CoreWeave Joins Nasdaq-100 as Analyst Sees 80% Upside, June 17

CoreWeave stock rallied after winning inclusion in the Nasdaq-100 Index, effective June 22, 2026. Cantor Fitzgerald reiterated its Overweight rating and $167 price target, citing stronger-than-expected backlog growth. The AI infrastructure company has surged 66% this year, but analyst opinions remain split on whether the stock is undervalued or overpriced at current levels.

Index Inclusion Drives Demand

CoreWeave will join the Nasdaq-100 as part of the June quarterly rebalance. The inclusion takes effect before market open on June 22, 2026. Index-tracking funds must buy shares to mirror the benchmark, which typically drives near-term demand and price support for newly added stocks.

Backlog Beats Consensus Estimates

Cantor Fitzgerald projects CoreWeave’s backlog could exceed $131 billion by the end of the second quarter of 2026, based on supplemental financial disclosures in the company’s June bond offering memorandum. This contrasts sharply with Bloomberg consensus estimates of $104.4 billion. Run-rate EBITDA rose to $18.76 billion from $16.10 billion disclosed in April, reflecting additional contract wins and backlog growth during the quarter.

The company secured 90% of its year-end 2027 revenue target of $30 billion in annualized recurring revenue. Analysts at Cantor Fitzgerald say CoreWeave is positioned to materially exceed consensus backlog estimates.

Valuation Debate Intensifies

Analyst Brett Knoblauch at Macquarie suggests the market undervalues CoreWeave, citing its discounted valuation relative to peers. However, Bernstein SocGen Group reiterated an Underperform rating with a $67 price target, warning that the stock could be 52.4% overvalued due to capital expenditure concerns. Nvidia invested $2 billion in CoreWeave, signaling confidence in the company’s AI infrastructure platform.

What This Means for Investors

CoreWeave trades near $106 per share, with Cantor Fitzgerald’s $167 target implying 58% upside. The Nasdaq-100 inclusion will force index funds to buy shares starting June 22, providing near-term price support. However, execution risks remain high. The company must deliver on its $131 billion backlog projection and manage rising capital expenditure to reach profitability.

Final Thoughts

CoreWeave’s Nasdaq-100 inclusion and stronger backlog projections support near-term momentum, but valuation remains contested. With Cantor targeting $167 and Bernstein warning of overvaluation, investors should watch Q2 earnings and backlog confirmation before adding exposure.

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