CoreWeave Stock (NASDAQ: CRWV) News Today (Dec. 12, 2025): Runway AI Deal, $2.25B Convertible Notes, Analyst Targets and Outlook

CoreWeave, Inc. (NASDAQ: CRWV) is back in the spotlight on December 12, 2025, as investors weigh a fresh customer win in generative AI against an ongoing debate about leverage, dilution, and how long the AI infrastructure boom can keep outrunning Wall Street’s patience.

As of the latest available trade on Friday, CoreWeave shares were at $87.38, down about 0.9% from the prior close.

This update breaks down today’s biggest CoreWeave stock headlines, the latest forecasts and analyst targets, and the key risks and catalysts shaping CRWV into year-end.

What’s moving CoreWeave stock on Dec. 12, 2025?

Two forces are colliding:

Company-specific news: CoreWeave announced a new agreement with Runway, an AI company known for video-generation models—another signal that demand for GPU-heavy AI workloads is expanding beyond chatbots and into video, simulation, and “world models.” ^[1]
Macro sentiment: The broader “AI trade” has been choppy after Oracle’s results reignited the market’s recurring question: Are AI infrastructure capex plans rising faster than near-term returns? A Reuters market analysis published today describes investors becoming more selective and re-litigating valuation and spending concerns across AI-related stocks. ^[2]

That mix helps explain why CoreWeave can announce a notable partnership and still see its stock remain volatile: investors are increasingly separating “great AI demand” from “how it gets financed.”

Today’s headline: CoreWeave signs Runway to power next-generation AI video models

CoreWeave announced that Runway signed a contract for CoreWeave’s AI cloud infrastructure to help scale and accelerate Runway’s next-generation video-generation models. CoreWeave said Runway chose it for “purpose-built” AI features, including integrated software and data capabilities. ^[3]

Why the market cares

Generative video is among the most compute-intensive corners of AI. Training and serving video models generally requires:

Massive GPU clusters
High-throughput storage and data pipelines
Tight observability and deployment tooling to keep costs and performance under control

CoreWeave’s announcement explicitly ties the Runway deal to state-of-the-art NVIDIA infrastructure, stating Runway will use CoreWeave’s NVIDIA GB300 NVL72 systems for large-scale training and inference. ^[4]

To put that in context, NVIDIA describes the GB300 NVL72 as a rack-scale platform integrating 72 Blackwell Ultra GPUs and 36 Grace CPUs in a liquid-cooled architecture, positioned for inference and “AI reasoning” workloads. ^[5]

Tooling and “data gravity” angle

CoreWeave also said Runway will use:

W&B Models for workload observability
W&B Inference (powered by CoreWeave) to make models available for inference
CoreWeave AI Object Storage, described as enabling global dataset access without egress charges or request/transaction fees ^[6]

Investors tend to like this part of the story because it nudges CoreWeave beyond “GPU capacity rental” into a more platform-like posture—where switching costs can rise if customers build pipelines and deployment workflows tightly around the provider.

What’s not disclosed: The announcement did not specify contract value or revenue timing, which means investors will look for follow-through in future backlog/RPO updates and commentary.

The overhang investors are still digesting: CoreWeave’s $2.25B convertible notes

While today’s Runway headline reads bullish, CRWV has also been trading with a financing narrative in the background.

CoreWeave recently priced an upsized $2.25 billion private offering of 1.75% convertible senior notes due 2031, with settlement scheduled for December 11, 2025 (subject to customary closing conditions). ^[7]

Key terms disclosed by the company include:

Interest rate: 1.75% (paid semiannually) ^[8]
Initial conversion price: approximately $107.80 per share, representing a ~25% premium to the $86.24 last reported sale price on Dec. 8, 2025 ^[9]
Estimated net proceeds: about $2.2106B (before offering expenses), with about $295.7M intended for capped call transactions aimed at reducing dilution ^[10]

A Reuters note on the deal highlighted the premarket pressure following the upsizing and reiterated the basic structure (convertible notes due 2031, increased to $2.25B). ^[11]

Why convertibles can weigh on CRWV

Convertibles often create a tug-of-war:

Positive: more liquidity to fund growth capex (critical in AI infrastructure)
Negative: potential dilution if the stock rises through conversion levels, plus the broader reminder that growth is capital-intensive

Barron’s coverage this week emphasized investor focus on CoreWeave’s rising debt load and framed the convertibles as a live test of market appetite for funding the AI buildout. ^[12]

Credit lens: Fitch rates the new notes ‘BB-’ and flags concentration risk

Adding a more institutional “bond market” perspective, a Reuters/Fitch item published Dec. 10 states Fitch assigned a ‘BB-’ rating (Recovery Rating ‘RR4’) to CoreWeave’s new senior unsecured convertible notes due 2031. ^[13]

Fitch’s analysis is notable for equity investors because it details both the strengths and the pressure points of the model:

Customer concentration: Fitch says Microsoft accounted for ~67% of revenue in 3Q25, while also noting multi-year commitments signed with OpenAI (up to $6.5B through May 2031) and Meta (up to $14.2B through Dec 2031) that could broaden the base—though concentration may remain high. ^[14]
Visibility: Fitch cites large remaining performance obligations and backlog, describing meaningful revenue visibility but less clarity farther out. ^[15]
Capex intensity: Fitch expects very high capex in 2025–2026 and anticipates additional debt issuance tied to growth needs. ^[16]

In other words: the credit market view is not “demand risk,” but financing and execution risk.

