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Goldman Sachs raises CoreWeave's target price to $139, maintaining a neutral rating

According to a Goldman Sachs report on August 20, CoreWeave's Q2 revenue met expectations, with an EBIT margin exceeding market consensus by 200 basis points, and the 2026 revenue guidance surpassing market expectations by 1%. Revenue backlog increased by 5% quarter-over-quarter to $104 billion, with over $25 billion in new committed orders since Q3. Active power installations rose from 1GW in Q1 to over 1.5GW, with contracted power installations reaching 4.2GW. Goldman Sachs raised the 12-month target price from $121 to $139, indicating a 53% upside from the current stock price, maintaining a neutral rating.Goldman Sachs believes that CoreWeave's short-term certainty is clear: demand continues to outpace supply, pricing for new and old GPU generations remains high, and capacity is expanding as expected. The new generation of chips (Blackwell, Vera Rubin) is continuously setting new price highs, and recent A100 contract deliveries have been extended to 2029. The proportion of enterprise customers is increasing (Caterpillar, IBM, Nissan, ZF), and AI computing power demand is spreading from tech giants to the real economy. Goldman Sachs expects EBITDA to grow from $3.1 billion in 2025 to $31.3 billion in 2028. The neutral rating reflects a wait-and-see approach until software and platform services become more certain contributors to profit margins before making a more positive judgment.
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