Deutsche Bank upgraded CoreWeave (CRWV) to Buy from Hold due to a combination of its setup entering 2026 and Monday’s announcement that Nvidia (NVDA) has invested $2B in the hyperscaler and expanded their collaboration to help CoreWeave accelerate the buildout of more than 5 gigawatts of AI factories by 2030.
CoreWeave shares popped up 7% during Tuesday morning market action.
“We firmly believe this was not about CoreWeave’s need for capital to fund its growth but more strategic in nature,” said Deutsche analysts, led by Brad Zelnick, in a Tuesday investor note. “In addition to being further validation of its technical leadership, it provides CoreWeave three key things: (1) an accelerated path to its newly stated goal of adding 5GW+ of Al Infrastructure by 2030 (beyond current 2.9GW backlog), leveraging NVIDIA’s financial strength to secure access to additional land and powered shells; (2) deepened technical integration that should enable CoreWeave to remain among the very first to market with new NVIDIA compute architectures; (3) potential for the company’s SUNK and Mission Control software to be included in NVIDIA’s reference architectures, opening up a sizeble and high margin standalone hybrid and multi-cloud SW opportunity over time.”
Deutsche also increased CoreWeave’s price target to $140 from $100.
“We believe the company is also entering the sweet spot over the next couple of quarters to start booking new business on its >1GW of secured power still available to contract out to customers in a supply-constrained market, which, along with their track record of being early to market with new platforms (Rubin upcoming) puts them in a very advantageous position,” Zelnick said.
The investment bank will be closely monitoring CoreWeave’s fourth quarter 2025 results and 2026 guidance. CoreWeave is slated to release its latest earnings post-market on March 3. It will be the company’s fourth earnings call since going public. A consensus estimate expects non-GAAP earnings per share of ($0.49), GAAP EPS of ($0.67) and revenue of $1.54B.