Why CoreWeave Stock Charged Higher on Wednesday

CoreWeave (CRWV +8.81%) stock charged sharply higher today, gaining as much as 9.1%. As of 12:41 p.m. ET, the stock was still up 8.1%.

The artificial intelligence (AI) neocloud specialist reported a multiyear deal that bodes well for the future.

Image source: Getty Images.

A cloudy outlook

In a press release on Wednesday morning, CoreWeave announced a far-reaching multiyear strategic partnership with Perplexity AI. The high-profile AI start-up will power its next-generation inference workloads – using large language models for problem-solving – on CoreWeave’s platform. This will help Perplexity scale its AI processing capacity as it grows.

Additionally, CoreWeave will roll out Perplexity’s Enterprise Max – the company’s highest tier subscription AI offering – across the company, allowing CoreWeave employees “to search the web and internal knowledge, run deep multi-step research, visualize and analyze data, and work with the most advanced AI models available – all within one platform.”

“AI applications running in production require more than just access to raw infrastructure,” said Mas Hjelm, VP of revenue for CoreWeave. “They require best-in-class performance and reliability as well as a cloud platform designed end-to-end for AI that simplifies compute operations.”

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NASDAQ: CRWV

CoreWeave

Today’s Change

(8.81%) $6.50

Current Price

$80.28

Key Data Points

Market Cap

$38B

Day’s Range

$75.82 - $80.52

52wk Range

$33.52 - $187.00

Volume

597K

Avg Vol

28M

Gross Margin

47.77%

CoreWeave is one of several emerging neocloud operators that provide AI-based cloud services by amassing state-of-the-art graphics processing units (GPUs) and other high-end chips to offer what is commonly referred to as GPU-as-a-service (GPUaaS). CoreWeave will be running Perplexity AI’s workloads on Nvidia’s Grace Blackwell GB-200 clusters.

This is an expansion of an existing relationship. CoreWeave Kubernetes Service was already powering inference workloads for Perplexity as part of the initial rollout, which included training, fine-tuning, and managing AI models.

CoreWeave is the largest of the neocloud operators. Revenue of $5.1 billion jumped 168% in 2025, while its loss per share of $2.81 improved 35%, though profits are still a way off. The stock is currently selling for more than 6 times sales, though that’s down from a peak of 27 in mid-2025.

CoreWeave remains a high-risk, high-reward opportunity and should only be owned as a small part of a balanced portfolio.