GF Securities initiated coverage of CoreWeave (CRWV) with a “Buy,” pointing to long-term demand for AI buildouts, major hyperscaler relationships, and profitability forecast by 2028. The stock is up 47.8% year-to-date, even as the company still reports losses
On a market day when AI hype can feel like noise, a single word from a Chinese brokerage landed with real weight: “Buy.”
GF Securities initiated coverage on CoreWeave (CRWV) with that rating, arguing that long-term demand, close ties with major hyperscalers, and a path to profitability by 2028 put the American neocloud company in a strong position.
In a note to clients. GF Securities said CoreWeave is “Backed by first-mover GPU deployment. exclusive AI-only focus. best-in-class efficiency. and LTAs with major AI hyperscalers. ” adding that it is positioned as “a long-term winner in the AI infra boom.” The firm also spelled out what it believes is driving momentum: “1) accelerating demand for AI buildouts; 2) RPO that largely underpin our 2026–2027 revenue forecasts; 3) declining debt financing costs; 4) profitability to inflect sharply as large contracts mature; 5) new LTAs benefiting from higher GPU rental pricing.”.
The market reaction has been swift enough to show up in the numbers. CoreWeave stock is up 47.8% year-to-date.
The demand case isn’t built only on promises. CoreWeave’s customer base is now anchored by some of the biggest names in the AI supply chain. What began as a cryptocurrency mining company has evolved into one of the world’s largest neocloud players. and the brokerage pointed to the relationships it says are doing the heavy lifting.
A key part of that story runs through Nvidia (NVDA), and through Microsoft (MSFT) in particular. CoreWeave’s connection to Nvidia is described as direct, but the earlier onboarding came from Microsoft.
By 2024, that Microsoft relationship had matured to the point where Microsoft accounted for approximately 62% of CoreWeave’s annual revenue. That flow of revenue. the write-up says. gave the company the stability and credibility it needed to scale its data center footprint and procure high-end hardware from partners like Nvidia.
OpenAI’s commitments are another pillar. In March 2025, OpenAI signed a five-year agreement with CoreWeave valued at $11.9 billion. That contract was later expanded twice, bringing OpenAI’s total commitment to about $22.4 billion.
Meta’s role is similarly central. An expanded agreement with Meta runs through December 2032 and is valued at roughly $21 billion. When earlier commitments are added, the total value of agreements with Meta reaches roughly $35.2 billion. The point of the multi-year visibility. the article stresses. is disciplined capacity planning—along with a foundation for investment in next-generation architectures such as the Nvidia Vera Rubin platform.
CoreWeave’s appeal is also described as extending beyond hyperscalers into financial services. In April 2026, Jane Street entered into a $6 billion AI cloud agreement, and the company’s financial services backlog stands at $10 billion.
Even the company’s integration with other cloud infrastructure is part of the pitch. The article says CoreWeave has begun integrating services more deeply with Google Cloud through new interconnect and orchestration services announced in April 2026. The overall implication is that while the early hyperscaler deals helped provide capital for takeoff. CoreWeave is now moving toward a more diversified model that plugs specialized GPU clusters into a broader multi-cloud ecosystem.
Still, the road to stability is not finished.
CoreWeave’s financial picture is described as a mix of unprofitability and strong growth. In the first quarter of 2026, the company generated $2.08 billion in revenue—an increase of 111.6% over the previous year. But losses persist: the company reported a loss of $1.40 per share, worse than the projected loss of $1.20 per share. While the loss was slightly narrower than the $1.49 per share recorded in the same period last year. operating loss margins widened to 7% from 3%. suggesting costs for scaling are rising faster than revenue gains.
One bright spot is liquidity. Net cash from operating activities soared to about $3 billion, compared with just $61 million in the prior year. The jump was bolstered by a reduction in accounts receivable of about $1 billion, reflecting more effective collection of payments from its client base.
Even so, the balance sheet is where investors will likely keep their eyes fixed. The company finished the quarter with a cash position of $2.2 billion, while short-term debt obligations reached $8.1 billion.
That tension shows up again in the valuation debate. The forward P/S ratio is 4.36x, slightly above the sector median of 3.30x, implying a premium relative to peers. At the same time. the forward P/CF ratio is 6.15x. distinctly lower than the sector median of 18.98x. suggesting the company is more efficient at generating cash flow than the current valuation might indicate.
Analysts, as the article reports, are split—but tilted positive. Analysts have assigned an overall rating of “Moderate Buy” for CRWV stock. The mean target price is $133.26, indicating 23.9% upside from current levels. Out of 33 analysts covering the stock. 19 have a “Strong Buy” rating. one has a “Moderate Buy. ” 12 have a “Hold. ” and one has a “Strong Sell” rating.
On the date of publication, Pathikrit Bose did not have (either directly or indirectly) positions in any of the securities mentioned in the article. All information and data in the piece are stated as being for informational purposes only. The article was originally published on Barchart.com.
CoreWeave CRWV GF Securities AI cloud GPU rental hyperscalers Microsoft OpenAI Meta Jane Street Nvidia Vera Rubin Wall Street stock analysis