CoreWeave stock jumps after adding NVIDIA Vera Rubin NVL72

CoreWeave’s stock climbed to $120, its highest level since May 8, after the company announced it had deployed NVIDIA’s Vera Rubin NVL72 on its Essential Cloud for AI. NVIDIA holds an 11% equity stake in CoreWeave.

CoreWeave said it has brought the NVL72 configuration online with purpose-built software and engineering support. Each rack pairs 72 Rubin GPUs with 36 Vera CPUs and links components using NVIDIA’s sixth-generation NVLINK fabric, rated at 260 terabytes per second. CoreWeave reported internal tests showing up to 10 times better performance per watt, the ability in some workloads to use as few as one-quarter the number of GPUs, and lower overall costs compared with prior systems.

The company reported a revenue backlog near $100 billion tied to contracts with customers including Meta Platforms, Anthropic and OpenAI. CoreWeave posted revenue of $2.078 billion in the first quarter of the year, up from $982 million in the same quarter a year earlier. Analysts cited by the company project annual revenue of about $12 billion for the current year and roughly $24.9 billion for the next year.

CoreWeave’s financial statements show rising charges and liabilities. Depreciation and amortization increased to more than $1.14 billion from $443 million year over year. Short-term debt exceeded $7.5 billion and long-term debt topped $17 billion. The company has projected capital expenditures of $30 billion to $35 billion.

Market technicians pointed to a double-bottom pattern after the stock hit a low of $55.85 last December and again in March, with a neckline near $114.30. The price moved above the 50% Fibonacci retracement level and the 50-day exponential moving average. Observers identified resistance at $138 and cited $150 as a psychological level if gains continue.

Craig Falls, head of quantitative research at Jane Street, commented: “Their ability to deliver highly performant clusters with full cluster observability and a support team that engages deeply on hard problems gives us the confidence to partner with them on Vera Rubin.”

Industry analysts estimate top cloud operators and hyperscalers will spend more than $750 billion this year on AI-related hardware and services, a portion of which could be directed to specialized cloud providers such as CoreWeave.