From crypto miner to AI high-flyer – but the path on Wall Street was bumpy. This was NVIDIA’s investment CoreWeave’s first year on the stock market.
• CoreWeave with disappointing stock market debut
• Between AI hype and cautious analysts
• Record sales and sobering forecast
Bumpy start: The debut on Wall Street
CoreWeave was originally founded in 2017 as a crypto miner and later shifted its focus to AI cloud services.
CoreWeave’s IPO was marked by a certain disillusionment from the start. Despite the close connection to NVIDIA and the massive demand for computing capacity for artificial intelligence, the stock got off to a negative start on the first day of trading. The price already fell short of the hopes of many investors at the IPO in March.
Even the first four weeks as a listed company did not bring about a turnaround. The results after the first month were classified as mixed.
It reached a record high of $64.62 on April 2nd, an increase of over 60 percent within just a few days. The trigger was the news that CoreWeave had achieved a new performance record in AI computing with NVIDIA’s GB200 Grace Blackwell superchips. CTO Peter Salanki spoke of an “important milestone for CoreWeave’s position as a leading cloud provider for AI laboratories.”
But the high didn’t last long. Market turbulence as a result of Trump’s tariff policy pushed the price down to a low of $33.52 on April 21, before the stock recovered somewhat.
Analysts were generally cautiously optimistic. JPMorgan praised CoreWeave’s technology lead in advanced GPUs, but warned about the high level of debt and risk tolerance required for investors.
Between AI hotspot and analyst skepticism
Over the course of the year, the perception of CoreWeave changed from a potential “stock market flop” to a real AI hotspot.
In the first quarter of 2025, CoreWeave’s revenue jumped from $188.7 million to $981.6 million, but losses also widened – from $129.2 million to $314.6 million. Operating costs exploded year-on-year from $171.8 million to over $1 billion. Although these figures illustrated the enormous growth potential, they also raised questions about profitability and dependence on a few major customers.
Analysts have repeatedly warned about the extreme dependence on the NVIDIA ecosystem. Although the company is considered an important strategic partner, experts saw risks in the one-sided orientation. The increasing skepticism was also reflected in the volatile price developments, as market participants questioned whether CoreWeave could compete in the long term against cloud giants such as Microsoft (Azure) or Amazon (AWS) once the initial hype about GPU capacities died down.
Record sales, but deep red numbers: The bitter balance
At the end of the first year on the stock market, the latest quarterly report made clear the company’s paradoxical situation: Although CoreWeave presented record sales, the share reacted to this with massive losses and slipped into the deep red.
CoreWeave continues to benefit greatly from the global AI boom. CEO Mike Intrator nevertheless spoke of short-term challenges: An external data center operator was behind schedule, which slightly delayed the expansion of capacity. However, the expansion to currently 41 locations remained unaffected.
Despite the strong quarter, the full-year forecast fell short of market expectations. CoreWeave expects sales of between $5.05 billion and $5.15 billion in 2025, while analysts on average had expected $5.29 billion.
The general expert consensus remains mixed at the end of the year, data from TipRanks shows. A total of 23 ratings result in a moderate buy recommendation for the paper (13x buy, 9x hold, 1x sell). The average price target also corresponds to a change of 75.77 percent compared to the last price of $73.93 (as of December 30, 2025).
Editorial team finanzen.net
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