Bernstein Projects CoreWeave Q2 Revenue at $2.45-2.6B, Warns on 2028 Competitive Risks

According to Bernstein's July 9 report, CoreWeave's second-quarter revenue is projected at $2.45-2.6 billion with adjusted operating profit of $30-90 million, marking a transition period. The analyst firm maintained concerns over execution risk, noting that if project gross margins fall below 21% or installation cycles exceed 8 weeks, full-year 2026 operating profit could miss expectations.

Bernstein raised longer-term concerns about CoreWeave's GPU cloud moat post-2028, warning that once data center supply tightens ease, the company will face direct competition from hyperscalers. The firm has lowered its 2028 revenue forecast by 15% versus consensus and reiterated an underperform rating with a $67 price target.