CoreWeave (CRWV) Stock: $99 Billion Backlog With Nvidia, Meta, Microsoft and OpenAI

TLDR

• CoreWeave has disclosed a $99 billion contract backlog tied to AI infrastructure deals with Nvidia, Meta, Microsoft, and OpenAI
• CRWV stock is trading at $96.58, up 21.8% year to date but down 18.1% over the past week
• Revenue grew 111.6% year over year to $2.08 billion, but the company missed EPS estimates by $0.23
• Rosenblatt initiated coverage with a Buy and a $250 price target; consensus sits at Moderate Buy with an average target of $135
• Insiders sold over 28 million shares valued at roughly $3.2 billion in the past 90 days

CoreWeave (CRWV) has disclosed a $99 billion contract backlog, with deals tied to some of the biggest names in AI: Nvidia, Meta, Microsoft, and OpenAI.

CoreWeave, Inc. Class A Common Stock, CRWV

The stock is currently trading at $96.58, up 21.8% year to date, but it has had a rough few weeks, dropping 18.1% over the past week and 11.8% over the past month.

Those swings tell you something about how volatile sentiment around AI infrastructure stocks can be right now.

The backlog represents long-term commitments for GPU cloud capacity, meaning these companies have locked in CoreWeave for heavy AI compute workloads over extended periods.

That kind of visibility is rare, and it’s the main reason analysts remain largely bullish on the stock despite recent price weakness.

On the revenue side, CoreWeave posted $2.08 billion for the quarter, up 111.6% year over year. That’s a big number.

But the company missed on the bottom line, reporting a loss of $1.40 per share against a consensus estimate of $1.17. That’s a $0.23 miss, and it widened the loss compared to the same period last year when EPS came in at $0.60.

Analysts currently expect a full-year EPS of -$4.57, so profitability is not on the near-term horizon.

Expansion Beyond the US

CoreWeave announced a co-location deal with Conapto to expand AI cloud capacity in Sweden, part of a broader European rollout supported by renewable energy and Nvidia hardware.

The company also struck a storage partnership with Backblaze, leaning on a specialist provider for lower-cost storage tiers while keeping its premium GPU resources focused on AI workloads.

That modular approach suggests CoreWeave is trying to manage costs as it scales, though the capital requirements remain substantial. The company carries a debt-to-equity ratio of 3.68 and has senior notes due in 2032.

Analyst Targets and Insider Sales

Analyst sentiment is mostly positive. Rosenblatt initiated coverage with a Buy and a $250 price target. Cantor Fitzgerald reiterated Overweight with a $167 target. Wolfe Research and Evercore both have Outperform ratings with $150 targets. The consensus across 35 analysts is Moderate Buy, with an average target price of $135.

One note of caution: insiders have been selling. Director Jack D. Cogen sold roughly $106 million in stock on May 26. Insider Brian M. Venturo sold $90.9 million worth in April, reducing his position by nearly 80%.

In total, insiders sold over 28 million shares valued at around $3.2 billion in the past 90 days.

Those sales were executed under pre-arranged Rule 10b5-1 plans, which are set up in advance to avoid insider trading concerns.

On the institutional side, Gunderson Capital Management disclosed a new stake worth about $3.39 million. Janney Montgomery Scott and Pictet Asset Management also added to their positions in Q1.

The 12-month price range for CRWV sits between $63.80 and $173.35, reflecting just how wide the sentiment swings have been.

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