CoreWeave, Inc. Class A Common Stock · CRWV · FY2026 Q2 · Calendar Q3 2026

CoreWeave Q2: AI demand, inference and capacity drive raised guidance

The supplied Q2 analysis supports a constructive operating thesis: strong AI demand, rapid inference adoption, backlog visibility, and expanding capacity are reinforcing growth and mix. The counterweight is that the model depends on heavy investment and execution; debt, supply constraints, pricing pressure, renewals, and data-center opposition could limit the benefit.

Reported After market closeNASDAQTechnology $44.39B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-1.03 Consensus $-1.21
EPS surprise +14.9% Reported versus consensus
Reported revenue $2.58B Consensus $2.55B
Revenue surprise +0.8% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +19.3% Event window
SPY move +0.3% Same window
Abnormal move +19.0% Stock minus SPY
Volume 3.1× Versus trailing sessions
Subsequent drift -17.3% Up to 20 sessions
CRWVSPY benchmark

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Why did CRWV rise 19.3% after beating EPS estimates in FY2026 Q2?What changed in CRWV's guidance and outlook in FY2026 Q2?Give me the bull and bear case for CRWV after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, CoreWeave reported $2.6 billion of revenue, added 500 MW of active power to reach 1.5 GW, and grew managed inference ARR from $1 million to more than $100 million. Backlog reached $104.2 billion, and management raised 2026 revenue, EBITDA, and capex guidance.

Guidance delta

Management raised 2026 revenue, EBITDA, and capex guidance; the supplied analysis does not include the revised figures.

Key takeaways

  • Revenue reached $2.6 billion, up 112% year over year, while active power capacity expanded to 1.5 GW.
  • Managed inference ARR rose from $1 million to more than $100 million in one quarter, supporting management’s margin and mix narrative.
  • Backlog reached $104.2 billion, while higher capex, debt, supply constraints, and permitting opposition remain material execution risks.

Management priorities

  • Scale active power toward at least 8 GW by 2030, including more than 1.85 GW by year-end 2026.
  • Expand managed inference and additional AI platform capabilities, including CoreWeave Omni and ARIA.
  • Support shorter-duration, higher-margin contracts through DDTL 5.5 financing and expand internationally.

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Earnings History

Estimate Beat Miss Match
CRWV EPS earnings history estimate and actual scatter chart 5 reported fiscal quarters and 4 future estimate-only quarters. Q2 '25 estimate $-0.23 Q2 '25 actual $-0.27, miss Q3 '25 estimate $-0.40 Q3 '25 actual $-0.08, beat Q4 '25 estimate $-0.50 Q4 '25 actual $-0.56, miss Q1 '26 estimate $-0.92 Q1 '26 actual $-1.11, miss Q2 '26 estimate $-1.21 Q2 '26 actual $-1.03, beat Q3 '26 estimate $-1.26 Q4 '26 estimate $-0.67 Q1 '27 estimate $-0.67 Q2 '27 estimate $-0.59

Analyst Consensus ?

ConsensusBuy30 ratings
Bullish1963.3%
Neutral1033.3%
Bearish13.4%

Analyst 52W Price Targets

$86.86Current
$58Low
$128.51Average
$192High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Rosenblatt Buy BuyMaintainSep 18, 2026
Truist Securities Buy BuyMaintainAug 24, 2026
Goldman Sachs Neutral NeutralMaintainAug 21, 2026
Citigroup Buy BuyMaintainAug 14, 2026
Barclays Equal Weight Equal WeightMaintainAug 13, 2026
Show 25 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $86.86. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialArvind Ramnani$165$83.84 +90.0%Aug 24, 2026
Goldman SachsGabriela Borges$139$89.76 +60.0%Aug 21, 2026
Roth CapitalAnalyst unavailable$145$111.16 +66.9%Aug 13, 2026
BarclaysAnalyst unavailable$105$107.73 +20.9%Aug 13, 2026
Truist FinancialArvind Ramnani$155$106.77 +78.4%Aug 12, 2026
See 61 more

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Company context

Snapshot as of publication

CoreWeave, Inc. operates a specialized cloud computing platform designed to empower generative AI (GenAI) applications. It constructs the fundamental infrastructure necessary to manage intensive compute workloads for large enterprises. The company's comprehensive suite of offerings includes high-performance GPU and CPU compute resources, robust storage solutions, advanced networking capabilities, and fully managed services. Clients can choose from flexible virtual servers or powerful bare-metal options. Beyond core hardware, its platform integrates sophisticated tools like a fleet lifecycle controller, a node lifecycle controller, Tensorizer, and advanced observability features. CoreWeave's expertise also extends to specialized services, such as visual effects (VFX) and rendering, AI model training, AI inference, and "Mission Control." Originally incorporated in 2017 as Atlantic Crypto Corporation, the company rebranded to CoreWeave, Inc. in December 2019 and is headquartered in Livingston, New Jersey.

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook
IOT Samsara Inc. FY2027 Q2 · Calendar Q3 2026 +25.0% +3.7% Samsara: AI adoption expands as FY27 guidance holds

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-12T14:18:29.384262+00:00
  2. FN2 earnings calendar · 2026-09-16T01:23:13.900088+00:00
  3. Polygon adjusted daily market bars · 2026-09-21T18:20:50.805884+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T18:20:50.802129+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.