CoreWeave stock jumped about 18% on Wednesday after the AI infrastructure company reported stronger-than-expected second-quarter results and raised its 2026 outlook. CRWV stock traded near $106 after the earnings release as Wall Street firms lifted their price targets on stronger demand, higher pricing, and improving margins.
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CoreWeave reported second-quarter revenue of $2.58 billion, slightly above the $2.56 billion expected by analysts. Revenue rose 112% from a year earlier, while the adjusted loss came in at $1.03 per share compared with expectations for a $1.20 loss. The company posted a net loss of $626 million, up from $290 million a year earlier.
CoreWeave Q2 Results Drive CRWV Stock Higher
CoreWeave ended the quarter with a revenue backlog of $104 billion, excluding more than $25 billion in new commitments signed during the third quarter. Active power capacity reached 1.5 gigawatts as the company continued expanding its data center network to meet demand for AI computing infrastructure.
Management expects third-quarter revenue of between $3.4 billion and $3.6 billion. The midpoint would represent growth of about 158% from the same period last year. CoreWeave also raised its full-year revenue forecast to between $12.4 billion and $13.2 billion, compared with its previous range of $12 billion to $13 billion.
The company expects adjusted operating income of $960 million to $1.15 billion for 2026. Capital spending is projected at $35 billion to $39 billion as CoreWeave targets more than 1.85 gigawatts of active power by the end of the year.
Wells Fargo, JPMorgan and Mizuho Raise CoreWeave Price Targets
Several analysts raised their CoreWeave stock price targets after the Q2 report. Wells Fargo increased its target to $160 from $155, citing contribution margins of about 30% to 35%, higher pricing, and a shift toward shorter contracts that can generate stronger returns.
Piper Sandler raised its CoreWeave price target to $153 and maintained an Overweight rating. The firm pointed to stronger net-new active megawatts, healthy third-quarter bookings, and broader AI demand across industries and regions.
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JPMorgan lifted its target to $120 while keeping a Neutral rating, even after CoreWeave delivered better margins than expected. Mizuho raised its target to $115 but also maintained a Neutral rating, citing “near-term revenue upside” as an area where uncertainty remains despite stronger guidance.
Baird raised its target to $130 from $100, while Truist Securities increased its price target to $155 from $126 and maintained a Buy rating. Rosenblatt kept its Buy rating and $250 target, pointing to potential revenue growth, higher guidance, and strong demand for AI computing capacity.
AI Demand and Pricing Support CoreWeave Growth
CoreWeave said pricing for its newer Nvidia Blackwell and Vera Rubin products has reached new highs, while prices for older-generation GPU products remain at or above levels seen several years ago. The company raised cloud infrastructure prices by about 25% in July as hardware costs increased and demand remained strong.
CoreWeave has also expanded its customer base through large agreements with Meta, Anthropic, and Jane Street. Meta committed an additional $21 billion to CoreWeave during the quarter, while Jane Street signed a $6 billion AI cloud agreement.
Competition is also increasing as more companies build or sell AI computing capacity. CoreWeave finance chief Nitin Agrawal said, “Even with this increased competition, we’re seeing demand, pricing, and margin all expanding,” while management continues to monitor regulatory restrictions on new data center construction.
