CoreWeave: Model Update

Research evidence excerpt

CoreWeave: Model Update

Samik Chatterjee, CFA AC North America Equity Research

(1-212) 622-0798 28 July 2026 J P M O R G A N

samik.x.chatterjee@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

CoreWeave offers software and cloud services, including

Infrastructure, Managed Software, and Application Software

Services, needed to manage complex AI infrastructure at scale

under its CoreWeave Cloud platform, launched in 2020. The

CoreWeave Cloud Platform, hosted in its distributed network of

active, purpose-built data centers, supports the development and

use of AI models and the delivery of next-generation AI

applications across AI training and inferencing stages. We see

the willingness of some of the most innovative AI customers in

YTD 1m 3m 12m existence today, including OpenAI, Microsoft, NVIDIA,

Abs -1.2% -26.7% -36.8% -38.8% Cohere, and Mistral, to engage with CoreWeave as providing

Rel -9.5% -27.5% -40.2% -54.8%

validation of the company's differentiated market positioning,

Company Data driven by its ability to quickly stand up large AI clusters and

Shares O/S (mn) 593 support high levels of performance. CoreWeave supports some

52-week range ($) 153.20-63.80 of the most ambitious, compute-intensive projects of its

Market cap ($ mn) 39,902.41

Exchange rate 1.00 customers, which in turn require it to maintain a sophisticated

Free float (%) 84.2% financing strategy and material capital expenditures to execute

3M ADV (mn) 28.48 on large customer contracts, with the company having pioneered

3M ADV ($ mn) 2,929.8

Volatility (90 Day) 89 GPU infrastructure-backed lending. We rate CoreWeave

Index S&P 500 Neutral.

BBG ANR (Buy | Hold | Sell) 28|11|3

Valuation

Key Metrics (FYE Dec)

Our Dec-26 PT of $105 is based on a ~43x EV/CY27E PF EBIT,