CoreWeave Stock Hits All-Time High: What's Going On?

CoreWeave, Inc. CRWV shares hit a new all-time high on Wednesday. A series of recent developments have drawn investor attention to the AI infrastructure stock.

What To Know: CoreWeave has soared this year since making its debut on public markets in March. The company is backed by Nvidia Corp NVDA, which recently revealed a large stake in the company totaling 24.18 million shares in a regulatory filing. Several analysts have also initiated coverage in recent weeks following the company’s first earnings report as a public company.

CoreWeave reported first-quarter results last week showing revenue of $981.6 million, marking a 420% increase from the same period last year. The number was well above analyst forecasts of $859.77 million, according to Benzinga Pro. The company also noted that a strategic deal with OpenAI during the quarter added $11.2 billion in revenue backlog.

Shares surged following the report as the company revealed additional details of its deal with OpenAI, including additional agreements entered into in May to provide the company with access to cloud computing capacity. CoreWeave disclosed that OpenAI has committed to pay the company up to $4 billion through April 2029 related to the agreement.

CoreWeave on Wednesday announced plans to offer $1.5 billion of senior notes due 2030. Shares surged to new highs despite the offering announcement. The company announced an upsized offering hours later, increasing it from $1.5 billion to $2 billion, but shares continued to trend higher with investor interest at all-time highs.

CoreWeave stock is trending on several social platforms Wednesday afternoon with shares now up approximately 155% over the past month.

Citigroup analyst Tyler Radke maintained CoreWeave with a Neutral rating and raised the price target from $43 to a Street-high of $94. CoreWeave price targets range from $94 to $36, according to Benzinga analyst data.

CRWV Price Action: At the time of publication, CoreWeave shares were up 18.1% at $106.62, according to data from Benzinga Pro.

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