Fundamentals snapshot: CoreWeave’s growth is real—and so are the costs

CoreWeave’s most recently reported quarterly results (third quarter 2025, reported Nov. 10) showed rapid expansion:

Revenue:$1.3647B (Q3 2025) vs. $583.9M (Q3 2024) ^[17]
Revenue backlog:$55.6B as of Sept. 30, 2025 ^[18]
Net loss:$110.1M in Q3 2025 ^[19]
Interest expense (net):$310.6M in Q3 2025 ^[20]
Adjusted EBITDA:$838.1M (61% margin) ^[21]

That combination—strong adjusted profitability but heavy interest expense—is exactly why CRWV trades like a “high beta” AI infrastructure play: execution can look excellent operationally, but the capital structure matters.

Reuters also reported that in November the company trimmed its 2025 revenue forecast due to a delay at a third-party data center partner, underlining how sensitive results can be to capacity timing. ^[22]

Big contracts are a core part of the bull case

One of the most material validation points for CoreWeave in 2025 has been its ability to sign huge multi-year commitments.

For example, Reuters reported in late September that CoreWeave signed a $14 billion agreement with Meta to supply computing power (through 2031, with an option to expand), and the stock jumped on the news. ^[23]

This matters for two reasons:

It supports demand durability (not just “AI hype”)
It supports financing logic (multi-year take-or-pay style commitments can make lenders more comfortable funding capex)

Still, the market keeps returning to a single question: How diversified can CoreWeave become, and how quickly?

CoreWeave stock forecast: what analysts’ price targets imply now

Analyst targets for CRWV remain wide, reflecting both the upside from AI infrastructure demand and the risk premium investors apply to leverage, execution, and customer concentration.

Consensus targets cluster around the low-$130s

MarketBeat shows an average 12‑month price target of $129.47 (with high $200, low $32) and describes a “Hold” consensus based on 33 analysts. ^[24]
Investing.com shows an average target around $130.96 (high $208, low $36) and lists a 52-week range that spans roughly $33–$187. ^[25]
TipRanks states an average target of $133.77 and a “Moderate Buy” consensus (13 Buys, 10 Holds, 1 Sell). ^[26]

With CRWV around $87 today, those consensus targets imply meaningful upside—if CoreWeave can keep converting backlog and contract wins into delivered capacity without financing markets tightening.

Recent coverage notes reflect a “quality vs. leverage” split

In the wake of the recent pullback and headline volatility, some commentary has emphasized asymmetric risk/reward, while other notes have focused on balance-sheet and timing risks. ^[27]

Key risks investors are watching right now

Here are the risk themes that show up repeatedly in today’s news flow and current research notes:

1) “AI capex fatigue” and valuation scrutiny

Reuters’ Dec. 12 market analysis describes a shift toward selectivity, with investors increasingly questioning timelines for returns on massive AI spending. ^[28]

For a company like CoreWeave—whose model is explicitly capex-heavy—this macro narrative can dominate short-term price action even when company fundamentals look strong.

2) Financing and dilution risk

Convertibles can be efficient financing, but equity holders often react negatively to perceived dilution and the signal that more capital will be needed. ^[29]

3) Customer concentration

Fitch’s view that Microsoft accounted for ~67% of revenue in 3Q25 underscores the concentration concern. ^[30]

Even with large commitments from OpenAI and Meta, investors will want proof of ongoing diversification and renewals.

4) Execution and timing delays

Reuters reported that a third-party data center delay affected CoreWeave’s annual outlook earlier this quarter. ^[31]
That kind of delay matters because it can push revenue recognition and create mismatch between incurred capex and realized revenue.

5) Data center credit chain risk

A Reuters Breakingviews column this week warned that shakier “neo-cloud” tenants could become a risk factor in the broader data center boom if credit conditions tighten. ^[32]

What to watch next for CRWV stock

For investors and readers tracking CoreWeave stock into year-end and early 2026, the likely catalysts cluster around five areas:

Proof that new partnerships translate into measurable backlog/RPO and revenue cadence
The Runway deal is strategically meaningful; investors will want to see how quickly it shows up in contracted revenue and utilization. ^[33]
GB300 NVL72 rollout and monetization
CoreWeave’s positioning as a premier home for NVIDIA’s newest rack-scale systems is a competitive differentiator—but only if deployment and customer ramp stay smooth. ^[34]
Further clarity on capex, leverage, and funding runway
Fitch expects capital intensity to peak around 2026 and explicitly models continued debt issuance to support growth. ^[35]
Customer diversification signals
Any incremental large customer wins (or evidence that “second-tier” customers are scaling usage meaningfully) would help reduce the concentration discount. ^[36]
Macro sentiment toward AI infrastructure
The market’s willingness to fund AI buildouts at attractive terms can change quickly when rates move or when mega-cap capex narratives sour. ^[37]

Bottom line

On December 12, 2025, CoreWeave stock sits at the intersection of two powerful narratives:

The bull case: accelerating AI workloads (now including generative video), premier access to cutting-edge NVIDIA platforms, and multi-year commitments that can support long-duration revenue visibility. ^[38]
The bear case: a capital-intensive growth model that demands continuous funding, concentration risk, and a market increasingly sensitive to “AI capex vs. payoff” timing. ^[39]

For Google News readers tracking CRWV, the near-term story is less about whether AI demand exists—and more about whether CoreWeave can keep scaling profitably without the financing narrative becoming the main event.