Planned expansion to 3–4 times the size in the future.
🎯 12-Month Target Stock Price Scenario
| scenario | Probability | Target stock price | home |
|---|---|---|---|
| 🐂 Bullish Scenario | 25% | $180 | Achieved upper end of 2026 guidance, AI demand accelerates, multiple expansion |
| 📊 Basic Scenario | 50% | $150 | Achieve 12.5 billion KRW in sales by 2026 (1TP/4T) and maintain a P/S of approximately 4–5x. |
| 🐻 Bearish Scenario | 25% | $80 | Under-guidelines, rising interest rates, concerns over customer churn |
Calculation of expected rate of return:
Expected Stock Price = ($150 × 0.5) + ($180 × 0.25) + ($80 × 0.25) = $75 + $45 + $20 = $140
Expected Rate of Return = ($140 – $117.43) / $117.43 = Approx. +19.2%
✅ The expected return of +19.21 TP3T exceeds the buy threshold (>151 TP3T) and aligns with the consensus average target price of 1 TP4T127.03 from 31 analysts (Recommendation rating: Buy).
📰 Recent Major News and Issues
① Jane Street $6 billion KRW deal + $1 billion KRW equity investment (April 2026)
Jane Street, the world's largest quant hedge fund, has signed a six-year AI cloud usage agreement with Coreweave worth approximately 1.46 billion KRW and has also made an additional equity investment of 1.41 billion KRW. This demonstrates that the demand for AI computing is rapidly expanding beyond Big Tech to the financial sector, further strengthening Coreweave's long-term revenue visibility.
② Signing of multi-year contract with Anthropic
We have signed a long-term cloud infrastructure supply contract with Antropic (developer of Claude), a competitor of OpenAI, and decided to utilize the CoreWeave platform for AI model training and services. By securing Antropic following Microsoft, we are establishing ourselves as the preferred cloud partner for top-tier AI companies.
③ Q4 Stock Price Correction After 2025 Earnings Announcement (February 2026)
Although Q4 revenue exceeded expectations, the stock price fell 81 to 3t after the earnings announcement as adjusted EPS fell short of forecasts and Q1 2026 guidance failed to meet market expectations. However, the stock price quickly recovered afterward as the boom in AI infrastructure investment was reaffirmed.
④ Cantor Fitzgerald Target Price Raised to $156 (April 16, 2026)
Cantor Fitzgerald analyst Brett Knoblauch raised Coreweave's price target to 1 TP4 T156 and maintained a strong buy rating. The stock is emerging as a leader in AI infrastructure, having risen approximately 2001 TP3 T over the past year.
⚠️ Risk Factors
1. Heavy debt burden (maximum risk)
Total debt of $29.8 billion (approx. 44.3155 trillion KRW) and a D/E ratio of 894% represent the highest level of leverage in the industry. Funding costs could skyrocket in the event of changes in the interest rate environment or a credit rating downgrade. Quarterly interest expenses alone amount to $310–388M, which is the biggest obstacle to recovering profitability.
2. Risk of concentration on specific customers
Microsoft is known to account for a significant portion of total revenue. Revenue could be severely impacted if major customers internalize their own infrastructure or fail to renew their contracts.
3. Funding risk due to aggressive CapEx
The 2026 CapEx guidance of 30 to 35 billion KRW represents half the current market capitalization, necessitating continuous external financing. This could lead to a liquidity crisis if market conditions deteriorate.
4. Intensified competition
Competition with established Big Tech and emerging AI cloud companies, such as AWS, Google Cloud, Microsoft Azure, and Lambda Labs, is intensifying. Companies focusing on investment in AI data center infrastructure Vertiv(VRT)Related infrastructure companies such as [list of companies] are also worth noting.
5. AI Demand Cycle Risk
If concerns about overinvestment in AI facilities materialize, growth momentum could be dampened as clients reduce their cloud spending.
📌 Final Investment Opinion
| item | detail |
|---|---|
| Investment Opinion | ⭐⭐⭐ Buy |
| Level of certainty | Medium — Risks such as debt burden exist |
| Investment period | 12~24 months medium to long term |
| Target stock price | Base $150 / Bull $180 / Bear $80 |
| Position Sizing Proposal | Portfolio 5~101 TP3T or less (high-risk growth stocks) |
Coreweave is a key beneficiary of the AI infrastructure era, backed by a strong growth story supported by an order backlog of $66.8 billion KRW and 2026 revenue guidance of $12–13 billion KRW. However, massive debt, negative FCF, and aggressive CapEx are risks that investors must consider. While diversifying investments with appropriate weighting, Q1 2026 Earnings Announcement on May 7, 2026It is important to check whether the guidance has been achieved.
🔗 View more related stock analysis
For those interested in the AI infrastructure investment theme, we also recommend the related stock analysis below:
- 👉 Applied Digital (APLD) – Analysis of AI data center companies that have contracted directly with CoreWeave
- 👉 Vertiv(VRT) – Analysis of Key Beneficiaries of AI Data Center Power and Cooling Infrastructure
- 👉 Marvell Technology (MRVL) – Analysis of Key Companies in AI-Customized Semiconductor Design
⚠️ Investment Precautions: This report is for informational purposes only and does not constitute investment advice. Investing in U.S. stocks entails various risks, including exchange rates and market volatility, and investment decisions must be made at your own discretion and responsibility.
※ This analysis utilized AI tools during the writing process, and the final content has been verified by the author. It is for informational purposes only, and investment decisions and responsibilities lie solely with the investor.