NEW YORK, Dec. 28, 2025, 10:38 a.m. ET — Market closed (weekend).
CoreWeave, Inc. (NASDAQ: CRWV) heads into the final trading days of 2025 with a familiar tug-of-war shaping sentiment: blockbuster AI-compute demand and contracted backlog on one side, and the heavy cost of building—and financing—GPU-rich data center capacity on the other. With U.S. equity markets shut for the weekend, investors are using the pause to digest the latest wave of commentary, analyst positioning, and litigation-related headlines before trading resumes Monday.
Where CoreWeave stock left off Friday
CoreWeave shares last closed at $76.42 on Friday, Dec. 26, down 3.11% on the session, after trading between $75.73 and $79.29 with roughly 14.07 million shares changing hands, according to historical pricing data. [1]
In late trading, the stock was indicated slightly lower at around $75.98 in the after-market quote snapshot carried by a PRNewswire reprint of a law-firm notice. [2]
Zooming out, a TipRanks weekend “auto-generated” update pegged CRWV down 9.91% over the past week, pointing to a shift toward downside hedging in the options market. [3]
What’s driving the weekend debate around CRWV
In the past 24–48 hours, the narrative around CoreWeave has tightened around one core question: how much execution risk is already priced in for a company building AI infrastructure at hyperscale with a leveraged capital structure.
A TipRanks weekend note framed the recent pullback as traders “reassessing risk” in a speculative AI infrastructure name, highlighting that puts slightly outnumbered calls and that demand rose for downside protection—a sentiment signal that often matters for volatile, retail-and-momentum-heavy stocks. [4]
The same note also underscored the bull case: CoreWeave has built more than 40 AI-optimized data centers and amassed over $55 billion in contracted AI compute, supported by “blue-chip customers like OpenAI and Meta,” and participation in the U.S. Department of Energy’s Genesis Mission. [5]
But the bear case remains financing and cash flow. TipRanks flagged that the buildout has been funded with expensive borrowing, leaving CoreWeave with “hundreds of millions in quarterly interest expense,” continued net losses, and negative free cash flow (as characterized in the note). [6]
That growth-vs.-leverage tension is also front and center in a bearish Seeking Alpha piece published early Sunday, arguing the stock could have “dramatically further to fall” and describing CoreWeave as “dramatically overvalued” despite its backlog and fast revenue growth (Seeking Alpha is a contributor platform; investors typically treat it as commentary rather than company guidance). [7]
Analyst forecasts: “Hold” consensus, but big upside implied by targets
One of the most widely cited “forecast” signals for CRWV right now is the Street’s average 12‑month price target—and it still sits far above the current price, even though the consensus rating isn’t a clean “Buy.”
A MarketBeat roundup published Sunday says CoreWeave carries a consensus “Hold” rating from 33 analysts (3 sell, 12 hold, 17 buy, 1 strong buy) with an average 12‑month target of $127.70. [8]
With CRWV last closing at $76.42, that average target implies roughly 67% upside—a striking gap that helps explain why the name can swing hard in both directions on incremental news. [9]
MarketBeat also highlighted several fundamentals that often shape analyst models for capital-intensive infrastructure businesses: last quarter revenue of $1.36B (up 133.7% year-over-year) and EPS of ($0.22) versus ($0.36) expected, while noting the company remains unprofitable and pointing to weak liquidity ratios (current/quick 0.49) and elevated leverage (debt/equity 2.66). [10]
Another dataset point: Yahoo Finance’s analyst table shows continued expectations for losses across upcoming periods (the page lists negative average EPS estimates for the current and next quarters and for 2025 vs. 2026). [11]
The financing overhang: convertibles and the cost of scaling
While not new in the last 48 hours, CoreWeave’s recent debt financing continues to influence how investors interpret every pullback or rebound—especially at year-end, when liquidity can be thinner and risk appetite can shift quickly.
