Roth Capital Markets analyst Rohit Kulkarni is reiterating his “Purchase” ranking and $110.00 worth goal on CoreWeave (CoreWeave Inventory Quote, Chart, Information, Analysts, Financials NASDAQ:CRWV) forward of the corporate’s fourth-quarter outcomes, due February 26 after market shut.
In a Feb. 23 preview observe, Kulkarni stated he stays constructive on the shares heading into earnings, citing upcoming catalysts together with Meta and OpenAI information centre deployments, GB300 cluster rollouts and potential product updates round Nvidia’s GTC occasion.
“As we head into earnings, we stay constructive on CRWV shares as we see a number of catalysts forward,” he stated.
Kulkarni stated buyers will deal with 4 areas: backlog progress and bookings high quality; progress on powered-shell supply and information centre commissioning timelines; CapEx cadence within the first quarter; and funding plans, together with how NVIDIA’s $2-billion fairness funding impacts CoreWeave’s value of capital and steadiness sheet flexibility.
For This fall, he expects a constructive share response if income exceeds $1.55-billion and related energy capability surpasses 1 gigawatt. Proof that the hole between contracted and related energy is narrowing would sign quicker income conversion. He additionally expects a sequential uptick in backlog, with bookings within the mid-single-digit billions considered favourably.
For Q1, Kulkarni believes income and CapEx steerage at or above $2.3-billion and $7.0-billion, respectively, would point out on-time capability supply.
He estimates CoreWeave has roughly $30-billion in commitments, together with $16-billion tied to OpenAI contracts, however notes financing stays to be finalized for 2 main agreements signed in September 2025 — a $14-billion Meta contract and a $6.5-billion OpenAI extension. He expects further delayed-draw time period loans tied to these contracts to be accomplished in 2026.
Kulkarni additionally pointed to latest commentary from Nebius, which strengthened the significance of energy entry, capability supply and disciplined funding for “neo-cloud” suppliers. He added that hyperscaler commentary continues to spotlight sturdy AI demand, with capability constraints — not demand — because the gating issue.
Kulkarni forecasts CoreWeave will generate $6,833.5-million in Adjusted EBITDA on income of $11,419.7-million in fiscal 2025, bettering to $10,445.6-million in EBITDA on income of $17,600.9-million in fiscal 2026.
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