GF Securities has started coverage of CoreWeave stock with a Buy rating, arguing that the AI infrastructure company is set up to keep winning as spending on artificial intelligence buildouts accelerates. The brokerage said CoreWeave's long-term demand outlook, close ties to major hyperscalers and a path to profitability by 2028 make it a long-term winner in the AI infra boom.
The call lands as CRWV shares are up 47.8% year to date, a reminder that investors are already paying close attention to the company’s growth story. GF Securities said it is positive on accelerating demand for AI buildouts and sees CoreWeave’s remaining performance obligations as the main support for its 2026–2027 revenue forecasts. It also pointed to declining debt financing costs as another tailwind, while saying profitability should inflect sharply as large contracts mature and newer long-term agreements benefit from higher GPU rental pricing.
Those views build on the company’s recent push deeper into the upper tier of AI infrastructure. By 2024, Microsoft accounted for approximately 62% of CoreWeave’s annual revenue, making the software giant its first major big tech customer and showing how closely the business has become tied to a small number of hyperscale buyers. In March 2025, OpenAI signed a five-year agreement with CoreWeave valued at $11.9 billion, then later expanded the deal twice to bring total commitment to about $22.4 billion. Meta later expanded its existing agreement through December 2032, with that deal valued at roughly $21 billion and the total value of CoreWeave’s agreements with Meta reaching about $35.2 billion when earlier commitments were included.
The brokerage’s optimism also reflects how CoreWeave has evolved. The company started as a cryptocurrency mining business before recasting itself as a neocloud provider focused on AI infrastructure, a shift that has made it a preferred partner for many of the biggest hyperscalers. CoreWeave is also working with Nvidia to procure high-end hardware, a critical piece of any plan to keep building out the computing capacity that AI customers want.
The tension for investors is that the same concentration that helped CoreWeave scale so quickly also leaves it exposed if one major customer changes course or slows its spending. But GF Securities is betting that the bigger force still wins out: more AI spending, more capacity demand and contracts that gradually turn the company from a growth story into a profitable one by 2028.
