CoreWeave Soars 10% Toward Nasdaq-100 Inclusion as AI Backlog Nears $131 Billion

CoreWeave shares surged nearly 10% on June 16 as investors piled into one of the market’s purest artificial intelligence infrastructure plays ahead of its upcoming inclusion in the Nasdaq-100 Index.

The stock closed at $117.03, extending a sharp rebound from recent lows near $95. The rally reflects growing confidence in CoreWeave’s ability to capitalize on surging demand for AI compute, even as concerns persist around debt levels, capital spending, and long-term profitability.

Several catalysts have converged simultaneously: Nasdaq-100 inclusion, a new $2.2 billion contracted hyperscale data center project, record AI training benchmarks, and analyst estimates suggesting CoreWeave’s backlog could soon exceed $131 billion.

For investors, the debate increasingly centers on whether CoreWeave represents the next dominant AI infrastructure platform or an expensive growth story reliant on continuous capital raising.

AI Demand Continues to Accelerate

CoreWeave has rapidly evolved from a cryptocurrency mining operation into one of the largest independent AI cloud providers.

The company now supplies GPU infrastructure to many of the world’s largest AI developers and enterprises.

Recent developments highlight the scale of demand:

• Potential revenue backlog approaching $131 billion
• Existing reported backlog of $99.4 billion
• New Chicago hyperscale facility adding $2.2 billion in contracted revenue
• Nasdaq-100 inclusion effective June 22
• Industry-leading MLPerf AI training results
• Strong demand for NVIDIA GB300 infrastructure

Analysts at Cantor Fitzgerald recently argued investors may be “woefully undervaluing” the company’s backlog growth trajectory.

If backlog estimates prove accurate, CoreWeave would be signing contracts substantially faster than Wall Street currently expects.

CoreWeave’s Growth Remains Exceptional, But So Does Spending

CoreWeave’s financial profile reflects the realities of AI infrastructure economics.

Key Financial Metrics

The company generated impressive revenue growth and strong gross margins, but profitability remains elusive.

In the most recent quarter:

• Revenue more than doubled to $2.08 billion
• Net loss reached $740 million
• Interest expense totaled $536 million
• Property and equipment spending reached $7.7 billion

Management continues investing aggressively to secure GPU supply and expand data center capacity before competitors can capture market share.

CRWV’s Nasdaq-100 Inclusion Creates New Demand

One of the most immediate catalysts for the stock is its addition to the Nasdaq-100 Index.

Inclusion typically generates:

• Passive ETF buying
• Index fund demand
• Increased institutional ownership
• Higher liquidity
• Greater analyst coverage

Funds tracking the Nasdaq-100 will be required to purchase shares ahead of the June 22 rebalance.

Historically, such additions often create short-term demand tailwinds and improve trading liquidity.

CoreWeave Sets New AI Training Records

Beyond financial headlines, CoreWeave continues strengthening its technological position.

The company recently reported industry-leading MLPerf benchmark results.

Highlights included:

• DeepSeek-V3 training completed in 2.02 minutes
• Deployment across 8,192 NVIDIA GB300 GPUs
• Largest GB300 cluster submitted in the benchmark round
• Production-scale infrastructure used during testing

The results reinforce CoreWeave’s reputation as one of the leading providers of large-scale AI compute infrastructure.

As enterprises increasingly prioritize AI model training and inference, technical execution remains a critical competitive advantage.

CRWV Technical Analysis: Bullish Structure Strengthens

From a technical perspective, CRWV has regained momentum after a multi-week consolidation.

The stock has rebounded from approximately $95 to above $117, breaking back toward the upper end of its recent trading range.

Oscillators Show Improving Momentum

The indicator profile suggests improving momentum without entering overbought territory.

RSI near 58 indicates healthy buying pressure while leaving room for further upside.

MACD and Momentum have both shifted into buy territory, suggesting bullish momentum is rebuilding after the recent pullback.

Meanwhile, ADX below 15 indicates the trend remains in its early stages rather than becoming overheated.

Moving Average Structure Remains Bullish

One of the strongest technical signals is the stock’s position relative to key moving averages.

CRWV now trades:

• Roughly 11% above its 20-day EMA
• More than 15% above its 200-day EMA
• Above every major moving average tracked
• Above its Ichimoku Base Line at $111.59

This alignment typically reflects strong institutional accumulation.

Support and Resistance Levels

Key Resistance Levels

• $120-$122: Immediate resistance zone
• $140: Previous analyst target region
• $167: Cantor Fitzgerald price target area

Key Support Levels

• $111-$112: Ichimoku support
• $105-$108: Moving-average cluster
• $95: Recent swing low

A sustained hold above $111 would maintain the current bullish structure.

Volume Analysis

Volume has expanded significantly alongside the recent rally.

The combination of:

• Nasdaq-100 inclusion
• Data center announcements
• Backlog growth expectations

has attracted both momentum traders and institutional investors.

Rising volume accompanying price gains generally supports the validity of the current breakout attempt.

CoreWeave Stock Has Massive Opportunity, But Significant Risks

CoreWeave sits at the center of one of the fastest-growing segments in technology.

Its strengths include:

• Pure-play AI infrastructure exposure
• Strong hyperscaler relationships
• Expanding backlog
• Industry-leading GPU deployments
• Rapid revenue growth

However, investors must weigh several risks:

• Heavy leverage
• Negative free cash flow
• Rising interest costs
• Dependence on debt markets
• Potential valuation concerns

Some analysts argue the stock remains undervalued relative to backlog growth. Others warn that the company faces a perpetual “capex treadmill,” requiring constant investment to keep pace with evolving AI hardware.

Should You Buy and Hold CoreWeave Stock in 2026?

CoreWeave has emerged as one of Wall Street’s highest-conviction AI infrastructure stories. Nasdaq-100 inclusion, accelerating backlog growth, and continued technological leadership are fueling investor enthusiasm.

Technically, the stock remains constructive, trading above all major moving averages while momentum indicators continue improving. Fundamentally, however, the company remains a high-risk, high-reward investment dependent on maintaining access to capital and converting its massive backlog into profitable long-term growth.

For now, investors appear willing to look past near-term losses and focus on CoreWeave’s increasingly central role in powering the global AI boom.