CoreWeave can rally on updates to OpenAI, Perplexity deals, Wells Fargo says

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. …