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.

Why did CRWV rise 19.3% after beating EPS estimates in FY2026 Q2?

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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
Check the math in the surprise calculator >

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 6 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 $-1.27 Q3 '26 actual $-1.27, match Q4 '26 estimate $-0.71 Q1 '27 estimate $-0.73 Q2 '27 estimate $-0.64 Q3 '27 estimate $-0.51

Analyst Consensus ?

ConsensusBuy33 ratings
Bullish2369.7%
Neutral824.2%
Bearish26.1%

Analyst 52W Price Targets

$61.02Current
$58Low
$128.28Average
$250High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainNov 9, 2026
Rosenblatt Buy BuyMaintainNov 9, 2026
Citigroup Buy BuyMaintainNov 4, 2026
UBS Buy BuyMaintainOct 23, 2026
Morgan Stanley Equal Weight Equal WeightMaintainOct 23, 2026
Show 28 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $61.02. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Raymond JamesJosh Beck$75$54.24 +22.9%Oct 26, 2026
Morgan StanleyAnalyst unavailable$70$55.6 +14.7%Oct 23, 2026
UBSAnalyst unavailable$105$55.6 +72.1%Oct 23, 2026
Piper SandlerAnalyst unavailable$124$62.13 +103.2%Oct 21, 2026
BNP ParibasDaniel Wang$117$61.12 +91.7%Oct 19, 2026
See 73 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.

Historical context

All CRWV earnings
-0.5%FY2026 Q3 · Calendar Q4 2026-11.4%FY2026 Q1 · Calendar Q2 2026-18.5%FY2025 Q4 · Calendar Q1 2026

Technology peers this season

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TTWO Take-Two Interactive Software, Inc. FY2027 Q2 · Calendar Q4 2026 -69.9% -3.5% Take-Two holds its FY2027 outlook as GTA VI looms, despite a bookings shortfall

Latest beats and misses

Who reports next

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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 · As of 2026-09-21. For educational purposes only; not investment advice.