CRWV Stock Slumps On CoreWeave's 2026 Capex Projections Doubling From Previous Year – Analysts Say Company's Investment Cycle Is 'More Pronounced Than Expected'

The company projected capex of $30 billion to $35 billion in 2026, more than double the $14.9 billion it incurred in 2025.

• CoreWeave CFO Nitin Agrawal downplayed concerns over the capex surge, stating that the company begins to incur data center lease costs, including power and depreciation, once new capacity comes online.
• He added that customer revenue ramps over subsequent months, and that a substantial part of the capex surge is tied to already signed customer contracts.
• The earnings and guidance miss, as well as the surge in capex, led to a slew of price target cuts from analysts, according to TheFly.

CoreWeave Inc. (CRWV) shares slumped more than 19% in Friday’s opening trade after the company’s fourth-quarter (Q4) earnings missed expectations and its capital expenditure plans for 2026 more than doubled from 2025 levels.

CoreWeave reported a loss of $0.56 per share on revenue of $1.57 billion, compared to Wall Street expectations of a loss of $0.49 per share on revenue of $1.53 billion, according to Fiscal.ai data.

CoreWeave Lays Down Capex Plans For 2026

CoreWeave projected capex of $30 billion to $35 billion in 2026, more than double the $14.9 billion the company incurred in 2025. Its first-quarter (Q1) revenue guidance of $1.9 billion to $2 billion also fell below Wall Street's $2.24 billion estimate.

However, CFO Nitin Agrawal downplayed concerns of the capex surge. “Substantially, all of it is tied to our already signed customer contracts that we intend to bring online this year as we expect to double our active power capacity to more than 1.7 gigawatts by year-end,” he said during a post-earnings call with analysts.

Agrawal added that the company begins to incur data center lease costs, including power and depreciation, once new capacity comes online, while customer revenue ramps over subsequent months.

Analysts Trim Price Targets

The earnings and guidance miss, as well as the surge in capex, led to a slew of price target cuts from analysts, according to TheFly.

Analysts at JPMorgan cut the price target for CRWV to $90 from $110, while keeping a ‘Neutral’ rating on the stock. The firm stated that CoreWeave’s investment cycle is “more pronounced than expected.”

Mizuho analysts trimmed their price target for CoreWeave to $95 from $100, noting that the company’s spending is rising alongside its order backlog.

How Did Stocktwits Users React?

Retail sentiment on Stocktwits around CoreWeave stock trended in the ‘bullish’ territory, with message volumes at ‘extremely high’ levels.

One bullish user stated that they can’t see CRWV stock falling further.

Another user stated that most analyst price targets will keep it above $100.

CRWV stock is up 13% year-to-date and 107% over the past 12 months.

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