After locking in the top Meta and Anthropic computing power orders, CoreWeave (CRWV.US) saw a sharp increase in its stock price, prompting Morgan Stanley to upgrade its rating to "outperform the market".

Due to the continuous signing of two massive computing power supply agreements by cloud infrastructure service provider CoreWeave (CRWV.US), Macquarie analyst Paul Golding officially upgraded the company's stock rating from "neutral" to "outperform the market", and significantly raised the target price from $90 to $125. Macquarie stated in its report that CoreWeave has successfully transitioned from a mere GPU resource distributor to a "structural participant" in the AI industry, and its execution in deploying large-scale high-performance computing clusters has been highly recognized in the market. Led by Paul Golding, the team of analysts at Macquarie pointed out in their research report, "We believe that recent headlines validate CoreWeave's differentiated platform advantage, unique hardware acquisition channels, and its strategic positioning in the artificial intelligence ecosystem. Combining the enhanced trend of diversified computing resources, this may imply that CoreWeave is increasingly becoming a structural component of super large enterprises." The analyst further added, "We still believe that it is worth paying attention to the trends such as the re-signing of these early large-scale agreements, in-house computing power building by super large enterprises, and advancements in acceleration technology in the next 3-5 years. However, by that time, CoreWeave may already be (more deeply) integrated into the ecosystem (and trading times more dispersed), and even though model efficiency improvements reduce the overall computational scale in the competition of general AI/super AI, it may still be considered too high of a risk." The core momentum supporting this valuation logic stems from the breakthrough progress CoreWeave has achieved at the business level. The company recently announced a super large-scale computing service contract with Meta worth approximately $21 billion, which stipulates providing continuous support for Meta's AI training and inference needs until December 2032. Following this, top artificial intelligence laboratory Anthropic also signed a multi-year lease agreement with CoreWeave to lock in its advanced data center capacity for the iteration of the Claude series models. These series of actions mean that out of the top ten global leading AI labs, nine have chosen CoreWeave as their core infrastructure partner, greatly consolidating its leading position in the high-end computing power market. In terms of financial performance and capital operations, CoreWeave has also shown strong expansion momentum. To support the growing hardware procurement demand, the company recently increased the issuance size of convertible senior notes from $3 billion to $3.5 billion. At the same time, the company's previously completed up to $8.5 billion GPU mortgage financing loan, due to the highly deterministic nature of its collateral assets, has received investment-grade ratings, providing extremely affordable and ample funding for the large-scale deployment of NVIDIA top chips. This business model of "trading computing power for financing, and expanding computing power with financing" has formed a capital barrier that competitors find difficult to overcome in the current context of tight supply of high-performance chips. The capital market has responded enthusiastically to these positive news, and CoreWeave's stock price surged by more than 11% on the trading day following the announcement, continuing its strong upward trend since its IPO in 2025. In addition to Macquarie, several mainstream Wall Street investment banks including Bank of America Corp, D.A. Davidson, and Roth Capital have also raised their target prices. Analysts generally believe that with orders from giant customers like Meta and Anthropic beginning to actual revenue, CoreWeave's profitability is expected to enter a period of explosive growth. This "triple boost" of business fundamentals, capital support, and industry rating upgrades is driving the company's market value towards the trillion-dollar mark. As of the time of writing, CoreWeave rose by 8.11% on Monday, with an additional 1.99% increase in after-hours trading. At the same time, other new cloud and artificial intelligence data center companies saw a general rise in their stock prices on Monday. Nebius (NBIS.US) rose by 6.62%, IREN (IREN.US) rose by 9.54%, Applied Digital (APLD.US) and Hut 8 (HUT) all rose by more than 5%.