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Priced above base case
What is CoreWeave, Inc. (CRWV) worth?
Currently $79.58 — above the base case ($68.00) · ● live
High-growth
low confidence in the point estimate
— for this profile, read the range & what the price implies, not the single number
● live · as of 2026-07-21 21:28 · Market cap $42.6B
As of 2026-07-15, CoreWeave, Inc. (CRWV) looks fairly valued. Dolphy estimates a fair value of $75.00 versus a current price of $79.58 — a 6% premium to fair value.
Executive summary
CoreWeave (CRWV) at $78.13 (as of 2026-07-15) is roughly fairly valued, but that single number hides an unusually wide range of outcomes. This is a hyperscale AI-cloud infrastructure business growing revenue >100% (FY25 $5.13B; Q1'26 $2.08B, +112% YoY) at ~65% gross margin and positive, scaling EBITDA (~$1.0B in Q1'26). The problem is not the top line — it is the balance sheet. CoreWeave funds a GPU build-out that costs more than its entire revenue (Q1'26 capex $7.7B vs $2.1B revenue) with debt that now totals ~$35B and, per the June 2026 notes, prices at 8.5–9.625%. Free cash flow is ~-$7B a year and will stay negative as long as the company grows.
At today's price the market pays ~4.7x our 2027E revenue and ~12.6x 2027E EBITDA — not extreme for triple-digit growth, but the equity is a thin residual on top of a large, expensive, fast-growing debt load. My probability-weighted fair value is ~$75, essentially the current price, with a bear case near $20 (capex digestion / refi stress / GPU impairment) and a bull case near $155 (sustained hypergrowth to FCF inflection). This is a defined bet, not a mispricing: own it only if you believe the AI capex cycle and CoreWeave's access to capital both hold.
How we value it
Scenario-weighted forward EV/Revenue & EV/EBITDA (hypergrowth); reverse checks on implied multiples
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About CoreWeave, Inc.
CoreWeave, Inc. operates as a cloud infrastructure technology company in the United States. The company offers CoreWeave Cloud platform that comprises proprietary software and cloud services that deliver the automation and efficiency needed to manage complex artificial intelligence (AI) infrastructure at scale. It also offers data and storage solutions, such as Local Object Transport Accelerator; infrastructure control solutions, including CoreWeave Kubernetes service; mission control services, including node, rack, and fleet lifecycle management; model and agent development tools comprising Weights & Biases, an AI developer platform; and runtime acceleration. In addition, the company offers graphics processing unit compute, CPU compute, networking services, managed services, and virtual and bare metal servers. Its services also include visual effects rendering, machine learning, pixel streaming, and batch processing. The company was formerly known as Atlantic Crypto Corporation and changed its name to CoreWeave, Inc. in December 2019. CoreWeave, Inc. was incorporated in 2017 and is based in Livingston, New Jersey.
Frequently asked questions
Is CRWV a buy?
As of 2026-07-15, CoreWeave, Inc. (CRWV) looks fairly valued. Dolphy estimates a fair value of $75.00 versus a current price of $79.58 — a 6% premium to fair value.
What is CRWV's fair value?
Dolphy's estimated fair value for CoreWeave, Inc. (CRWV) is $75.00, versus a current market price of $79.58.
Is CRWV overvalued or undervalued?
CoreWeave, Inc. (CRWV) currently looks fairly valued — trading at a 6% premium to Dolphy's estimated fair value of $75.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.