TLDR
- CoreWeave rose ~2.5% in premarket trading after Citi raised its price target to $155 from $126
- Citi analyst Tyler Radke reiterated a Buy rating, citing 35–40% QoQ backlog growth estimates
- A new deal involving Jane Street and Meta is expected to ramp through end of 2027
- The deal could push CoreWeave past its $30B annual recurring revenue target
- CoreWeave also upgraded its SUNK platform with new self-service tools and the SUNK Anywhere feature
CoreWeave climbed around 2.5% in premarket trading on Thursday after Citi raised its price target on the stock to $155 from $126.
CoreWeave, Inc. Class A Common Stock, CRWV
Analyst Tyler Radke kept his Buy rating in place while pointing to a strengthening demand picture for AI infrastructure.
The stock pushed higher through the session, with CRWV up over 7% by midday.
Radke estimates backlog growth of at least 35% to 40% quarter over quarter this quarter. He credited a broader customer mix across hyperscalers, AI labs, and enterprise clients as a key reason the growth story looks more durable.
“The stars continue to align for AI infrastructure leaders like CRWV,” Radke wrote in a note to clients.
That customer diversification is becoming a bigger factor for investors. Less reliance on any single client reduces concentration risk, which has been a concern hanging over the stock.
Jane Street, Meta Deal Adds Long-Term Upside
A new deal tied to Jane Street and Meta is expected to ramp through the end of fiscal year 2027. Radke said that deal alone has the potential to push CoreWeave above its $30 billion annual recurring revenue target.
He also flagged Anthropic as a call option, suggesting further upside if that relationship deepens.
On the cost side, new investment-grade debt is lowering CoreWeave’s capital costs. Radke said that could drive earnings per share revisions higher through fiscal year 2026.
Pricing for next-generation Blackwell hardware could also provide a revenue lift. CoreWeave may have retained some flexibility in its fiscal 2026 capital expenditure budget, which could allow it to capture some of that upside.
SUNK Platform Gets New Features
CoreWeave also updated its SUNK platform this week, adding self-service tools and a new SUNK Anywhere feature.
SUNK Anywhere is designed to speed up cluster setup for clients. It allows AI workloads to run more easily across multiple cloud providers.
The update makes the platform more accessible for enterprise users looking to scale AI infrastructure without heavy manual configuration.
CoreWeave’s year-to-date price performance stands at roughly 55.84%, according to available data. The current market cap sits around $61.34 billion.
Average daily trading volume is approximately 27 million, reflecting strong ongoing interest in the stock.
The technical sentiment signal on CRWV is currently listed as Strong Buy.
Citi’s revised target of $155 represents meaningful upside from where the stock was trading earlier this week before the note landed.
CoreWeave’s backlog growth estimate of 35–40% QoQ remains the headline figure analysts are watching heading into the next earnings report.
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