CoreWeave gets additional $4B commitment from OpenAI, boosting deal to nearly $16B

Investing.com -- In its 10-Q filing today, CoreWeave (NASDAQ:CRWV) disclosed that in May 2025 it entered into an additional cloud computing agreement with OpenAI worth up to $4 billion. The commitment goes through April 2029.

The $4 billion add-on is in addition to the $11.9 billion master agreement with OpenAI that goes through October 2030.

Yesterday, with earnings, CoreWeave disclosed that its backlog was $25.9 billion as of the end of the first quarter, so this new $4 billion commitment brings the current backlog to at least $29.9 billion.

After the close of trading, the cloud service provider issued strong results for the current quarter and raised its guidance, although increased CapEx spending had some investors nervous. It was its first quarterly results as a public company after its March IPO.

After initially surging higher after the close on the beat, shares opened sharply lower today.  However, the stock has since seen a mid-day reversal, last up 5.3%.

Analysts were mostly bullish following the results, with many raising estimates and price targets, although one firm (DA Davidson) downgraded the stock.

DA Davidson analyst Gil Luria downgraded the stock to Underperform with a price target of $36, saying “investors regretted scaling WeWork (OTC:WEWKQ), and they may not want to scale this business.”

Elsewhere, Stifel raised its price target to $75 (from $55) and reiterated a Buy rating.  Analyst Ruben Roy said, “[w]e continue to view CRWV’s longer-term prospects positively given the company’s first to market positioning as a purpose built AI infrastructure provider.”