Overview
- CoreWeave officially entered the Nasdaq-100 effective June 22, triggering automatic buying by index-tracking ETFs and funds and helping push the stock higher into the inclusion.
- The company reported rapid top-line growth, with first-quarter revenue of $2.08 billion and an approximately $99.4 billion contracted backlog that underpins multi-year customer commitments.
- Nvidia has taken a large equity position and a commercial role with CoreWeave, holding over 47 million shares and agreeing to buy any excess compute capacity through 2032, reducing some supply risk for customers.
- Rapid expansion has driven sharply higher costs and losses, with operating expenses of $2.22 billion, a Q1 net loss of $740 million, and 2026 capital spending guidance lifted to about $31 billion at the low end, creating execution and financing risks.
- Wall Street is split on valuation as the stock rallies—shares rose more than 17% in the week before inclusion—giving price targets that range widely and leaving the company’s outlook tied to sustained AI demand and continued access to capital.