Shares of CoreWeave, Inc. (CRWV) are moving higher in Friday's premarket session. The company is making waves with a double dose of good news: a new multi-year partnership with AI developer Anthropic and the expansion of a massive, long-term deal with Meta Platforms Inc. (META).

This isn't just about press releases; it's about CoreWeave cementing its role as a critical piece of infrastructure in the AI boom. The company disclosed that Anthropic will use its cloud platform to run AI workloads at production scale, leaning on CoreWeave for high performance and reliability. Think of it as Anthropic renting super-powered computing muscle to train and deploy its models.

The partnership will start with a staged rollout of infrastructure, with more capacity expected to come online as the collaboration deepens throughout the multi-year agreement. For CoreWeave, it's a direct play to boost its position in what it calls the "rapidly evolving and expanding AI market."

Funding the Ambition: A $5.25 Billion Capital Raise

Big ambitions require big checks. To fund its growth, CoreWeave is tapping the debt markets—aggressively. The company priced an upsized offering of $3.5 billion in convertible senior notes. That's up from an initially planned $3.0 billion, showing strong investor appetite. The notes, which carry a tiny 1.75% coupon and are due in 2032, are expected to close on April 14, 2026.

Here's how the deal works for potential converts: the conversion price is set at about $119.60 per share, which represents a roughly 30% premium to... well, the pricing isn't perfectly clear from the release, but it's a healthy premium. The company can settle conversions in cash, shares, or a mix. Most of the proceeds are earmarked for general corporate purposes, with about $430.5 million specifically set aside to enter into "capped call" transactions. These are fancy hedges meant to limit potential dilution from the convertible notes, a move that shows the company is thinking about its existing shareholders.

But wait, there's more debt. Separately, CoreWeave also priced $1.75 billion of senior notes that pay a much heftier 9.750% interest rate and are due in 2031. Some of the cash from this offering is intended to pay down other debt, likely helping to manage the company's overall cost of capital.

The $21 Billion Meta Expansion

If the Anthropic deal is the new news, the Meta expansion is the blockbuster sequel. On Thursday, CoreWeave said it has expanded a long-term agreement with Meta to provide AI cloud capacity all the way through December 2032. The total value of the deal? About $21 billion. That's not a typo. It underscores just how much compute power the biggest tech companies need to fuel their AI arms race, and CoreWeave is positioning itself as a key supplier.

Reading the Stock's Tea Leaves

With all this news, how is the stock actually trading? At $95.30 in the premarket, it's showing some interesting technical signals. The share price is sitting 18.8% above its 20-day simple moving average and 13.3% above its 50-day average, which suggests strong short-term momentum. However, it's still trading 6% below its 200-day moving average, hinting there might be some longer-term resistance or consolidation to work through.

The Relative Strength Index (RSI) is at 58.33, which is considered a neutral zone—not overbought, not oversold. It implies the market is digesting the news without extreme sentiment either way. Traders might be watching a key resistance level around $100.50, where upward moves could stall, and a support level near $85.00, where buyers might step in.

The 12-month performance is hard to ignore: up 118.01%. The stock is currently well above its 52-week low of $33.52, reflecting a year of robust demand and investor confidence in its AI infrastructure story.

What's Next? The Financials Due in May

Investors won't have to wait long for the next official update. CoreWeave is slated to report again on May 13, 2026. The estimates tell a story of a company in high-growth, high-investment mode. Revenue is expected to nearly double to $1.96 billion, up from $981.63 million. However, earnings per share are estimated at a loss of $1.22, a swing from a profit of 60 cents previously. This is classic "growth over profits" for a company scaling its infrastructure.

Analysts, on balance, are bullish. The stock carries a consensus Buy rating with an average price target of $123.04. Recent moves include Evercore ISI Group maintaining an Outperform rating but lowering its target to $120.00 in March, Oppenheimer initiating coverage with an Outperform and a $140.00 target, and Bernstein initiating with an Underperform and a much lower $56.00 target. So, there's debate, but the average is leaning positive.

The ETF Angle: Forced Buying and Selling

Here's a quirk for the stock: it's a heavyweight in a few exchange-traded funds (ETFs). Specifically, it makes up 11.11% of the Renaissance IPO ETF (IPO), 4.18% of the iShares US Digital Infrastructure and Real Estate ETF (IDGT), and 3.33% of the ARK Next Generation Internet ETF (ARKW).

Why does this matter? Because of how ETFs work. If money flows into these funds, the managers are forced to buy more CoreWeave stock to maintain that percentage weight. Conversely, big outflows could force selling. It's a mechanical factor that can amplify moves in the stock, unrelated to the company's own fundamentals.

Price Action: Putting it all together, CoreWeave shares were up 3.97% at $95.65 at the time of publication on Friday, according to market data.