CoreWeave's (CRWV) Q2 revenue guidance was below consensus, which could signal a slowdown in capacity or supply chain-related deployment, but revenue can fluctuate at this stage of growth as large capacity additions tend to be lumpy, Oppenheimer said Friday in a note.
The firm noted management guided Q2 revenue and operating income to $2.53 billion and $60 million, respectively, versus consensus estimates of $2.69 billion and $159 million. Calendar year 2026 revenue and operating income guidance were unchanged at $12 billion to $13 billion and $1 billion, respectively.
Oppenheimer expects the current industry shortage to persist for the next 5 to 7 years, until global capacity reaches about 200 gigawatts. It now expects CoreWeave to attain at least 8GW of active power by then, up from 6GW, while maintaining a balanced mix of AI training and inferencing workloads, according to the note.
The company's recent deal announcement with Anthropic, and expansion with Meta Platforms (META) and Jane Street, shows there is sufficient demand from both AI training and inferencing, the brokerage said.
Oppenheimer kept an outperform rating on CoreWeave with a price target of $150.
Shares of CoreWeave were down more than 13% in Friday trading.
Price: 110.96, Change: -17.88, Percent Change: -13.88
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