Palantir Technologies (PLTR -7.78%) has been an incredible investment throughout the artificial intelligence (AI) boom. The stock has advanced 1,900% since January 2023. But CoreWeave (CRWV -17.13%) could be the next big winner as the AI boom continues to unfold.

The company held its initial public offering two months ago, and the share price has already tripled, but I think CoreWeave stock can double again in the next year. Here's why.

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CoreWeave is a leader in artificial intelligence infrastructure services

CoreWeave provides cloud infrastructure and software services. Its platform (called a GPU cloud) is purpose-built for demanding workloads like artificial intelligence (AI). Research company SemiAnalysis recently ranked CoreWeave as the best GPU cloud on the market, awarding it higher scores than competitors like Amazon, Microsoft, and Alphabet's Google.

CoreWeave has distinguished itself from those hyperscalers in two ways. First, it is frequently the first cloud to deploy the latest Nvidia technologies due to its close relationship with the chipmaker. Second, CoreWeave is very good at running GPU clusters, such that it frequently achieves record-breaking results at the MLPerf benchmarks: objective tests that measure the performance of AI systems.

CoreWeave reported tremendous first-quarter financial results. Revenue increased 420% to $981 million, and adjusted operating income (which excludes stock-based compensation and interest payments on debt) increased 550% to $162 million. As a caveat, the company reported a non-GAAP (generally accepted accounting principles) net loss of $150 million because interest payments on debt cut into profits.

However, significant debt is unavoidable when building AI infrastructure, and CoreWeave has a responsible borrowing strategy involving what management calls "naturally deleveraging self-amortizing debt facilities." That means the company only takes on debt when a customer contract creates a need for additional AI infrastructure, and only if that contract more than covers the cost of the debt.

CoreWeave disclosed an impressive customer list when it filed its Form S-1 with the SEC prior to its initial public offering, including IBM, Meta Platforms, Microsoft, and Nvidia. Since then, CoreWeave has won new contracts with OpenAI and an unnamed hyperscaler, such that the company now has a revenue backlog of nearly $26 billion.

Why CoreWeave stock could return 100% in the next year

CoreWeave currently trades at 26 times sales. That is objectively expensive, but it seems reasonable for a company with triple-digit revenue growth and a gross margin of 73%. For instance, fellow cloud services company Cloudflare reported 27% revenue growth with a 77% gross margin in the most recent quarter, and that stock trades at 35 times sales.

Here's why I think CoreWeave stock can double during the next year: Wall Street estimates trailing-12-month sales will grow 200% over the next four quarters. If that happens, shares can double while the price-to-sales ratio drops to a more reasonable 17. That seems plausible, provided demand for AI infrastructure remains robust.