Goldman Sachs: CoreWeave Target Price Raised to $139; Demand, Pricing, and Capacity All Strengthening, But Neutral Rating Pending Software Validation

According to Trend Insight Research, a Goldman Sachs research report dated August 20 notes that CoreWeave’s second-quarter revenue met expectations, with an EBIT margin 200 basis points above market consensus and its 2026 revenue guidance exceeding market forecasts by 1%. The revenue backlog grew 5% quarter-over-quarter to $104 billion, adding over $25 billion in committed orders since the third quarter. Active power capacity increased from 1 GW in the first quarter to over 1.5 GW, while contracted power capacity reached 4.2 GW. Goldman Sachs raised its 12-month price target from $121 to $139, implying a 53% upside from the current share price, and maintains a Neutral rating. Goldman Sachs believes CoreWeave’s near-term visibility is clear: demand continues to outpace supply, pricing across new and legacy GPU generations remains elevated, and capacity expansion is on schedule. Next-generation chips (Blackwell, Vera Rubin) continue to set new price records, and recent A100 delivery contracts have now been extended to 2029. Enterprise client share is rising (Caterpillar, IBM, Nissan, ZF), with AI compute demand diffusing from tech giants to the broader real economy. Goldman Sachs projects EBITDA will grow from $3.1 billion in 2025 to $31.3 billion in 2028. The Neutral rating reflects a wait-and-see stance until software and platform services prove to be more definitive profitability drivers, at which point a more positive assessment will follow.