(Bloomberg) — After months of skepticism, Wall Street is warming up to CoreWeave Inc. as a series of new business deals eases concerns about the money losing provider of computing services.

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Nearly half of the analysts covering CoreWeave now have buy-equivalent ratings after at least three raised their recommendations in September. It’s a stark shift from mid-July, when less than 20% of the 29 analysts tracked by Bloomberg recommended buying the stock.

The improving sentiment follows recent agreements with companies including OpenAI that quelled fears CoreWeave was too beholden to Microsoft Corp., which accounted for more than 70% of its revenue at the end of June. On Tuesday, CoreWeave said it will provide Meta Platforms Inc. with as much as $14.2 billion worth of computing power. The news sent the stock soaring, capping its best month since June with a gain of 33%.

“The Street is finally seeing the stickiness and the demand story when it comes to CoreWeave,” said Tejas Dessai, director of thematic research at Global X ETFs, which holds CoreWeave shares. “Once you get these data centers up and running, of course the demand exists, and then the infrastructure in terms of using AI compute services can be a very attractive business.”

Since its initial public offering in March that was propped up by long-time backer Nvidia Corp., CoreWeave has been one of the most controversial stocks on Wall Street. Bulls see a new breed of computing services provider that is poised to win more business as spending on AI continues to climb. For bears, it’s a cash-burning trap that’s destined to end badly when demand eventually slows.

CoreWeave shares have gained more than 240% since their debut but remain down 25% from a June peak when the market capitalization of the Livingston, New Jersey-based company briefly exceeded $88 billion.

The shares have considerable upside even after September’s run up, with strong demand expected to translate into future profits, Evercore ISI analysts led by Amit Daryanani wrote in a research note on Tuesday initiating coverage of CoreWeave with an outperform rating. The analysts’ 12-month price target is $175, implying potential for a gain of more than 25% from Tuesday’s closing price.

But the flurry of new deals has done little to convert many bears. Felix Wang at Hedgeye Risk Management LLC reiterated his recommendation to bet against the stock following last week’s expansion of an existing supply agreement between CoreWeave and OpenAI by as much as $6.5 billion.