In a December 9 company release, CoreWeave announced pricing for an upsized $2.25 billion private offering of 1.75% convertible senior notes due 2031, including an initial conversion price of about $107.80 per share (a premium over the stock price cited at the time). [12]
Convertibles can be attractive because they typically carry lower coupons than straight high-yield debt, but they also introduce a familiar equity concern: potential dilution if converted, and volatility related to hedging activity around the instrument. CoreWeave’s own release describes capped call transactions designed to reduce dilution up to a cap price, and notes that hedging activity could affect the stock price. [13]
Litigation headline risk: a law firm investigation notice
One of the most “current” items in the last 48 hours is not an earnings report or a new contract—it’s a legal notice.
A PRNewswire distribution dated Dec. 26 states that Kessler Topaz Meltzer & Check, LLP is “investigating potential violations of the federal securities laws” on behalf of CoreWeave investors and encourages investors with significant losses to contact the firm. [14]
These notices can create near-term volatility because they’re widely syndicated across market news feeds, even when no court has made findings. Investors typically watch for whether such investigations progress into filed complaints, consolidation motions, or class certification milestones—especially for stocks that already have heightened short interest and options activity.
The bigger backdrop: “vendor financing” worries spill into the neocloud trade
CoreWeave also sits inside a broader market narrative about how the AI buildout is being financed, particularly in the Nvidia-led ecosystem of GPUs, cloud capacity, and structured funding.
A Guardian report published Sunday described growing scrutiny of “circular” AI deals—comparing aspects of the ecosystem to vendor financing—while noting Nvidia has pushed back on those comparisons. The article specifically references CoreWeave as part of this on-demand compute landscape, and quotes CoreWeave CEO Michael Intrator saying: “Companies are trying to address a violent change in supply and demand. You do that by working together.” [15]
The same report quoted Charlie Dai, an analyst at Forrester, who argued the key issue is durability of demand rather than legal structure: “The concern is about sustainability, not legality.” [16]
For CRWV holders, the takeaway is practical: even on days when there’s no CoreWeave-specific press release, the stock can still react sharply to macro narratives about AI capex, financing structures, and the “neocloud” business model—especially when headlines involve Nvidia, OpenAI, or large enterprise customers.
What investors should know before the next session
Because the market is closed today, the near-term focus shifts to what can move the stock between now and Monday’s open, and what may shape trading conditions in a year-end tape.
1) Watch for any follow-through on the investigation headline
If additional firms publish similar notices—or if any complaint is actually filed—CRWV could see another bout of headline-driven volatility. At minimum, investors may want to separate “investigation announcements” from court developments. [17]
2) Expect sensitivity to options flows and risk hedging
TipRanks’ note emphasized bearish skew in options interest as traders sought protection. With many investors returning from the holiday week and positioning for year-end, CRWV may remain prone to sharp intraday swings. [18]
3) Macro calendar: housing data, Fed minutes, and a holiday-shortened week ahead
Investopedia’s week-ahead calendar highlights pending home sales (Monday), Case‑Shiller home prices and December FOMC minutes (Tuesday), and jobless claims (Wednesday), with markets closed for New Year’s Day on Thursday. [19]
Even if CoreWeave-specific news is quiet, these releases can shift rate expectations, risk appetite, and the cost-of-capital narrative that matters for leveraged, high-growth infrastructure plays.
4) Remember the “thin liquidity” factor at year-end
Late December trading can amplify moves—particularly in high-beta names—because fewer participants are active, and positioning changes can have an outsized impact. That dynamic can work both ways for CRWV: it can accelerate rebounds, but it can also intensify drawdowns on negative headlines.
Bottom line
CoreWeave stock enters Monday’s session with an unusually wide spread between where it trades now and where some analyst target averages sit, but also with an unusually intense debate about financing durability and execution risk. The next catalyst doesn’t have to be a quarterly report—right now, even secondary effects like options hedging, legal-feed headlines, and broader AI financing narratives can move the tape.
This article is for informational purposes only and does not constitute investment advice.
References
1. www.investing.com, 2. www.chartmill.com, 3. www.tipranks.com, 4. www.tipranks.com, 5. www.tipranks.com, 6. www.tipranks.com, 7. seekingalpha.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. finance.yahoo.com, 12. investors.coreweave.com, 13. investors.coreweave.com, 14. www.marketscreener.com, 15. www.theguardian.com, 16. www.theguardian.com, 17. www.marketscreener.com, 18. www.tipranks.com, 19. www.investopedia.com
