Evercore ISI reiterated an Outperform rating and a $160.00 price target on CoreWeave (NASDAQ:CRWV) ahead of the company’s fourth-quarter earnings report, scheduled for Thursday, February 26 after the market close. At the time of the note, CoreWeave shares were trading at $90.84, reflecting a 127% gain over the past year but still below a 52-week high of $187.
The Evercore note signals expectations for a December-quarter revenue result above the current Street consensus of $1.55 billion. The firm views the near-term setup as de-risked after CoreWeave’s management trimmed its 2025 revenue outlook in the prior quarter to account for temporarily delayed deliveries of data center powered shell capacity in Q4.
CoreWeave has posted rapid top-line expansion, with revenue increasing 235% over the last twelve months. Despite that growth, platform metrics cited by InvestingPro place the company near its Fair Value and show a market capitalization of $47.35 billion. InvestingPro analysis also highlights that the company is still consuming cash at a quick pace and that analysts do not expect the company to reach profitability this year.
On profitability metrics, Evercore ISI said the consensus Street EBIT estimate of $138 million should be within reach or beatable, though forecasting EPS will be more challenging as CoreWeave continues to invest to scale its business. The firm anticipates that the company’s backlog at the end of the fourth quarter will sit in the mid-to-high $50 billion range, little changed from the third quarter as CoreWeave continues to secure additional data center capacity.
Recent reporting cited internal memos indicating a chip delivery milestone at a Denton, Texas facility, where more than 16,000 GPUs were reportedly online by the end of December and the site was expected to provide roughly 850 megawatts of data center capacity by year-end. Evercore ISI interprets those developments as making the first-quarter Street revenue estimate of about $2.3 billion attainable.
The Evercore note identified several specific areas investors should watch in the forthcoming December-quarter results:
- Timing of deliveries for data center powered shells;
- Progress in securing additional future capacity and the related funding environment;
- Implications of the quarter’s developments for revenue in 2026.
Evercore also noted that an expanded partnership with Nvidia should improve the company’s funding backdrop, though the firm emphasized that investments to ramp capacity and product offerings will complicate near-term EPS visibility.
Other analysts and brokers are tracking the same catalysts ahead of the print. Wells Fargo projects December-quarter revenue of $1.57 billion, slightly above the consensus estimate cited in the lead-up to results. Roth/MKM has reiterated a Buy rating and a $110 price target, while Wells Fargo carries an Overweight rating with a $125 target. Citizens retained a Market Outperform rating on CoreWeave and set a $180 price target, pointing to the company’s position in the GPU-as-a-Service market.
Corporate insider activity also surfaced ahead of the release: CEO Michael Intrator disclosed the sale of 32,455 shares of Class A common stock, executed at prices between $89.29 and $97.10 per share.
Facility and capacity partnerships were referenced as part of CoreWeave’s broader expansion plans. Citizens highlighted Applied Digital’s North Ellen campus as a source of incremental capacity, noting Applied Digital’s 400 MW capacity there was leased entirely to CoreWeave. The first 100 MW of that capacity reportedly became operational in November 2025, with further buildouts planned through 2027. These capacity arrangements are being positioned within CoreWeave’s strategy to address growing demand for artificial intelligence infrastructure.
Evercore ISI’s note and the surrounding analyst coverage frame the upcoming quarter as a key operational milestone: revenue and backlog trends will be scrutinized for validation of the company’s capacity ramp, while funding and profitability trajectories will determine how investors assess the sustainability of rapid growth. Investors seeking more detailed financial modeling and valuation context were pointed to comprehensive research products available on platforms that synthesize Wall Street data into actionable analysis.
Contextual summary - Evercore ISI expects upside to CoreWeave’s December-quarter revenue and views consensus EBIT as beatable, but highlights ongoing cash burn and EPS uncertainty as the company invests to scale. Capacity deliveries, backlog trends, and the funding backdrop tied to expanded vendor partnerships will be focal points for the Q4 release.