CoreWeave (CRWV) could report revenue near the top of its guidance on May 7 and raise its 2026 outlook well above $12 billion to $13 billion as capacity grows faster than expected, and AI data center demand stays strong, Oppenheimer said in a note Wednesday.
Oppenheimer said its checks suggest CoreWeave may add about 1 gigawatt of active capacity by September, ahead of company guidance and market expectations, and that faster buildout could create upside to 2026 revenue and support its view that full-year revenue may move closer to $14 billion.
Concerns about OpenAI appear manageable because demand for AI data center capacity still far exceeds supply, which should help CoreWeave refill any unused capacity, as the broader shortage of AI capacity will continue for the next five to seven years and the company could expand to at least 6 gigawatts during that period, according to the note.
The shift toward AI inferencing could improve CoreWeave's economics because inferencing can bring in more revenue per megawatt at a lower cost than training, the note said.
Oppenheimer kept its outperform rating and raised its price target to $150 from $140, saying CoreWeave's growth in both training and inferencing supports a stronger long-term outlook.
Shares of the company were up over 6% in Wednesday trading.
Price: $111.94, Change: $+6.41, Percent Change: +6.07%