CoreWeave Shares Rise After Citi Lifts Target to $155 on AI Demand
Citi says rising backlog with a wider customer mix improves visibility if major contracts ramp.
Overview
- CoreWeave stock rose about 2.5% before the open and was up more than 7% by midday after Citi raised its price target to $155.
- Analyst Tyler Radke projected 35% to 40% quarter‑over‑quarter backlog growth, pointing to demand from large cloud providers, AI labs, and enterprise customers.
- Radke said a new arrangement tied to Jane Street and Meta is set to scale through late 2027 and could push CoreWeave beyond its $30 billion annual recurring revenue goal.
- CoreWeave updated its SUNK platform with self‑service setup tools and a SUNK Anywhere feature that speeds cluster builds and lets AI jobs run across multiple cloud providers.
- For context, an expanded Meta deal worth about $21 billion runs through December 2032 and, alongside other wins, helped lift CoreWeave’s reported backlog to $66.8 billion after 2025 revenue of $5.13 billion.