CoreWeave Stock Surges To Highs Of The Session After Company Reveals Details Of OpenAI Deal

CoreWeave Inc CRWV shares surged to the highs of the session Thursday after a regulatory filing revealed an additional agreement with OpenAI.

What Happened: CoreWeave shares have been volatile since the company reported first-quarter results after the market close on Wednesday. The company reported 420% revenue growth and said it had a revenue backlog of $25.9 billion at quarter's end.

CoreWeave said on the conference call following the report that it expects capital expenditures to be between $3 billion and $3.5 billion in the second quarter, and rise to $20 billion to $23 billion in full-year 2025.

The Nvidia-backed AI company also said it signed a $4 billion expansion with an AI enterprise on the call, but it did not disclose details or name the company.

In a regulatory filing related to earnings on Thursday, the company revealed that it entered into additional agreements with OpenAI 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.

Shares regained upward momentum on the news and surged to highs for the session. The stock was up 4.95% at $70.86 at the time of publication Thursday, according to Benzinga Pro.

Several analysts raised price targets on CoreWeave on Thursday:

• Barclays analyst Raimo Lenschow maintained an Overweight rating and raised the price target from $60 to $70.

• Macquarie analyst Paul Golding maintained a Neutral rating and raised the price target from $56 to $65.

• Wells Fargo analyst Michael Turrin maintained an Equal-Weight rating and raised the price target from $50 to $60.

• BofA Securities analyst Brad Sills maintained a Buy rating and raised the price target from $42 to $76.

• Morgan Stanley analyst Keith Weiss maintained an Equal-Weight rating and raised the price target from $46 to $58.

• Mizuho analyst Gregg Moskowitz maintained an Outperform rating and raised the price target from $46 to $70.

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