Overview

• CoreWeave disclosed a $6.3 billion agreement under which Nvidia must buy any residual unsold data center capacity through April 2032, providing a multi‑year utilization backstop.
• The company reports a $30.1 billion contracted backlog and says growth remains constrained by capacity rather than demand.
• OpenAI expanded its CoreWeave commitment after an initial $11.9 billion contract, contributing to the surge in backlog.
• Melius upgraded CoreWeave to Buy on September 23 with a $165 price target, citing benefits from accelerating cloud and AI infrastructure demand.
• Coverage highlights ongoing risks including a rich valuation, continued losses projected through 2026, and heavy capex with elevated cash burn and leverage.