Key Highlights

• CoreWeave shares climbed approximately 2.5% during premarket hours following Citi’s price target increase from $126 to $155
• Analyst Tyler Radke maintained his Buy recommendation while projecting 35-40% quarter-over-quarter backlog expansion
• A recently announced partnership with Jane Street and Meta is scheduled to scale through the conclusion of 2027
• This strategic partnership may propel CoreWeave beyond its $30 billion annual recurring revenue objective
• The company enhanced its SUNK platform with additional self-service capabilities and introduced the SUNK Anywhere functionality

CoreWeave experienced a premarket gain of roughly 2.5% on Thursday following Citi’s announcement of an upgraded price target, moving from $126 to $155.

CoreWeave, Inc. Class A Common Stock, CRWV

Tyler Radke, the covering analyst, maintained his Buy recommendation while highlighting an increasingly robust demand environment for artificial intelligence infrastructure solutions.

By midday trading, shares extended their gains, with CRWV trading more than 7% higher.

Radke’s analysis projects backlog expansion ranging between 35% and 40% on a sequential quarterly basis for the current period. He attributed this growth trajectory to an increasingly diversified customer portfolio spanning hyperscalers, artificial intelligence laboratories, and enterprise organizations, suggesting enhanced sustainability in the company’s growth narrative.

“The stars continue to align for AI infrastructure leaders like CRWV,” Radke wrote in a note to clients.

This evolving customer diversification strategy is increasingly capturing investor attention. Reduced dependency on individual clients mitigates concentration exposure, addressing a longstanding concern among market participants.

Strategic Partnership with Jane Street and Meta Enhances Growth Trajectory

A newly established agreement involving Jane Street and Meta is projected to scale operations through fiscal year 2027. According to Radke, this partnership alone possesses the capacity to elevate CoreWeave beyond its $30 billion annual recurring revenue milestone.

The analyst additionally highlighted Anthropic as representing potential upside optionality, indicating additional growth opportunities should that commercial relationship expand.

From a capital structure perspective, newly secured investment-grade financing is reducing CoreWeave’s cost of capital. Radke indicated this development could trigger upward earnings per share estimate revisions extending through fiscal 2026.

Pricing dynamics surrounding next-generation Blackwell hardware may deliver incremental revenue opportunities. CoreWeave appears to have preserved strategic flexibility within its fiscal 2026 capital expenditure allocation, potentially enabling the company to capitalize on these favorable conditions.

Platform Enhancement: SUNK Receives Significant Upgrades

CoreWeave announced substantial enhancements to its SUNK platform this week, incorporating self-service functionalities alongside the newly launched SUNK Anywhere capability.

SUNK Anywhere was engineered to accelerate cluster deployment processes for customers. The feature enables artificial intelligence workloads to operate seamlessly across diverse cloud infrastructure providers.

These platform improvements enhance accessibility for enterprise clients seeking to expand AI infrastructure deployments while minimizing manual configuration requirements.

CoreWeave’s year-to-date performance reflects approximately 55.84% appreciation based on available market data. Current market capitalization stands at roughly $61.34 billion.

Average daily trading volume registers at approximately 27 million shares, demonstrating sustained market interest in the equity.

Technical sentiment indicators currently signal a Strong Buy designation for CRWV.

Citi’s revised $155 price objective represents substantial upside potential relative to the stock’s trading levels prior to the research note’s publication.

CoreWeave’s projected 35-40% sequential backlog growth remains the primary metric under analyst scrutiny approaching the upcoming earnings announcement.

Romance scammers are reportedly using AI generated images of attractive women to dupe followers and attendees of this week’s XRP Las Vegas conference.

The “women,” invariably pictured in glamorous cocktail dresses in front of the event’s official banner, were flagged by an XRP Ledger validator on Friday morning.

Their job was to slide into the DMs of visitors and XRP aficionados who they hope will be predisposed to welcome otherwise unusual conversations about the crypto.

