CoreWeave, is rated a buy with the stop loss at $85
Update 12/8: Q2 2026 Financial Highlights; Revenue:$2.575 Billion (Up 112% YoY from $1.212B in Q2 2025), topping Wall Street estimates
Rather than functioning as a general-purpose cloud provider (like AWS, Microsoft Azure, or Google Cloud), CoreWeave operates as a dedicated AI Hyperscaler built strictly for high-density, high-throughput AI workloads, model training, and real-time inference.
Consensus Expectations for Q2 2026; Tuesday, August 11, 2026, after the market closes
Revenue Estimate:~$2.56 Billion
YoY Growth:+111% (compared to $1.21 Billion in Q2 2025).
Full-Year FY26 Consensus Forecast: Analysts expect full-year FY26 revenue in the range of A$380M – A$390M, representing a year-over-year revenue growth of roughly 3% to 5% compared to FY25
Valuation & Comparative Context
Trailing P/E (TTM):~48.5x – 50.7x (based on recent reported 12-month net profit).
Why the Forward P/E expand relative to Trailing: Net profit after tax (NPAT) is temporarily compressed in the near term due to significant growth capital expenditures—specifically heavy ongoing investments into data centre capacity (e.g., IC3 SuperWest) and increased depreciation/financing costs.
EV/EBITDA Multiple: Shares trade at a forward EV/EBITDA of approximately 17.5x – 18.0x, reflecting strong underlying EBITDA cash flow performance relative to net bottom-line profit.
YoY Revenue Growth:* ~390%+ YoY (compared to $10.2B in Q4 FY25).
Micron is using its AI-driven cash glut to reinvest heavily in global fab capacity (Idaho, New York, Taiwan, Japan) to meet sold-out HBM demand, while simultaneously raising dividends and expanding share buybacks.
Massively Scaling CapEx (The Primary Focus). The vast majority of Micron’s cash flow is being reinvested to build out next-generation manufacturing capacity and advanced packaging.
Record CapEx Budget: Micron has aggressively scaled its Fiscal 2026 CapEx projection to ~$27 billion (up from initial $18B–$20B guidance) and expects quarterly CapEx in Fiscal 2027 to remain elevated above $10B per quarter.
U.S. Mega-Fabs:
* Boise, Idaho: Accelerating construction of its leading-edge DRAM fabs. First wafer output was pulled forward to mid-2027. * Clay, New York: Groundbreaking on its multi-decade, $100B mega-fab complex to secure long-term U.S. DRAM supply.
Global Capacity & M&A:
* Acquired a fabrication facility from PSMC in Taiwan (~$1.8B) to rapidly expand DRAM wafer production. * Expanding cleanrooms and advanced packaging capacity in Singapore, Taiwan, and Japan to handle HBM4 assembly.
Revenue is projected to accelerate sharply to ~$3.0B (+300%+ YoY growth) as capacity from GPU deployments and AI Cloud contracts (e.g., Microsoft partnership) scale up.
Operational Context
Strategic Pivot: IREN is transitioning from pure-play Bitcoin mining to high-performance computing (HPC) and AI Cloud infrastructure.
Key Driver: While near-term net income faces headwinds from high buildout capex, AI Cloud revenue grew significantly quarter-over-quarter in recent periods.
strategic equity investment and multi-year supply agreement with NVIDIA, fortifying cash balance ($1.59 Billion in cash/equivalents) to fund capacity expansion.
Q4 FY2026 revenue guidance represents expected year-over-year top-line growth of 24.9% to 34.1%, with the midpoint implying a ~29.5% YoY expansion driven by continued momentum in AI data center optical transceivers.
CoreWeave, is rated a buy with the stop loss at $85
Rather than functioning as a general-purpose cloud provider (like AWS, Microsoft Azure, or Google Cloud), CoreWeave operates as a dedicated AI Hyperscaler built strictly for high-density, high-throughput AI workloads, model training, and real-time inference.
Consensus Expectations for Q2 2026; Tuesday, August 11, 2026, after the market closes
Revenue Estimate:~$2.56 Billion
YoY Growth:+111% (compared to $1.21 Billion in Q2 2025).
Revenue: Expected around $11.0 Billion (representing ~91% YoY growth, at the lower end of management’s $11.0B–$12.5B guidance range due to shipment timing
Trailing P/E trades around ~16x–17x.
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