CoreWeave, Inc. (CRWV) stock is soaring 5.07% in intraday trading, continuing its impressive run since its IPO earlier this year. The AI cloud computing infrastructure provider has seen its stock price skyrocket from its initial offering price of $40-$41 to around $120, reflecting growing investor enthusiasm for AI-related stocks.

CoreWeave has positioned itself as a key player in the booming AI infrastructure market, offering specialized cloud computing services for AI workloads. The company boasts an impressive client list including tech giants Microsoft, OpenAI, Meta Platforms, and IBM. CoreWeave's co-founder and chief development officer, Brannin McBee, emphasized the company's competitive advantage over traditional cloud providers, stating that their purpose-built AI infrastructure offers better performance and lower prices for AI-focused tasks.

Despite the stock's meteoric rise, analysts are struggling to keep pace with CoreWeave's valuation. The average price target stands at just $69, significantly below the current trading price. While some analysts, like Barclays' Raimo Lenschow, have raised their price targets, they've also expressed caution due to the company's high valuation and lack of comparable businesses. Investors appear to be focusing on CoreWeave's growth potential, with revenue expected to more than double this year to $5 billion and potentially reach over $16 billion by 2027. However, the company's significant debt load and projected cash burn remain points of concern for some market observers.