CoreWeave (CRWV) is riding the AI wave hard. The cloud computing company just reported first-quarter revenue growth of 112%, blowing past the 101% that analysts were expecting. Its backlog — a measure of future contracted revenue — jumped 49% quarter over quarter to a staggering $99.4 billion, thanks in part to a previously announced $21 billion deal with Meta Platforms (META).

But if you look at the stock price, you wouldn't know it. Shares were down nearly 12% on Friday, trading around $113.75. That's because investors are focusing on something else: the company's massive capital spending and the risks that come with it.

Wall Street analysts are mostly positive on CoreWeave's long-term prospects, but they're also warning that the ride could be bumpy. Here's what three of them had to say.

BofA: Strong Demand, But Watch the Capex

Bank of America's Tal Liani is a buyer. He reiterated a Buy rating and a $140 price target, pointing to strong data center execution and that monster backlog. He noted that CoreWeave added about 150 megawatts of active power during the quarter, pushing it past 1 gigawatt, with contracted power now at 3.5 GW. Liani expects active power to reach 1.7 GW by the end of 2026.

He also sees revenue growth of 72% in the second half of 2026 compared to the first half, and he expects operating margins to improve sequentially through the year, reaching roughly 8% for the full year. That's despite pressure from the company's aggressive capex ramp.

One interesting tidbit: inference workloads — the part of AI that actually uses models to make predictions — now account for more than half of CoreWeave's compute usage. Liani says inference should remain the primary long-term demand driver.

Goldman Sachs: Demand Is Accelerating, But Costs Are Rising

Goldman Sachs' Gabriela Borges is more cautious. She reiterated a Neutral rating and an $85 price target. She noted that revenue came in slightly above expectations, but investors reacted negatively to higher capex guidance — up by $500 million at the midpoint because of rising component prices.

Still, Borges says CoreWeave's unit economics remain resilient thanks to take-or-pay contracts and pricing flexibility on new agreements. Demand is accelerating, with the backlog hitting $99.4 billion and the company largely sold out of 2026 capacity. She also noted that demand for Blackwell, Hopper, and Ampere chips stayed strong, and average pricing for AI chips increased quarter over quarter.

Borges expects active power to reach 1.7 GW by year-end 2026, and most of the 3.5 GW of contracted power should come online by the end of 2027. That would support more than $30 billion in annual recurring revenue exiting 2027. She also pointed to growing software, networking, storage, and developer tool offerings as future high-margin growth opportunities that aren't yet reflected in current guidance.

JPMorgan: Record Bookings, But a 'Lumpy, Volatile Ride'

JPMorgan's Mark R. Murphy also kept a Neutral rating but raised his price target to $105 from $90. He noted that first-quarter revenue of $2.08 billion beat consensus by about 6%, and the company reaffirmed its full-year outlook of $12 billion to $13 billion in revenue and $900 million to $1.1 billion in operating income.

Murphy highlighted that CoreWeave raised its 2026 exit annual recurring revenue floor to $18 billion-$19 billion, up from the prior range. The backlog expanded 49% sequentially to $99.4 billion after more than $40 billion in new commitments during the quarter.

He also noted improving customer diversification. Non-investment-grade AI-native and foundation model customers now account for less than 30% of the backlog. Financial services customers like Jane Street and Hudson River Trading now represent nearly $10 billion in backlog.

But Murphy also warned that CoreWeave could continue delivering a "lumpy, volatile ride" because of execution risks, elevated capex needs, and broader economic uncertainty. That's a polite way of saying: buckle up.

So, is CoreWeave a buy? The analysts are split. BofA sees a 23% upside from Friday's price, while Goldman Sachs sees a 25% downside. JPMorgan is somewhere in the middle. The company's growth story is undeniable, but the path to profitability is paved with billions in capex. For now, it's a stock that rewards patience — and punishes those who can't handle a little turbulence.