CoreWeave (CRWV) Stock Jumps 7% on Nasdaq-100 Inclusion and Analyst Backing

TLDR

• CoreWeave is set to join the Nasdaq-100 on June 22 as part of the index’s quarterly rebalance.
• Cantor Fitzgerald reiterated its Overweight rating and $167 price target, citing a likely backlog beat in Q2.
• CoreWeave’s Q2 backlog could hit $131 billion by June 30, well above the Wall Street consensus of $104.4 billion.
• Macquarie upgraded the stock to Outperform last week with a $125 price target, up from $90.
• CRWV was up 7.38% at $104.59 on Tuesday morning.

CoreWeave (CRWV) stock climbed over 7% on Tuesday, trading at $104.59, as two separate catalysts gave investors reasons to buy.

CoreWeave, Inc. Class A Common Stock, CRWV

The first is the company’s upcoming addition to the Nasdaq-100. CoreWeave will be added to the index before the market opens on June 22, as part of the June 2026 quarterly rebalance. That kind of inclusion typically triggers buying from index-tracking funds that need to match the benchmark.

Joining CoreWeave in the rebalance are Astera Labs, Nebius Group, Rocket Lab, and Teradyne.

The second catalyst came from Cantor Fitzgerald. Analyst Brett Knoblauch reiterated his Overweight rating and $167 price target on Tuesday, pointing to details buried in a recent bond offering memorandum that he says the market has largely overlooked.

What the Filing Actually Says

CoreWeave filed a bond offering memorandum at the end of last week. Inside it, Knoblauch found internal metrics that suggest the company is on track for a big Q2 backlog beat.

The filing showed a run-rate EBITDA of $18.758 billion, up from $16.098 billion in the April offering memorandum. Using those figures, Knoblauch estimates CoreWeave’s backlog could already be at $125 billion as of early June.

He notes the filing only covers about 80% of the quarter. If the company keeps adding backlog at the same pace, he projects that number could reach $131 billion by June 30.

That would easily clear last quarter’s backlog of $99.4 billion and top Wall Street’s consensus estimate of $104.4 billion by a wide margin.

Knoblauch was blunt about it: the market is “woefully undervaluing” CoreWeave and the neocloud sector more broadly.

Debt Picture and Macquarie Upgrade

The filing also flagged projected gross debt of $68.5 billion, with net debt at $58.3 billion — figures tied to the capital CoreWeave needs to meet its backlog obligations.

On the financing side, CoreWeave priced a private offering of $1.25 billion in 9.625% senior notes and 2 billion euros of 8.500% senior notes, both due in 2032. This follows an earlier plan to raise $3.5 billion in senior notes, with proceeds earmarked for general corporate purposes and debt repayment.

Last week, Macquarie upgraded CoreWeave to Outperform from Neutral, raising its price target from $90 to $125. The firm pointed to deals with Meta and OpenAI as evidence that CoreWeave is becoming a structural player in AI infrastructure.

From a technical standpoint, CRWV is trading above all its major moving averages — 9.8% above the 20-day, 5.7% above the 50-day, and 18% above the 100-day. RSI sits at a neutral 51.28. Key resistance is at $125, support near $103.

CRWV was up 7.38% at $104.59 at time of writing on Tuesday.

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