<p><strong>CoreWeave Inc.</strong> (NASDAQ:CRWV) stock climbed about 10% on Tuesday, outperforming the broader technology sector even as investors pulled back from large-cap tech stocks. The Nasdaq fell 1.36%, while the S&amp;P 500 slipped 0.29%.</p>



<p>The rally comes as investors continue to react to CoreWeave’s upcoming addition to the Nasdaq-100 Index. The stock also received support after<strong> Cantor Fitzgerald </strong>reiterated its Overweight rating and maintained its $167 price forecast on Tuesday.</p>



<p>Nasdaq said CoreWeave will join the Nasdaq-100 as part of its June quarterly rebalance, effective before the market opens on June 22. The inclusion is expected to drive demand from index-tracking funds that must buy shares to mirror the benchmark.</p>



<h2>Cantor Sees Stronger Growth Than Investors Expect</h2>



<p>In a research note published Monday, Cantor Fitzgerald said CoreWeave’s June bond offering memorandum contained supplemental financial disclosures that equity investors have largely overlooked.</p>



<p>The analysts pointed to a run-rate EBITDA of $18.76 billion, up from $16.10 billion disclosed in the company’s April offering memorandum. They said the increase reflects additional contract wins and backlog growth during the quarter, signaling continued business momentum.</p>



<h2>Sizable Backlog Beat Projected</h2>



<p>The research firm projects that CoreWeave is positioned to materially exceed the consensus backlog estimates for the second quarter of 2026.</p>



<p>The analyst calculations show that CoreWeave accumulated an implied backlog of $125 billion as of the offering memorandum date, which represented 80% of the quarter.</p>



<p>Assuming a consistent expansion pace for the remainder of the period, Cantor Fitzgerald estimates that total backlog could exceed $131 billion by the end of the second quarter. This projection contrasts with Bloomberg consensus estimates, which currently sit at $104.4 billion.</p>



<h2>Favorable Valuation Metrics and Contract Targets</h2>



<p>The report notes that CoreWeave is on track to approximate the $40 billion in new contracts secured during the first quarter of 2026.</p>



<p>Additionally, the analysts stated the company has secured 90% of its year-end 2027 revenue target of $30 billion in annualized recurring revenue.</p>



<p>Based on the share price of $106.71, the company trades at 6.2 times enterprise value to run-rate EBITDA when using the target net debt of $58.3 billion from the offering memorandum.</p>



<h2>Broad Sector Undervaluing Persists</h2>



<p>Cantor Fitzgerald maintained that the broader market continues to undervalue both CoreWeave and the neocloud sector.</p>



<p>“While one of the biggest debates surrounding CRWV, as well as other neoclouds, is what valuation methodology or target multiple is most appropriate, we continue to believe the market is woefully undervaluing this sector and CRWV, in particular,” the report said.</p>



<p>The analysts concluded that the current risk-to-reward ratio remains attractive for investors leading up to the release of the second-quarter financial results.</p>



<p><strong>CRWV Price Action:</strong> CoreWeave shares were up 9.73% at $117.09 at the time of publication on Tuesday, according to Benzinga Pro data.</p>



<p><em>Image via Shutterstock</em></p>



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<p>CoreWeave (CRWV) shares surged 10% ahead of its Nasdaq-100 inclusion, supported by Cantor Fitzgerald's $167 price target. The firm highlights a run-rate EBITDA of $18.76 billion and projects Q2 backlog exceeding $131 billion, significantly above consensus estimates. Analysts argue the market is 'woefully undervaluing' CoreWeave and the neocloud sector, citing strong contract momentum and favorable valuation metrics.</p>

CoreWeave Is 'Woefully Undervalued', Says Analyst