GF Securities has initiated coverage of CoreWeave with a Buy rating, and coreweave stock has jumped sharply — up 47.8% year to date — as the brokerage flagged the company as a likely long-term winner in the artificial-intelligence infrastructure boom.
In its note, GF Securities pointed to CoreWeave’s early GPU deployments, its exclusive focus on AI workloads, operational efficiency and long-term agreements with major hyperscalers as the reasons for the bullish call. The firm said those factors position the company to capitalize on accelerating AI buildouts and to see profitability begin to improve as large contracts mature.
The brokerage laid out specific expectations. GF Securities said accelerating demand and remaining performance obligations underpin its revenue forecasts for 2026–2027, and that declining debt financing costs and the maturation of major deals could allow profitability to inflect sharply by 2028. The analyst also saw new long-term agreements benefiting from higher GPU rental pricing.
The scale of those agreements is significant. By 2024 Microsoft accounted for roughly 62% of CoreWeave’s annual revenue. In March 2025 OpenAI signed a five-year commitment with CoreWeave valued at $11.9 billion; that agreement was expanded twice later in 2025, bringing OpenAI’s total commitment to about $22.4 billion. Meta separately expanded its relationship with CoreWeave in a deal that runs through December 2032 and was valued at roughly $21 billion, and when earlier commitments are included the total value of agreements with Meta reaches roughly $35.2 billion.
Those headline numbers are the weight behind GF Securities’ optimism: large, multi-year contracts with the industry’s biggest AI players and what the firm described as best-in-class efficiency that should let CoreWeave scale revenue faster than costs. That narrative helps explain why coreweave stock has caught investor attention this year.
Context matters. CoreWeave began as a cryptocurrency-mining operation and evolved into one of the world’s largest neocloud providers, eventually becoming a preferred neocloud for several hyperscalers. Microsoft was an early customer, and other large tech firms followed as demand for specialized AI compute accelerated.
But the picture is not without friction. The company’s revenue mix is heavily concentrated: Microsoft alone accounted for roughly 62% of annual revenue by 2024. That concentration leaves CoreWeave exposed if any single large relationship slows or changes course. At the same time, the company’s upside depends on converting the headline contract values from OpenAI and Meta into steadily improving margins and cash flow as those deals ramp over the next several years.
GF Securities explicitly tied its modeling to that ramp: it cited remaining performance obligations and expected demand to support its 2026–2027 revenue forecasts, and it forecast profitability to inflect as large contracts mature, potentially by 2028. In short, the brokerage is betting the company’s multibillion-dollar backlog and first-mover position will produce a near-term revenue inflection that justifies a Buy rating today.
The clearest conclusion from the facts on the table is straightforward. CoreWeave has secured unprecedented, long-term commitments from the biggest AI customers, and those contracts are already moving investor sentiment: coreweave stock is trading on a future in which those deals scale and margins improve. The real test will come over the next two-to-three years, when the company must convert contracts and capacity into predictable profits — if it does, the GF Securities call will look prescient; if not, the stock will have been priced for a hoped-for outcome that may arrive more slowly than the market now assumes.
