Neocloud leader CoreWeave (CRWV) has recently revealed that it is going live with Nvidia's (NVDA) latest rack-scale system, the Vera Rubin NVL72. A single rack of this brings together 72 Rubin GPUs, 36 Vera CPUs, NVLink 6, ConnectX-9 SuperNICs, and BlueField-4 DPUs. Notably, the entire block is optimized for advanced agentic AI, reinforcement learning, and massive-scale inference workloads.
Commenting on the development, EVP of Product & Engineering at CoreWeave, Chen Goldberg, said, “CoreWeave was the first AI cloud provider to validate and bring up a Vera Rubin NVL72, demonstrating that this advanced rack-scale architecture could operate as a reliable, high-performance cloud service. With multi-rack Vera Rubin, we are connecting hundreds of Rubin GPUs as a single scale-out cluster. For customers building agentic AI, that means greater scale, faster iteration, and higher productivity as models and agents continuously learn and improve.”
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About CoreWeave
Founded in 2017 as a cryptocurrency mining business, CoreWeave occupies the vaunted position of being one of the foremost AI infrastructure companies in the world. Now, CoreWeave provides enormous amounts of specialized computing power to companies developing and running AI. It operates data centers containing large clusters of Nvidia GPUs, with the overall objective of making thousands of GPUs behave like a single high-performance computing system. It is also concentrating on building a software stack, with its capabilities launching in 2026 to connect training, inference, observability, reinforcement learning, and autonomous agent improvement.
Valued at a market cap of $37.1 billion, CRWV stock is up 11% on a year-to-date (YTD) basis.
So, by bringing Vera Rubin online in June and upping the scale in September, can CRWV end 2026 on a strong note? Let's find out.
www.barchart.com Difference From June and What Others Are Doing
The difference between what CoreWeave did in June and now is simply in terms of scale. While in June only one rack was validated and operational, in September this was scaled to multiple racks, housing hundreds of GPUs, operating as a cluster. Apart from scale, the key difference lies in connectivity and networking.
In June, CoreWeave validated an individual NVL72 rack, in which 72 Rubin GPUs are connected through Nvidia's 260-terabytes-per-second NVLink 6 scale-up fabric, allowing the GPUs within the rack to operate as a tightly integrated system. The September milestone extends connectivity beyond that single NVLink domain. CoreWeave has connected multiple NVL72 racks using Nvidia Spectrum-X Ethernet, with ConnectX-9 SuperNICs providing up to 1.6 terabits per second of backend bandwidth per GPU in its multi-rail, multi-plane architecture. This scale-out network effectively links separate NVL72 racks into a unified cluster, allowing workloads to span hundreds of Rubin GPUs rather than being confined to the 72 GPUs within a single rack.
Attaching a dollar figure to the multi-rack Vera Rubin architecture will be difficult. However, the company has deepened relationships with some marquee names this year. In April 2026, Meta (META) made an additional $21 billion commitment to CoreWeave, expanding an earlier $14.2 billion agreement and extending the relationship through 2032. The arrangement gives Meta access to new infrastructure, including early Vera Rubin deployments, but CoreWeave has not said how much of the $21 billion is allocated to Rubin versus Blackwell, Hopper, storage, networking, and related cloud services. Anthropic is another likely Rubin customer. Its April agreement covers a phased infrastructure deployment to train and serve the Claude family, with initial capacity scheduled to arrive during 2026. CoreWeave confirmed on its first-quarter call that it added Anthropic while signing initial Vera Rubin deals. The value of the Anthropic deal was not disclosed.
Furthermore, Jane Street signed a separate $6 billion cloud agreement and invested another $1 billion in CoreWeave equity. That contract covers large machine learning workloads, but neither party has confirmed that Jane Street is using the current Rubin cluster. The same caution applies to OpenAI, Microsoft (MSFT), Cohere, and other major customers already represented in the backlog.
Moreover, CoreWeave remains ahead of its nearest competitors. Nebius (NBIS) plans Vera Rubin capacity in both the United States and Europe and has shown a full rack at its Finland facility. However, it has not publicly confirmed a multi-rack Rubin cluster in customer production. Lambda has announced Rubin Superclusters as a central part of its cloud roadmap, while Nscale is included among Nvidia’s early cloud partners. Again, public disclosures emphasize expected availability rather than operating multi-rack capacity.
Hardware vendors including Dell (DELL), Supermicro (SMCI), Lenovo, and HPE (HPE) are selling Rubin systems to cloud providers and enterprises, but they are suppliers rather than direct equivalents to CoreWeave’s managed cloud service.
Strong Revenue Growth, but the Company Remains Loss-Making
In the second quarter of 2026, CoreWeave reported revenue of $2.6 billion. This represented a 116.7% increase year-over-year (YoY) and exceeded Street estimates. Further down the income statement, however, the results presented a more mixed picture despite positive commentary around backlog, capital spending, and future revenue outlook.
Operating income margins declined to 5% from 16% in the year-earlier period. The company posted a net loss of $1.14 per share. While this was better than the consensus expectation of a $1.47 loss, it nearly doubled from the $0.60 loss recorded a year ago. This marked the third consecutive quarter in which losses have widened.
For the third quarter, CoreWeave guided for revenue between $3.45 billion and $3.60 billion. The midpoint of that range would imply growth of 159.2% from the prior year. Analysts currently expect $3.54 billion. The company also raised its full-year capital expenditure guidance to a range of $35 billion to $39 billion, up from the previous $31 billion to $35 billion range. The higher spending outlook did not weigh on the share price.
The backlog stood at $104 billion as of June 30, 2026. This reflected nearly 3.5 times growth from the year-earlier period. Management also noted that the figure excluded an additional $25 billion in newly secured customer commitments. Newly signed agreements during the quarter carried terms that were five to ten percentage points more favorable than those from the prior period. Combined with the ongoing production ramp, this improvement is creating meaningful operating leverage.
Cash flow showed positive momentum as well. Net cash from operating activities reached $679 million in the quarter, compared with an outflow of $251 million in the prior year. CoreWeave ended the June 2026 quarter with $5.5 billion in cash. This balance remained below the company’s short-term debt of approximately $8.1 billion.
The firm now expects to finish the calendar year with active power capacity of 1.85 gigawatts, higher than the earlier projection of 1.70 gigawatts. Chief Executive Officer Intrator stated that CoreWeave remains firmly on track to reach at least 8 gigawatts by 2030. Compared with the prior year, active power capacity has increased 219.15%. Contracted power stands at 3.7 gigawatts, up 68.2%, while the number of data centers has grown 54.5% to 51.
On valuation, CRWV shares appear reasonably positioned. The forward P/CF of 4.33 is much lower than the sector median of 19.30, while the forward P/S of 3.46 is almost identical to the sector median of 3.34.
Analyst Opinion on CRWV Stock
Considering all this, analysts have assigned an overall rating of “Moderate Buy” for CRWV stock and a mean target price of $140.19, which denotes a potential upside of 76% from current levels. Out of 34 analysts covering the stock, 21 have a “Strong Buy” rating, one has a “Moderate Buy” rating, 11 have a “Hold” rating, and one has a “Strong Sell” rating.
www.barchart.com On the date of publication, Pathikrit Bose did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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