Haverhill Financial Research · October 12, 2026
Summary: Haverhill price target $90 (12 months)
CoreWeave rents out Nvidia GPU capacity to AI labs and large tech companies, and it has signed far more of that business than it can yet deliver: $104.2 billion of contracted future revenue at June 30, plus more than $25 billion added early in the third quarter. The catch is the cost of building it. Debt rose to $35.1 billion in six months, and second-quarter net interest expense of $640 million was five times adjusted operating income. Our 12-month price target of $90 (through October 2027) is about 10% above the $82.08 share price, so we rate the shares Hold.
CoreWeave filings through the Q2 2026 Form 10-Q; Haverhill Financial Research model; price as of Nasdaq close Oct 9, 2026
Demand is signed. Revenue backlog reached $104.2 billion at June 30, up 246% in a year, and 41% of contracted revenue is scheduled within 24 months.
So is the debt. Total debt rose from $21.4 billion to $35.1 billion in the first half of 2026, and Q2 interest expense of $640 million left a net loss of $626 million.
Our view: the contracts make growth unusually visible, but the equity value depends on keeping funding costs down while 2.7 gigawatts of signed capacity is built. At $82.08 that is fairly priced.
