Goldman Sachs Raises CoreWeave Price Target to $139, Maintains Neutral Rating

Comparative news, according to Goldman Sachs's August 20 research report, CoreWeave's second-quarter revenue was in line with expectations. The EBIT profit margin was 200 basis points higher than the market consensus, and the 2026 revenue guidance exceeded market expectations by 1%. The revenue backlog increased 5% month-on-month to US$104 billion, adding more than US$25 billion in committed orders since the third quarter. Active electricity installed capacity increased from 1 GW in the first quarter to more than 1.5 GW, and the contracted electricity installed capacity reached 4.2 GW. Goldman Sachs raised its 12-month price target from $121 to $139, which has 53% upside from the current share price and maintains a neutral rating.

Goldman Sachs believes that CoreWeave's short-term certainty is clear: demand continues to lead supply, intergenerational pricing for old and new GPUs remains high, and production capacity is expanding as scheduled. Next-generation chips (Blackwell, Vera Rubin) continue to hit new highs, and recent A100 contract deliveries have been extended to 2029. The share of enterprise customers has increased (Caterpillar, IBM, Nissan, ZF), and demand for AI computing power is spreading from tech giants to the real economy. Goldman Sachs expects EBITDA to increase from $3.1 billion in 2025 to $31.3 billion in 2028. A neutral rating reflects waiting for software and platform services to become a more definite contributor to profit margins before making more positive judgments.