Filing Flows › CoreWeave (CRWV) › Takeover & LBO
Is CoreWeave (CRWV) a takeover target?
A leveraged buyout at today's price plus 30% ($59.23 a share) would return a loss of all the money the buyer puts in to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%. Historically 2.5% of companies with its figures were bought within a year (0.5× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $59.23 | today's $45.56 plus 30% |
| × shares | 551.0 million | |
| = Equity value | $32.6B | |
| + Debt refinanced | $24.9B | |
| − Cash | $5.5B | |
| = Enterprise value | $52.0B | 13.8× EBITDA of $3.8B |
| Fees | $1.0B | 2% of the price |
| New debt | $20.7B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $32.3B | 61% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $7.7B | $3.8B | $1.6B | −$18.6B | $39.3B |
| Year 2 | $7.8B | $3.9B | $3.0B | −$20.3B | $59.6B |
| Year 3 | $8.0B | $3.9B | $4.6B | −$22.2B | $81.8B |
| Year 4 | $8.2B | $4.0B | $6.3B | −$24.4B | $106.1B |
| Year 5 | $8.4B | $4.2B | $8.1B | −$26.8B | $132.9B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 11.8× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $49.2B | |
| − Debt left | $132.9B | |
| = Buyer's equity | −$83.7B | |
| Money multiple | -2.59× | on $32.3B put in |
| Buyer's yearly return (IRR) | −100.0% |
Price against return
What the buyer makes at other premiums over today's $45.56.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $50.11 | −100.0% |
| 20% | $54.67 | −100.0% |
| 30% | $59.23 | −100.0% |
| 40% | $63.78 | −100.0% |
| 50% | $68.34 | −100.0% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $7.6B | |
| EBITDA, last 12 months | $3.8B | 49.5% of revenue |
| Depreciation and amortization | $4.0B | |
| Capital spending | $20.6B | |
| Debt | $24.9B | |
| Cash | $5.5B | |
| Share price | $45.56 | on Nov 6, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 1.2% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 21% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, CoreWeave would cost about $59.23 a share, $32.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $51.03 | $28.1B |
| Median | 30% | $59.23 | $32.6B |
| High end (a quarter paid more) | 31% | $59.68 | $32.9B |
The odds, from history
Historically 2.5% of companies with its figures were bought within a year (0.5× the average). Its figures put it in decile 2 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
CoreWeave's latest quarter
CoreWeave, Q2 2026: revenue $2.6B (+112% year over year), operating margin -1.9%, net loss $626M, operating cash flow $679M. The chart follows the revenue to costs, profit and cash.
Questions
Is CoreWeave being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy CoreWeave?
A leveraged buyout at today's price plus 30% ($59.23 a share) would return a loss of all the money the buyer puts in to a private-equity buyer over 5 years; no price, however low, gets a buyer to 20%.
What would a takeover of CoreWeave cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, CoreWeave would cost about $59.23 a share, $32.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.