Is CoreWeave stock a buy right now?

Roth Capital Markets analyst Rohit Kulkarni is reiterating his “Buy” rating and $110.00 price target on CoreWeave (CoreWeave Stock Quote, Chart, News, Analysts, Financials NASDAQ:CRWV) ahead of the company’s fourth-quarter results, due February 26 after market close.

In a Feb. 23 preview note, Kulkarni said he remains constructive on the shares heading into earnings, citing upcoming catalysts including Meta and OpenAI data centre deployments, GB300 cluster rollouts and potential product updates around Nvidia’s GTC event.

“As we head into earnings, we remain positive on CRWV shares as we see several catalysts ahead,” he said.

Kulkarni said investors will focus on four areas: backlog growth and bookings quality; progress on powered-shell delivery and data centre commissioning timelines; CapEx cadence in the first quarter; and funding plans, including how NVIDIA’s $2-billion equity investment affects CoreWeave’s cost of capital and balance sheet flexibility.

For Q4, he expects a positive share reaction if revenue exceeds $1.55-billion and connected power capacity surpasses 1 gigawatt. Evidence that the gap between contracted and connected power is narrowing would signal faster revenue conversion. He also expects a sequential uptick in backlog, with bookings in the mid-single-digit billions viewed favourably.

For Q1, Kulkarni believes revenue and CapEx guidance at or above $2.3-billion and $7.0-billion, respectively, would indicate on-time capacity delivery.

He estimates CoreWeave has approximately $30-billion in commitments, including $16-billion tied to OpenAI contracts, but notes financing remains to be finalized for two major agreements signed in September 2025 — a $14-billion Meta contract and a $6.5-billion OpenAI extension. He expects additional delayed-draw term loans tied to those contracts to be completed in 2026.

Kulkarni also pointed to recent commentary from Nebius, which reinforced the importance of power access, capacity delivery and disciplined funding for “neo-cloud” providers. He added that hyperscaler commentary continues to highlight strong AI demand, with capacity constraints — not demand — as the gating factor.

Kulkarni forecasts CoreWeave will generate $6,833.5-million in Adjusted EBITDA on revenue of $11,419.7-million in fiscal 2025, improving to $10,445.6-million in EBITDA on revenue of $17,600.9-million in fiscal 2026.

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