New York—May 5, 2026, 07:11 ET
- CoreWeave climbed about 5.4% to $125.43 early Tuesday, with traders focusing on new AI cloud agreements just before earnings.
- Meta revealed in a filing that it’s on the hook for about $21 billion to secure CoreWeave cloud capacity through 2032.
- Jefferies noted new deals could push CoreWeave’s backlog above $95 billion, making its remaining performance obligations a key figure to watch on Thursday.
CoreWeave shares pushed higher in early U.S. trading Tuesday, recapturing market focus just before the AI cloud firm’s May 7 earnings. Investors zeroed in on an expanded contract backlog, now shored up by Meta Platforms. After sliding alongside other AI infrastructure names on worries over spending from major clients, CRWV was back in view.
The focus shifts now to execution. CoreWeave has secured sizable contracts for graphics processing chips and cloud services. But those deals must generate real revenue—costs for data centers, electricity, and Nvidia gear still loom for the company.
The real headline: backlog. Jefferies flagged those Meta, Anthropic, and Jane Street deals from April, estimating they could drive CoreWeave’s outstanding performance obligations—revenue locked in but not realized—past $95 billion. That’s up sharply from about $67 billion at the end of Q4. Next up for investors: CoreWeave’s Q1 report, expected after Thursday’s close.
Meta’s finalized order form, dated March 31, commits the Facebook parent to about $21 billion in payments through Dec. 20, 2032. Included are both fresh computing capacity and an exercised option extending to April 2032. The deal, though, is still subject to delivery, service availability, and termination conditions, a filing shows.
CoreWeave has landed an agreement with Meta that includes dedicated capacity across multiple locations and incorporates early deployments of Nvidia’s Vera Rubin platform, the chipmaker’s newest AI hardware. “This is another example that leading companies are choosing CoreWeave’s AI cloud to run their most demanding workloads,” CEO Michael Intrator said. CoreWeave
Brent Thill at Jefferies has raised his price target on CoreWeave to $160 from $120, keeping his Buy rating intact and citing new deals plus brisk demand for advanced AI workloads. The firm cautions, though, that CoreWeave’s execution on revenue, margins, and power usage is still being closely watched.
CoreWeave closed out 2025 with revenue surging to $5.13 billion from $1.92 billion a year earlier, yet the company posted a net loss of $1.17 billion. Revenue backlog at year-end stood at $66.8 billion, the company said.
The catch: CoreWeave’s planned growth may outpace its finances. The company is looking at $30 billion to $35 billion in capex for 2026, a steep climb from $14.9 billion budgeted for 2025, all earmarked for data centers and chips. CEO Intrator told Reuters they chose to “build faster,” trading short-term margin softness for speed. Reuters
Customer concentration is still a thorny issue. Last week, a handful of AI-affiliated stocks dropped after a report questioned OpenAI’s growth outlook and hefty computing costs. “Weakness in one AI company can cause a ripple effect across the board, whether warranted or not,” said Todd Schoenberger, Chief Investment Officer at CrossCheck Management, in comments to Reuters. Reuters
It’s not an apples-to-apples matchup. Zacks puts CoreWeave in the “raw AI compute” bucket—fast growth, sure, but more exposed to risk—while Snowflake sits higher up as a data cloud platform. CoreWeave has to contend with the likes of Microsoft and Alphabet’s Google, giants with much deeper pockets, even if neither has quite the same single-minded focus on Nvidia GPU clusters. TradingView
Right now, what’s really driving the stock higher is belief: that the backlog is real, that financing will hold up, and that orders will be filled. Thursday’s call should show whether CoreWeave can turn Meta-fueled demand into revenue—without stoking fresh concerns over debt, margins, or who’s buying.