Attendees of the event, which is billed as “the Largest XRP conference in the world,” and features speakers including Ripple CEO Brad Garlinghouse and XRP Ledger co-creator David Schwartz, will likely have spent hundreds of dollars on their tickets and even more on travel and accomodation.

This makes them potentially rich pickings for criminals, specifically “pig butcherers,” who attempt to dupe gullible investors into romantic chats that eventually turn into crypto donation or investment scams.

Ripple CEO Brad Garlinghouse said at XRP Las Vegas on April 30 that if the CLARITY Act does not clear the Senate Banking Committee before the Memorial Day recess on May 21, the bill could be shelved until 2030, as the current tri-branch alignment between the House, Senate, and White House on crypto legislation is uniquely fragile.

Ripple CEO Brad Garlinghouse framed May 21 as a hard ceiling at XRP Las Vegas, warning that the political conditions enabling the CLARITY Act are rare in Washington and may not survive a midterm election realignment. The 247 Wall St. analysis notes that XRP has spent most of 2026 waiting on this single catalyst, and that failure before May 21 effectively removes the largest institutional adoption driver for the year. Senator Tillis confirmed he will ask Banking Committee Chairman Tim Scott to schedule a markup when the Senate returns May 11.

As crypto.news reported, the April markup deadline was missed because the Kevin Warsh confirmation consumed the Banking Committee’s calendar throughout April, and the committee broke for its weeklong recess before any markup notice was posted. That delay compresses the remaining window to roughly eight working days between May 11 and May 21. The five steps that must happen in sequence include a committee markup, a committee vote, a 60-vote Senate floor vote, reconciliation between the Senate Banking and Agriculture Committee versions, and a second reconciliation with the July 2025 House text. Each step takes days that the calendar no longer has to spare.

As crypto.news documented, Senator Lummis made the political fragility argument explicitly at the Bitcoin 2026 Conference on April 27, saying the current simultaneous alignment of House, Senate, and White House on crypto legislation “is rare in Washington and may not last.” She chairs the Banking Subcommittee on Digital Assets and is not seeking re-election, making her one of the few senators with no electoral incentive to delay. As crypto.news tracked, Novogratz said on a podcast this week the bill “probably gets done in May,” but Galaxy Research puts overall 2026 passage odds at 50-50 or lower and Polymarket prices it at approximately 46%.

The Ethereum Foundation has sold another 10,000 ether (ETH) in an over-the-counter deal to Tom Lee’s BitMine (BMNR), continuing a string of treasury sales this year.

In a post on X on Friday, the organization said it finalized the sale at an average price of $2,292.15 per token, implying proceeds of roughly $22.9 million. The counterparty was BitMine Immersion Technologies, a repeat buyer that has increasingly acted as a key institutional accumulator of ETH from the foundation.

The latest transaction follows a similar March deal in which the foundation sold 5,000 ETH to BitMine at about $2,042 per ETH, raising roughly $10.2 million.

Like prior sales, the Ethereum Foundation said proceeds will go toward core operations & activities, including protocol research and development, ecosystem growth and community grants, a longstanding funding model for the organization.

The foundation added that the transaction is part of its formal treasury management strategy, under which ETH holdings are periodically converted into fiat to maintain operating runway and reduce market impact. These deals are typically executed OTC to avoid disrupting spot markets.

Bitmine, which is helmed by Fundstrat’s Tom Lee, continues to participate in these transactions, which underscores its growing role as one of the largest corporate ETH holders. The firm has now taken part in multiple direct purchases from the foundation this year, highlighting a deepening relationship between the network’s primary steward and a major institutional buyer.

The onchain transfer for the latest sale is expected to originate from an Ethereum Foundation-controlled multisig wallet, in line with its recent push for greater transparency around treasury activity.

Read more: Bitmine to buy 10,000 ether for $23.9 million from the Ethereum Foundation