Rothschild rates CoreWeave Sell with a $54 target

CoreWeave shares rose 3.21% intraday on September 21, 2026, after Rothschild & Co. Redburn initiated coverage on the neocloud provider with a Sell rating and a $54 price target. Fellow neocloud Nebius also received a Sell rating with an $84 target, and its shares rose 2.08%.

Rothschild argued that credit markets are beginning to price in risks that equity markets continue to ignore. According to the broker, hyperscalers carry more real economic leverage than their balance sheets show once off-balance-sheet commitments are included. The firm stated that this dynamic could limit the next phase of spending on artificial intelligence infrastructure.

While Rothschild views Nebius as having the most downside, it noted that CoreWeave has less downside risk. However, the firm still considers CoreWeave's risk-reward profile unattractive enough to justify a Sell rating. In the same research note, the broker also started coverage on six Bitcoin miners pivoting to AI infrastructure at Neutral: Core Scientific, TeraWulf, Applied Digital, Cipher Mining, Hut 8, and IREN.