CoreWeave is likely to gain ground when it updates investors on deals worth tens of billions of dollars that it struck this year, according to Wells Fargo. The investment bank rates CoreWeave , which rents out computing power, most notably Nvidia GPUs, overweight and raised its 12-month price target to $135 from $125, implying 28% upside from Tuesday’s close. The Livingston, New Jersey-based company is estimated to report first-quarter results on May 7. “[We] see much of major deal commentary reflected in recent 8-K/[press releases] (ie Anthropic, Meta, Perplexity), but expect constructive updates on delivery timelines (OpenAI) & unit economics,” Wells Fargo analysts led by Michael Turrin wrote Tuesday in a report to clients. CoreWeave secured at least $63.9 billion worth of deals in the first quarter of 2026, including multi-year partnerships with Perplexity and Open AI, according to publicly available data. But Wells Fargo estimates the true value of the backlog at more than $90 billion. Remaining performance obligations (RPOs) could boost the company’s stock, particularly as investors learn more about their impacts on CoreWeave’s balance sheet, according to Wells Fargo. CRWV 1M mountain CoreWeave has soared 41% in the past month “Providing GPU capacity to the world’s largest AI labs—including OpenAI, Google, Meta, & Microsoft—CoreWeave has already begun to show diversification of rev[enue] streams, fueling outsized growth with positive unit economics over the next 3 [years],” Turrin wrote. Expectations for the coming financial report are more evenly set now due to CoreWeave’s “shrinking magnitude of beats on the last three qtrs + miss on 4Q,” the analyst said. “Our sense is investors look for revs slightly above ([low single digit percentage]) high-end of 1Q guidance for $1.9-2.0B,” Turrin wrote. Of 36 analysts covering CoreWeave on Wall Street, 23 rate it a buy or strong buy. CoreWeave has soared 41% in the past month and 146% over the past year.