CoreWeave, Inc.

Section 1: Company Overview and Fundamentals

1.1 Company Overview:

CoreWeave, Inc (NASDAQ: CRWV) is a cloud infrastructure firm that provides the CoreWeave Cloud Platform, a suite of software and cloud-based services designed to automate and optimize the management of complex artificial intelligence (AI) computing environments.

Kalkine’s American Tech Report covers the Company Overview, Key positives & negatives, Investment summary, Key investment metrics, Top 10 shareholding, Business updates and insights into company recent financial results, Key Risks & Outlook, Price performance and technical summary, Target Price, and Recommendation on the stock.

Price Performance:

• The 20-day MA (133.83) is now curving downward, signaling short-term weakness. The 50-day MA (117.22) remains below current price levels, acting as immediate support. The recent bearish crossover attempt (price falling below 20-day MA) suggests momentum loss.
• The RSI at 34.4 is approaching oversold territory (30), implying that downside momentum may be nearing exhaustion, but there’s still room for further weakness. A rebound in RSI above 40 would confirm stabilization.
• Volume has declined over recent sessions, showing lack of strong conviction among buyers. The moderate spike in red (selling) volume on the latest down day suggests short-term profit-taking or rotation out of the stock.    

1.2 The Key Positives, Negatives, and Investment summary   

1.3 Top 10 shareholders:

The top 10 shareholders together form ~65.23% of the total shareholding, signifying concentrated shareholding. Magnetar Capital Partners LP. And Fidelity Management & Research Company LLC are the biggest shareholders, holding the maximum stake in the company at ~23.71% and ~6.45%, respectively.

1.4 Key Metrics:

The graph illustrates CoreWeave’s strong revenue growth trajectory alongside gradual improvement in profitability metrics between Q2 FY2024 and Q2 FY2025. Net revenue increased sharply from USD 395 million in Q2 FY2024 to USD 1.21 billion in Q2 FY2025, driven by accelerated enterprise AI adoption, expansion of hyperscaler contracts such as OpenAI, and higher data center utilization. Although the company continued to report losses, net loss narrowed from USD 323 million to USD 243 million over the same period, reflecting better cost absorption and operating leverage. Gross margin showed notable recovery, improving from –71.6% in Q2 FY2024 to –20.0% in Q2 FY2025, supported by efficiency gains and optimized GPU deployment. The interim volatility visible between Q3 FY2024 and Q1 FY2025 reflects the impact of CoreWeave’s heavy capital investments, IPO-related expenses, and the acquisition of Weights & Biases, which temporarily inflated costs. Overall, the trend highlights a company transitioning from a hypergrowth phase to a more stable operating model, with robust revenue expansion gradually translating into improved profitability and margin recovery.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates:

The below picture gives an overview of the recent updates:

2.2 Insights of Q2FY25:

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary:

4.1 Technical Summary:

 Price Performance:

• The 20-day MA (133.83) is now curving downward, signaling short-term weakness. The 50-day MA (117.22) remains below current price levels, acting as immediate support. The recent bearish crossover attempt (price falling below 20-day MA) suggests momentum loss.
• The RSI at 34.4 is approaching oversold territory (30), implying that downside momentum may be nearing exhaustion, but there’s still room for further weakness. A rebound in RSI above 40 would confirm stabilization.
• Volume has declined over recent sessions, showing lack of strong conviction among buyers. The moderate spike in red (selling) volume on the latest down day suggests short-term profit-taking or rotation out of the stock.  

4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation  

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 21, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.