CoreWeave (CRWV): What the Meta and Anthropic Deals Mean for the Stock

TLDR

• CoreWeave signed a $21 billion deal with Meta on April 9, expanding total Meta commitments to over $35 billion through 2032.
• The following day, CoreWeave secured a multi-year deal with Anthropic to run Claude at production scale.
• Macquarie upgraded CRWV to Outperform, raising its price target from $90 to $125.
• Morningstar holds its fair value estimate at $97, calling the stock fairly valued after a 4% intraday rally on April 9.
• CoreWeave’s revenue backlog now exceeds $66.8 billion, with 2026 revenue guidance set at $12–$13 billion.

CoreWeave landed two major deals in 48 hours, reshaping how the AI infrastructure market is taking shape. On April 9, the GPU cloud provider locked in a $21 billion expanded agreement with Meta to supply AI compute capacity through December 2032. That brought Meta’s total commitment to CoreWeave past $35 billion.

CoreWeave, Inc. Class A Common Stock, CRWV

The next day, Anthropic signed a multi-year deal with CoreWeave to run Claude at production scale. The back-to-back announcements sent CRWV up roughly 4% intraday on April 9 and prompted an analyst upgrade.

Macquarie lifted its rating on CoreWeave to Outperform from Neutral, raising its price target to $125 from $90. The firm said CoreWeave’s ecosystem role is “becoming structural,” and called the platform “differentiated.” Morningstar kept its fair value estimate at $97 with a three-star rating and Very High uncertainty, saying the stock looks fairly valued at current levels.

CoreWeave went public in March 2025 at $40 per share. Its revenue backlog now tops $66.8 billion, and the company has guided for $12 to $13 billion in revenue for 2026.

The Meta deal builds on an earlier $14.2 billion contract from September 2025 and will include early access to Nvidia’s Vera Rubin platform. Meta plans to spend between $115 billion and $135 billion in capital expenditure in 2026, yet still needs outside GPU capacity to keep pace with demand.

Why Big Spenders Still Rent

The dynamic here is about time, not money. Building internal GPU clusters takes years. Renting from CoreWeave gets workloads running in months.

Anthropic is facing the same pressure from a different angle. The company’s annualized revenue run rate hit $30 billion in April 2026, up from roughly $9 billion at the end of 2025. Over 1,000 enterprise customers now spend more than $1 million per year on Claude. That kind of growth needs compute capacity fast.

CoreWeave already counts OpenAI ($22.4 billion contract) and now Meta and Anthropic among its biggest clients. The company says nine of the top 10 AI model providers run on its platform.

The Risks Aren’t Small

The business is growing fast, but the costs are steep. Capital expenditure is expected to double to $30–$35 billion in 2026. Net interest expense for 2025 came in at $1.2 billion. At current guidance, CoreWeave spends roughly $2.30 to $2.90 for every dollar of revenue it earns.

Microsoft made up about 67% of CoreWeave’s 2025 revenue. The Meta and Anthropic deals help spread that risk, but concentration remains a real concern.

CoreWeave is not alone in this space either. Nebius signed a $12 billion deal with Meta earlier this month. Lambda is preparing its own IPO after securing a Microsoft deal and $1.5 billion in funding.

Morningstar’s long-term model projects CoreWeave hitting $60 billion in revenue by 2030, which would require significant enterprise bookings on top of its hyperscale deals.

The post CoreWeave (CRWV): What the Meta and Anthropic Deals Mean for the Stock appeared first on CoinCentral.