Navitas stock soars as company advances 800V tech for NVIDIA AI platforms
Investing.com - CoreWeave (NASDAQ:CRWV) stock gained after Cantor Fitzgerald reiterated its Overweight rating and $116.00 price target on the cloud computing company. The stock, currently trading at $120.47 with a market capitalization of $62.5 billion, has shown impressive momentum with a 20% gain in the past week alone. According to InvestingPro analysis, the company appears overvalued relative to its Fair Value.
The firm highlighted CoreWeave’s recent 8-K filing announcing a new order agreement under its existing Master Services Agreement (MSA) with Nvidia, originally dated April 10, 2023. This new order has an initial deal value of $6.3 billion. The company maintains strong operational efficiency with a 74.5% gross margin, though InvestingPro data shows it remains unprofitable over the last twelve months. Get access to 15+ additional ProTips and comprehensive valuation metrics with InvestingPro.
The agreement establishes an arrangement where Nvidia will have access to any residual unsold cloud computing capacity from CoreWeave. Nvidia is obligated to purchase remaining capacity through April 13, 2032, as long as the MSA remains in place.
The MSA can be terminated upon 30 days’ written notice to the other party of a breach, or if either party becomes subject to bankruptcy proceedings not dismissed within 90 days.
Cantor Fitzgerald noted the $6.3 billion order would increase CoreWeave’s backlog by 21% from $30.1 billion at the end of the second quarter of 2025, excluding any other increases signed in the third quarter.
In other recent news, CoreWeave has entered into a substantial $6.3 billion agreement with NVIDIA. This deal, disclosed in an SEC filing, involves CoreWeave selling reserved cloud computing capacity while providing NVIDIA access to any unsold capacity until 2032. Additionally, CoreWeave’s Q2 FY2026 results have impressed, surpassing both analyst forecasts and management guidance, prompting Freedom Capital Markets to upgrade the stock rating from Sell to Hold and raise the price target to $430.00.
Citizens JMP also upgraded CoreWeave’s stock rating from Market Perform to Market Outperform, setting a price target of $180.00, driven by trends in the GPU-as-a-Service market. Deutsche Bank added CoreWeave to its Catalyst Call Buy Idea List, highlighting the strong demand for AI infrastructure and the company’s potential for significant revenue growth. Meanwhile, Barclays maintained its Equalweight rating on CoreWeave amid its ongoing deal with NVIDIA. These developments underscore the dynamic changes and opportunities surrounding CoreWeave in the current market landscape.
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