Goldman Sachs noted in its October 21 research report that CoreWeave, a major hashrate infrastructure provider, faces approximately $60 billion in capital expenditures to fulfill its order backlog of up to $129 billion by August 2026. The bank estimated that in an extreme scenario without customer prepayments, the company would need to raise $37 billion in new debt and $1.6 billion in cash. However, by leveraging customer prepayments (accounting for approximately 20%), CoreWeave could significantly reduce the actual new debt required to $20 billion to $23 billion. If the company further activates 4.2GW of power reserves to support potential future orders of $260 billion, it would require approximately $38 billion in new debt.

Goldman Sachs maintained its "Buy" rating on CoreWeave with a price target of $106, implying a 71.5% upside from the current share price of $61.82.