CoreWeave shares rise 10% on backlog boost, Nasdaq-100 entry

Shares of CoreWeave surged more than 10 percent on Tuesday, June 16, 2026, as investors reacted to analyst projections of a significant second-quarter backlog beat and the company's imminent inclusion in the Nasdaq-100 index. The stock closed at $117.03, having traded as high as $119.45 during the session on heavy volume.

The rally was primarily driven by analysis from Cantor Fitzgerald, which highlighted internal metrics from a recent bond-offering memorandum. Analyst Brett Knoblauch noted the filing showed a run-rate EBITDA of $18.758 billion, up from $16.098 billion in an April filing. Based on this progression, he estimated CoreWeave's backlog could have already reached approximately $125 billion by early June and might exceed $131 billion by the quarter's end on June 30. This would substantially surpass both the company's reported first-quarter backlog of $99.4 billion and the Wall Street consensus estimate of $104.4 billion. Knoblauch maintained an Overweight rating and a $167 price target, stating the market is undervaluing CoreWeave and the broader specialized AI cloud sector.

A secondary catalyst is the company's scheduled addition to the Nasdaq-100 index. The inclusion...