CoreWeave is a stock for the long haul, this analyst says

Roth Capital Markets analyst Rohit Kulkarni raised his target on CoreWeave (CoreWeave Stock Quote, Chart, News, Analysts, Financials NASDAQ:CRWV) to $135.00 from $110.00, arguing that the company’s recent string of contract wins and financings has strengthened confidence in its ability to fund and deploy more than $30-billion of 2026 capital spending.

The analyst reiterated his “Buy” rating.

“With an estimated >$90bn revenue backlog and 9 of the top 10 AI labs as customers, CRWV has established itself as a leading pure-play AI cloud platform,” Kulkarni said in his April 13 report. He added that the last 15 days alone have been “unusual and remarkable,” pointing to the expanded Meta contract, new Anthropic commitment, $8.5-billion GPU-backed financing, upsized $3.5-billion convertible offering and upsized $1.75-billion senior note deal.

Kulkarni said the $21-billion infrastructure agreement with Meta and the $8.5-billion non-recourse GPU-backed facility show that both hyperscale customers and lenders are willing to commit significant capital to CoreWeave’s platform.

“Together, these announcements show CoreWeave simultaneously locking in long-duration demand and building increasingly sophisticated funding structures to support that capacity build-out,” he said.

He also said the Anthropic agreement and recent MLPerf results reinforce the view that CoreWeave is becoming more deeply embedded in the inference layer of the AI stack. In his view, the company is no longer simply adding GPU capacity, but is assembling the customers, performance record and financing structure needed to scale into a major AI infrastructure provider, even if the model remains highly capital intensive.

Kulkarni noted that CoreWeave moved quickly through debt markets on April 9 and 10, upsizing both its convertible and senior note offerings. The $3.5-billion converts due 2032 carry a 1.75% coupon and were priced at an initial conversion price of about $119.60 a share, while the $1.75-billion senior notes due 2031 carry a 9.75% coupon. He said the speed and scale of those transactions underscore the company’s continued access to capital.

“Recent events further reconfirm that CoreWeave is moving aggressively to convert AI demand into long-duration contracts, benchmark-backed performance claims, and large-scale financing capacity,” Kulkarni said.

The analyst raised his 2027 estimates and now expects CoreWeave to generate Adjusted EBITDA of $7.73-billion on revenue of $11.92-billion in fiscal 2026, followed by revenue of $25.35-billion and Adjusted EBITDA of $5.21-billion in fiscal 2027.

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