Funding
CoreWeave's Funding Gap Estimated at $76 Billion
Bernstein estimates that CoreWeave needs approximately $76 billion in fresh funding to address its customer backlog. This is more than three times the estimate by Goldman Sachs, which valued the gap at about $23 billion. The upgrade from a Buy to Underperform rating by Goldman Sachs has not led to significant market gains, as HSBC followed with a Reduce rating and a $39 target. Bernstein maintains its Underperform rating and adjusts its price target to $51, highlighting concerns about the company's limited internal cash generation and high borrowing costs to fund the gap.