Goldman Sachs raised its rating on CoreWeave, Inc. to Buy while lowering its price target, as the AI infrastructure company’s share decline and financing needs framed the investor debate.
On Oct. 19, Goldman Sachs analyst Gabriela Borges moved the rating from Neutral to Buy and cut the target to $106 from $139. The target stood 72.7% above CoreWeave’s Oct. 16 close of $61.39. Shares dropped 43% from their Aug. 12 close of $107.73 to the Oct. 16 finish, including a roughly 25% fall during the five sessions ending that day. The new target was $33 below the previous one, despite the rating change.
Borges’s assessment was that investors placed too much emphasis on financing costs and too little on the possibility that returns from CoreWeave’s investments could improve. The sell-off came amid concerns about credit-market volatility, financing costs and demand for AI computing.
CoreWeave reported $35.6 billion in debt as of June 30, 2026, in its quarterly filing. The company said future investment could involve additional borrowing or equity financing. Issuing new shares would reduce the ownership percentages of existing shareholders, who would bear the dilution.
Second-quarter revenue rose to $2.575 billion in 2026 from $1.212 billion a year earlier. Net interest expense also increased, reaching $640 million compared with $267 million in the second quarter of 2025.
