Merlin Properties clarifies CoreWeave exposure: Merlin Properties stock gains 3.64 percent

Published on 10/21/2026 at 10:30 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CoreWeave supplied 8.6 percent of first-half rental income. Merlin Properties stock costs EUR 11.67 on October 21, 2026, 3.64 percent above the Xetra close.

Concentration shapes expansion

CoreWeave represented 8.6 percent of rental income in the first half of 2026, DataCentral reported on October 20, 2026.
Merlin's initial data center program covers 724 MW of planned IT capacity against 160 MW leased or pre-let.
Merlin Properties stock trades at EUR 11.67 at 10:20 a.m. CEST at Lang & Schwarz on October 21, 2026, 3.64 percent above the Xetra close of October 20, 2026.
Jefferies kept its EUR 16.00 price target after upgrading Merlin to Buy on October 14, 2026.

Merlin Properties, ES0105025003, Illustration mit AI erstellt.

Merlin Properties (ISIN ES0105025003) was trading at EUR 11.67 at Lang & Schwarz on October 21, 2026 at 10:20 a.m. CEST, up 3.64 percent versus the Xetra close of October 20, 2026. The move followed fresh scrutiny of the company's CoreWeave exposure, with data center concentration becoming the central issue for the stock.

DataCentral reported on October 20, 2026 that CoreWeave contributed 8.6 percent of Merlin's group rental income in the first half of 2026. The same report said 160 MW of Merlin's data center capacity was leased or pre-let, while the initial development program is planned to reach 724 MW.

CoreWeave concentration has limits

The figures point to a split between current income and future capacity. CoreWeave's 8.6 percent share of group rental income is materially below its share of Merlin's leased or pre-let data center capacity, which makes tenant diversification more important as new facilities come online.

DataCentral said Merlin's first phase covers 64 MW, while the second and third phases add 254 MW and 406 MW respectively. Those three figures total the planned 724 MW program, but leased capacity is not the same as completed capacity or realized rental income.

What does the target imply?

TipRanks reported on October 14, 2026 that Jefferies upgraded Merlin from Hold to Buy while keeping its price target at EUR 16.00. That target is 37.11 percent above the EUR 11.67 Lang & Schwarz price, using the same currency. Jefferies also identified the risk of further valuation declines if higher interest rates continue to reshape capital allocation.

Next results date is November 13

TradingView lists November 13, 2026 as Merlin's next earnings date. For historical context, the company's release dated May 13, 2025 reported first-quarter revenue of EUR 138.0 million, EBITDA of EUR 102.0 million and occupancy of 96.7 percent, with revenue up 8.4 percent from the same period of 2024.

Stock reaction and investor context

The immediate market signal is constructive, but the data center story remains dependent on power connections, construction progress and additional tenants. Established offices, logistics facilities and shopping centers provide diversification, while the 724 MW development plan increases the importance of execution.

Merlin Properties stock was trading at EUR 11.67 at Lang & Schwarz on October 21, 2026 at 10:20 a.m. CEST, 3.64 percent above the Xetra close of October 20, 2026 at EUR 11.26. The further course of trading is shown by the continuously updated real-time quote of Merlin Properties stock.