Observed Signal · Apr 29, 2026 · Analyst Update · Source: CNBC Investing · Impact: 3/5 · Sentiment: Neutral
CoreWeave May Rally on OpenAI, Perplexity Deals
Wells Fargo said CoreWeave could rally as it provides updates on large AI-related contracts, raising its 12-month price target to $135 from $125 and maintaining an overweight rating. The bank highlighted CoreWeave’s multi-year GPU capacity deals with customers including OpenAI and Perplexity, noting publicly disclosed Q1 2026 bookings of at least $63.9 billion and estimating the true backlog at over $90 billion. Wells Fargo expects constructive commentary on delivery timelines and unit economics, and notes CoreWeave is estimated to report first-quarter results on May 7, 2026. The firm also pointed to diversification of revenue streams from supplying GPUs to major AI labs and observed mixed recent quarterly beats and a 4Q miss that have set more balanced expectations for the upcoming report.
The report updates market expectations for an AI infrastructure provider with large reported GPU deal bookings and an upcoming quarterly report; this affects investor perceptions of AI compute capacity demand but is not a major platform policy or industry-wide regulatory shift.
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Key Takeaways & Evidence Grounding
- Wells Fargo rated CoreWeave overweight and raised its 12-month price target to $135 from $125.
- CoreWeave rents computing power, notably Nvidia GPUs, and supplies GPU capacity to major AI labs including OpenAI, Google, Meta and Microsoft.
- Publicly available data show CoreWeave secured at least $63.9 billion of deals in Q1 2026; Wells Fargo estimates the backlog exceeds $90 billion.
- CoreWeave was estimated to report first-quarter 2026 results on May 7, 2026.
- Of 36 Wall Street analysts covering CoreWeave, 23 rate it a buy or strong buy.
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CoreWeave Sees Two Price Target Raises Ahead of Q1
Bank of America and Jefferies raised price targets on CoreWeave ahead of the company’s upcoming first-quarter earnings release. Bank of America increased its objective to $140 (from $120) and Jefferies raised its target to $160 (from $120), with both firms maintaining buy ratings. Analysts cited a growing pipeline of multibillion-dollar AI compute commitments — reported at more than $95 billion — including a $21 billion agreement with Meta and a $6 billion deal with Jane Street, plus an announced deal with Anthropic. Analysts and investors will watch revenue recognition, margins, buildout execution and power availability when CoreWeave reports results later this week. The stock has risen sharply year-to-date and RPO (remaining performance obligation) was cited at $60.7 billion last quarter.
CoreWeave stock rises 14% as revenue doubles
CoreWeave shares jumped in premarket trading after the AI-infrastructure provider reported stronger-than-expected Q2 results and raised guidance. Revenue was $2.58 billion, up 112% year-over-year, and adjusted loss per share was $1.03 versus a $1.20 expected loss. Operating expenses more than doubled to about $2.6 billion, producing an operating loss of $49 million and a wider net loss of $626 million. Management reported a $104 billion revenue backlog (excluding more than $25 billion of recent commitments), 1.5 GW of active data-center power, and highlighted major customers and partners. It guided Q3 revenue of $3.4–$3.6 billion and full-year revenue of $12.4–$13.2 billion, flagged materially higher capital spending, and said regulatory headwinds and debt levels warrant caution even as several firms raised price targets.
JPMorgan Upgrades CoreWeave on Short-Term Contracts
JPMorgan upgraded CoreWeave to Overweight from Neutral, raising its price target to $125 from $120, implying nearly 44% upside. The upgrade is driven by favorable pricing for compute due to strong demand and CoreWeave's willingness to pursue short-term contracts at premium pricing, which is expected to boost revenue and margins. CoreWeave's stock had fallen 13% in Q3 amid concerns about capital expenditures for AI infrastructure, but JPMorgan sees these investments translating into financial gains. The analyst, Samik Chatterjee, notes that shorter-term contracts reflect lender confidence in sustained GPU demand. The majority of Wall Street analysts rate CoreWeave a buy or strong buy.
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