CoreWeave’s Cloud Rocket: CRWV Stock Meteoric Rise Fueled by OpenAI, IBM, APLD Deals
CoreWeave (NASDAQ: CRWV) has quickly become one of the most talked-about names in technology, with its stock skyrocketing as a result...
Quick overview
- CoreWeave's stock has surged 275% since its IPO in late March, reaching an all-time high of $150.50 this week.
- A significant driver of this growth is a 15-year infrastructure deal with Applied Digital, providing 250 megawatts of data center capacity.
- CoreWeave reported a remarkable 420% year-over-year revenue increase in Q1, with a backlog of $25.9 billion, including a historic deal with OpenAI.
- The company's partnership with IBM further expands its enterprise footprint, solidifying its position in the AI infrastructure market.
CoreWeave (NASDAQ: CRWV) has quickly become one of the most talked-about names in technology, with its stock skyrocketing as a result of exploding earnings, new AI alliances, and enormous infrastructure investments.
IPO to All-Time High in Weeks
Since its IPO in late March, CoreWeave has delivered one of the most impressive post-listing runs in recent memory. Debuting at $40 per share, the stock rallied to a high of $131 by late May before settling slightly at $111.32—still a massive 275% gain from its opening price.
This week, momentum resumed aggressively. On Tuesday, CoreWeave opened with a sharp bullish gap, climbing to a new all-time high of $150.50 during regular U.S. trading, and continued to rise in after-hours markets, with futures hovering around $156.50—a daily increase of roughly 30%.
CRWV Stock Chart Daily – There’ll Be Another Gap Higher Tomorrow After Today’s Surge
Strategic Infrastructure Deal with Applied Digital
A major catalyst behind the latest surge is CoreWeave’s landmark deal with Applied Digital (NASDAQ: APLD). The two companies signed twin 15-year agreements that will provide CoreWeave with 250 megawatts of dedicated data center capacity in North Dakota. Under the terms, Applied Digital will design, construct, and operate the facilities, while CoreWeave secures guaranteed access to critical infrastructure, including power, cooling, and floor space—resources that are increasingly scarce in the AI cloud race. The contracts are expected to generate around $7 billion in rent for Applied Digital over the agreement’s duration.
Exceptional Earnings and Backlog Support Future Growth
CoreWeave’s Q1 earnings release, its first since going public, further reinforced bullish sentiment. The company reported an eye-catching 420% year-over-year revenue increase, reaching $981.6 million for the quarter. But what truly stunned investors was the company’s reported revenue backlog: $25.9 billion as of March 31, 2025.
This backlog includes $14.7 billion in Remaining Performance Obligations (RPO), reflecting already-signed but undelivered services—an indication of strong recurring demand. Notably, a historic deal with OpenAI contributed $11.2 billion to this backlog, anchoring CoreWeave’s place as a key infrastructure player in the AI ecosystem.
Partnership with IBM Expands Enterprise Footprint
In another significant development, CoreWeave has entered into a new collaboration with IBM (NYSE: IBM). Under the agreement, CoreWeave will provide computing capacity for IBM’s Granite AI models, deepening its reach into enterprise AI solutions and further diversifying its client base. This adds to the firm’s portfolio of high-profile partnerships and cements its growing reputation as a foundational tech supplier in AI infrastructure.
Conclusion: Momentum Backed by Substance
CoreWeave’s rapid ascent isn’t just a speculative rally—it’s backed by concrete fundamentals, record-breaking earnings growth, and strategic positioning in the most competitive areas of cloud computing and AI services. The backing of industry titan Nvidia and partnerships with the likes of OpenAI and IBM are likely to keep investor confidence high.
While some consolidation after such gains is natural, the structural tailwinds and massive backlog suggest that CoreWeave’s uptrend may still have room to run, potentially setting the stage for another breakout in the weeks ahead.
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