Barclays on CoreWeave (CRWV.US): Back on Track, Metrics Strong Across the Board — Overweight Maintained
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Barclays' credit team keeps an Overweight on CoreWeave (CRWV.US) after a 2Q26 beat, arguing the company is back on track. Active power ended the quarter at 1.5GW, up roughly 475MW sequentially and far above Barclays' +215MW estimate, though about 300MW came online only in June. Revenue backlog rose about $5 billion in the quarter to roughly $104 billion, with another $25 billion of net new customer commitments added early in 3Q. Pricing is exceptionally strong: 2Q and 3Q signings carry contribution margins 5-10 percentage points above recent quarters, Blackwell and Vera Rubin SKU prices are at record highs, and July renewals were repriced 25% higher. Barclays raised 2026E revenue to $13.05 billion (from $12.29 billion) with adjusted EBITDA of $7.80 billion, lifted end-2030 active power to 6.97GW (from 5.70GW), and increased 2027-30 funding needs to $99.7 billion (from $76 billion), with 2030 net leverage of 2.5x. Customer concentration remains high (top three: 36%, 26%, 10% of 2Q26 revenue), while new enterprise logos include Caterpillar, Isomorphic Labs, Grammarly, Bentley Systems and Leidos. Overweight is maintained on the 9% 02/01/31, 9 1/4% 06/01/30 and 9 3/4% 10/01/31 bonds; the 9 5/8% 07/15/32 is initiated at Overweight. The US high-yield tech sector stays Overweight.