CoreWeave, the GPU cloud computing company that literally started as a crypto mining operation, has shed roughly 20% of its value over the past three months. Wall Street, apparently undeterred, thinks the stock could rally 65% or more from current levels.
The NASDAQ-listed company (CRWV) has been trading in the $70 to $90 range recently, with consensus analyst price targets sitting between $127 and $136. Some projections stretch as high as $250.
From Ethereum rigs to AI powerhouse
The company was born as Atlantic Crypto in September 2017, focused squarely on Ethereum GPU mining. Then the 2018 crypto crash happened, and the founders pivoted the entire operation toward cloud computing and high-performance computing services in 2019, effectively repurposing their GPU expertise for the AI boom that was still years away from mainstream consciousness.
CoreWeave has since built out its own data centers across the US and Europe, positioning itself as a specialized alternative to the hyperscalers like AWS, Azure, and Google Cloud.
The Core Scientific deal that wasn’t
In July 2025, the company announced a $9 billion all-stock acquisition of Core Scientific, the Bitcoin mining and HPC hosting company. Core Scientific shareholders would receive approximately 0.1235 shares of CRWV for each share of CORZ they held.
The deal was terminated on October 30, 2025, after Core Scientific shareholders declined to approve it.
The tokenized stock angle
CoreWeave has a tokenized stock representation called CRWVon that trades on the Ondo platform, offering economic exposure to the performance of CoreWeave shares through a digital asset wrapper.
What this means for investors
CoreWeave is set to report its Q2 2026 earnings on August 11, 2026. The analyst consensus, with targets implying 65% to over 90% upside, suggests that the Street believes the current price reflects excessive pessimism about near-term headwinds rather than fundamental problems.