CoreWeave remains a high-conviction AI play as its massive contract backlog and aggressive infrastructure expansion support a discounted valuation of 7 times 2026 sales.
CoreWeave shares have retreated to $90 from a record high of $183.58 following valuation concerns and data center delays. Despite near-term volatility and widening GAAP losses, the AI infrastructure provider maintains a $104 billion revenue backlog with over 75% of its 2027 targets already under contract.
The stock faced pressure from an unsustainable 18x sales valuation, rising debt levels, and a guidance cut triggered by data center construction delays.
Nvidia is both a key technology supplier and a major investor, holding an 11.5% stake in CoreWeave.