CRWV Debt Documents Show a Strong 2Q26

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CRWV Debt Documents Show a Strong 2Q26

AI Infrastructure

CoreWeave, Inc. (CRWV)

EQUITY RESEARCH Company Update

June 15, 2026

CRWV Debt Documents Show a Strong 2Q26 Price: $106.71

Price Target: $167.00

CRWV discloses supplemental detail in its bond offering memorandum's (OM) that

Rating: Overweight we believe equity investors have largely ignored. More specifically, CRWV discloses

Key Statistics: run-rate EBITDA based on signed contracts as of the OM date. Comparing this figure

Symbol NASDAQ: CRWV to historical reported data can shed light on how CRWV has performed intra-quarter

52-Week Range 63.80 - 187.00 in terms of contract signings and backlog growth. The key takeaways of what we will

Market Cap 57,461.0 show below is that 1) we believe CRWV is set to materially beat consensus backlog

ADV (3 mo) 28,775,960

estimates for 2Q26; 2) CRWV is on pace to nearly match the ~$40bn of new contracts EV ($M) 80,076

Shares Out (M) 538.5 in 2Q26 as it did in 1Q26; and 3) CRWV has likely secured 90% of its YE27 $30bn ARR

target. With shares trading on 6.2x EV/EBITDA (using run-rate EBITDA and target net

Research Analysts: debt from OM), we believe risk/reward is very attractive in the lead up to 2Q26 results.

Brett Knoblauch, CFA June 2026 OM. CRWV disclosed that run-rate EBITDA was $18,758m, which was up 212-610-2221

Brett.Knoblauch@cantor.com from $16,098m disclosed in its April OM. Both of these were post 1Q26. If we back

Thomas Blakey, CFA out LTM EBITDA from prior quarter, we can back into incremental EBITDA to be added

617-443-4487 from currently inactive contracts. Assuming an 80% EBITDA margin, this backs into

Thomas.Blakey@cantor.com

annualized revenue from inactive contracts. And lastly, assuming a contract duration, Gareth Gacetta