TLDR
- CRWV stock gained over 10% on Monday, extending a 10.87% rally from Friday
- DA Davidson raised its price target 40%, from $125 to $175
- Analysts say CoreWeave is “becoming the neocloud of choice” for top AI firms
- CoreWeave now counts nine of the top 10 AI model developers as customers
- Total backlog now stands at approximately $87.8 billion
CoreWeave’s stock has had a strong few days. After jumping nearly 11% on Friday, CRWV added more than 10% on Monday as Wall Street analysts continued to pile on praise following two major partnership announcements.
CoreWeave, Inc. Class A Common Stock, CRWV
The catalyst: a multi-year cloud infrastructure deal with Anthropic, announced shortly after CoreWeave revealed an expanded $21 billion agreement with Meta.
DA Davidson analyst Alex Platt called the Anthropic deal a clear sign that “CoreWeave is becoming the neocloud of choice” for leading AI companies. He raised his price target by 40%, from $125 to $175, implying close to 60% upside from where the stock was trading.
Cantor Fitzgerald also weighed in, reiterating its Overweight rating and $149 price target after the Meta deal was confirmed. Analyst Brett Knoblauch kept his stance unchanged, pointing to the size and duration of the Meta commitment as a positive sign.
The Meta agreement is substantial. The $21 billion commitment covers new computing capacity through December 2032 and includes the exercise of a previous option for additional capacity through April 2032. That brings CoreWeave’s total commitments with Meta to $35.2 billion.
The Anthropic deal adds another major name to CoreWeave’s client list. The company says it now has nine of the top 10 AI model developers as customers. Compute resources tied to the Anthropic deal are expected to come online later this year.
Analyst Sentiment Builds
Macquarie analyst Paul Golding added to the bullish chorus, saying the Anthropic partnership shows CoreWeave’s “ecosystem is becoming structural.” That kind of language signals analysts see these deals as long-term anchors, not one-off contracts.
Across Wall Street, the consensus rating on CRWV sits at Moderate Buy, based on 14 Buys, eight Holds, and one Sell from 23 analysts over the past three months. The average price target of $120.10 still implies around 9% upside from current levels â though several individual targets now sit well above that.
The stock has climbed 133% over the past year and recently crossed $102. InvestingPro pegs its Fair Value at $98.09, meaning it’s trading slightly above that estimate.
Background Noise
It hasn’t all been smooth sailing. CoreWeave faced earlier scrutiny from investors who questioned its ability to scale. A lawsuit alleged the company overstated its capabilities while downplaying its reliance on a third-party developer for data center builds.
Those concerns appear to have taken a backseat as deal flow accelerates.
CoreWeave’s revenue hit $5.1 billion over the last twelve months, up 168% year over year. Analysts are projecting 144% revenue growth this year, though the company has yet to turn profitable.
The company also recently priced a $3.5 billion private offering of convertible senior notes due 2032, upsized from an initial $3 billion target.
CoreWeave’s total pro-forma backlog now stands at approximately $87.8 billion.
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