JPMorgan Pumps Up CoreWeave to Overweight with $125 Price Target

JPMorgan has upgraded its rating for CoreWeave from Neutral to Overweight, and raised its price target from $120 to $125.

The catalyst behind this upgrade is the company's shift towards shorter-duration contracts that command premium pricing. As a result, JPMorgan has increased both revenue and margin forecasts for CoreWeave.

CoreWeave posted $5.13 billion in revenue for 2025, representing a 168% year-over-year increase. The company went public in March 2025, and recently raised prices by 25% across its services, resulting in new contracts with contribution margins 5-10 percentage points higher than their predecessors.

JPMorgan sees these improved economics as enough to offset investor concerns about CoreWeave's capital-intensive business model. The company started life focused on Ethereum mining, but has since redirected its GPU infrastructure towards AI cloud infrastructure, positioning itself as a specialist alternative to AWS, Azure, and Google Cloud.