Coreweave: 2Q26 Preview: active power ramp to drive revenue growth and margin expansion

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Coreweave: 2Q26 Preview: active power ramp to drive revenue growth and margin expansion

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Coreweave

2Q26 Preview: active power ramp to drive

revenue growth and margin expansion

Reiterate Rating: BUY | PO: 140.00 USD | Price: 73.21 USD

Robust demand, with buildout and profitability the focus 20 July 2026

CoreWeave is expected to report 2Q26 results in early August. While demand for GPU Equity

capacity remains elevated and customer commitments continue to grow, we believe the

key debate is less about demand and more about execution. Into the print, we highlight

Key Changesthree areas of focus: (1) continued data center activation and overall buildout execution,

(2) capital expenditure intensity, and (3) margin progression through the remainder of (US$) Previous Current

the year. We reiterate our Buy and $140 PO and update our estimates to better reflect 2027E Rev (m) 23,898.5 25,198.6

expectations for more power to come online in 2H26 vs 1H26, and stronger demand and 2028E Rev (m) 35,815.6 39,886.4

pricing dynamics as inference continues to proliferate. 2026E EPS -2.92 -3.54

2027E EPS -0.34 -0.54

2028E EPS 2.72 3.16DC execution to drive strong 2H26

Data center buildout execution and power becoming active remain the primary variables

to watch as CoreWeave continues scaling its infrastructure footprint. The company Tal Liani

Research Analyst

currently operates with ~1GW of active power and is targeting 1.7GW by year end, BofAS

implying a meaningful acceleration in capacity deployment over the next few quarters. +1 646 855 5107 tal.liani@bofa.com

We expect a larger portion of this capacity to come online in 2H26 vs 1H26, which is

Kevin Niederpruem

reflected in the exponential acceleration of our revenue growth estimates of 108%, Research Analyst