CoreWeave（CRWV）内部人卖出信号分析及投资建议

Madison Rezaei+1 917 344 8622madison.rezaei@bernsteinsg.comNancy Wu+1 917 344 8545nancy.wu@bernsteinsg.com US Communications InfrastructureCoreWeave, Inc. Rating Underperform Price Target CRWV 67.00 USD CoreWeave (CRWV): Do insider sales mean anything? A lot of investors like to track the insider sales for CoreWeave, speculating that “insidersknow something” and asking what they could be missing. We look at the sales over the last10 months (post-IPO lockup) from three buckets of sellers—executives, early investors, andcustomers—and conclude that based on this data, there is no short-term implication for thestock price from either executive or early investor sales. We don’t have any customer sale At IPO, CRWV executives held 37% of the company. Since then, they have sold $3.4Bin shares, mostly via 10b5-1 plans. This catches occasional headlines, but is actually nodifferent from what any financial advisor would recommend—unwind the position anddiversify your net wealth. We’re not super fazed by big numbers here, especially given where Then we looked at early investors. There’s maybe a little more to look at on that front, thoughit’s hard to draw clear conclusions. Correlations are not useful, though we will note that withone exception, Magnetar sales have consistently been above the $120 price point. One readcould be that the company does not believe the stock is worth more than $120 over the long- CRWV’s only disclosed customer-owners are Nvidia and Jane Street, neither of whom hassold any shares yet. CRWV did file for a mixed shelf after the close Friday (related to Jane It’s no secret that we have major concerns about the long-term fundamentals of the neocloudbusiness. We are the street bears and definitely catch a disproportionate share of bearquestions and opinions. Despite that, we are not terribly excited about any near-term signals Investment Implications We are Underperform on CRWV with a price target of $67. We continue to believe that CRWVwill sign more deals. The stock may perform well in the near-term on the momentum of thosesignings; however, on a long-term, fundamental basis, we have concerns about the business DETAILS JANE STREET EQUITY RAISE CoreWeave filed for a mixed shelf after the close last Friday (6/5/2026) after meeting eligibility requirements (at least $75M innon-affiliate common equity public float, and have filed required SEC reports over the last 12 months, among others) in order (1)to offer an indeterminate amount of securities in future offerings, and (2) to register up to 9,174,311 shares of common stockfor resale. The latter is affiliated with Jane Street’s $1B equity investment as part of a $6B compute agreement signed with The 9M shares is roughly 0.3 days of volume, given CRWV’s ADV of ~29M shares - a small amount. It does imply Jane Street’sdeal is closer to a $7B (cash) compute grab rather than a long-term investment in Coreweave’s equity story. INSIDER SALES BERNSTEIN TICKER TABLE DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernstein Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY CoreWeave, Inc. We value CRWV on an EV/Adjusted EBIT multiple. Our $67 price target is based on an Enterprise Value calculated as 28.4x our2027E Adj. EBIT per share of $5.81. RISKS CoreWeave, Inc. The main upside risks to our price target/Underperform rating on CRWV are 1) Delays in hyperscaler built capacity coming onlinemay maintain CRWV value proposition, 2) Development of CRWV’s specialized software platform which maintains demand for RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap