Key Takeaways
- CoreWeave expanded its high-yield bond offering by an additional $1 billion, reaching a total of $2.75 billion at 9.75% interest.
- Shares have climbed 29% in the past week and surged 191% year-over-year.
- Jane Street’s $6 billion compute agreement, combined with a $1 billion equity stake, provided significant momentum.
- The company’s revenue backlog has expanded beyond $90 billion, compared to $66.8 billion at year-end 2025.
- Cantor Fitzgerald elevated its price target to $156 while keeping an Overweight rating.
CoreWeave experienced a remarkably active week. The AI cloud infrastructure provider increased its bond offering by $1 billion on Thursday, expanding the total value of its 9.75% senior unsecured high-yield notes to $2.75 billion.
CoreWeave, Inc. Class A Common Stock, CRWV
The expansion stemmed from a single factor: overwhelming investor interest. A company spokesperson characterized the demand as exceptionally strong.
This expansion represents part of a larger fundraising initiative. Earlier in the week, CoreWeave finalized a $4 billion convertible senior note offering — initially planned at $3 billion, increased to $3.5 billion, then further expanded when underwriters activated a $500 million overallotment option.
In March, the firm secured an $8.5 billion delay-draw term loan — marking the first AI infrastructure financing to achieve an investment-grade rating. The loan featured an all-in interest rate below 6% and was collateralized by GPU equipment and customer agreements.
This capital-raising activity correlates directly with contracted customer commitments. CoreWeave’s revenue backlog reached $66.8 billion at the conclusion of 2025. Recent agreements have elevated that figure beyond $90 billion.
Major Customer Agreements
The most significant announcement this week involved a $6 billion compute contract with Jane Street. The quantitative trading company will leverage CoreWeave’s infrastructure across several data centers, including facilities featuring NVIDIA’s Vera Rubin technology. Jane Street simultaneously made a $1 billion equity investment in CoreWeave at $109 per share.
This agreement marked the third substantial contract CoreWeave revealed in recent weeks. Meta expanded its existing CoreWeave partnership with an additional $21 billion commitment. Anthropic joined as a new client.
Cantor Fitzgerald analyst Brett Knoblauch increased his price target on CRWV to $156 from $149 after the Jane Street announcement, maintaining an Overweight rating. He noted the agreements indicate increased backlog, enhanced near-term revenue potential, and improved customer diversification.
Knoblauch mentioned that CoreWeave possesses sufficient available infrastructure to secure additional agreements in upcoming months, with contracts scaling through the end of 2025 into 2027. He projects the backlog could reach $100 billion by Q2 2026.
Evercore ISI similarly increased its price target to $150 from $120, keeping an Outperform rating. Wolfe Research began coverage with an Outperform rating and a $150 target, highlighting CoreWeave’s leadership in the neocloud sector.
Share Price Movement
CRWV has risen 29% during the past week and achieved a 191% gain over the past year. Year-to-date performance shows approximately 66% growth.
Despite these advances, InvestingPro analysis indicates the stock trades above its fair value estimate. Analysts project the company will remain unprofitable through 2026.
CoreWeave has received scrutiny regarding its debt position, though the company maintains its borrowing aligns with customer demand and is supported by contracted revenue. Revenue expanded 168% over the trailing twelve months.
Shares traded at $118.69 based on recent data, with CRWV declining approximately 2% on Thursday as broader market conditions weakened.
