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CRWV Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About CRWV Interactive Breakdown Better Bets vs. CRWV Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Trade Sentinel Industry Resource Links External Quote Links

CoreWeave (CRWV)

Market Price (5/18/2026): $106.8 | Market Cap: $56.3 Bil
Sector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)

Market Price (5/18/2026): $106.8
Market Cap: $56.3 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 96%, CFO LTM is 6.0 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -163 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -170%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.0%

High stock price volatility
Vol 12M is 106%

Key risks
CRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 96%, CFO LTM is 6.0 Bil
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -163 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -170%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.0%
8 High stock price volatility
Vol 12M is 106%
9 Key risks
CRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

CoreWeave (CRWV) stock has gained about 15% since 1/31/2026 because of the following key factors:

1. Significant New AI Cloud Contracts and Record Backlog Growth. CoreWeave secured major multi-year agreements, including an expanded $21 billion deal with Meta Platforms announced on April 9, 2026, bringing their total partnership to $35 billion through December 2032. Additionally, Jane Street signed a $6 billion AI cloud agreement with CoreWeave in April 2026, which included a $1 billion equity investment. These new commitments contributed to a revenue backlog of nearly $100 billion as of March 31, 2026, providing substantial long-term revenue visibility.

2. Strong Q1 2026 Financial Performance Exceeding Revenue Expectations. CoreWeave reported Q1 2026 revenue of $2.08 billion, marking a 111.6% year-over-year increase and surpassing the Wall Street consensus of $1.97 billion. This robust top-line growth demonstrated strong demand for its AI cloud infrastructure services.

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Stock Movement Drivers

Fundamental Drivers

The 15.1% change in CRWV stock from 1/31/2026 to 5/17/2026 was primarily driven by a 44.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120265172026Change
Stock Price ($)93.19107.3015.1%
Change Contribution By: 
Total Revenues ($ Mil)4,3066,22744.6%
P/S Multiple10.89.1-15.7%
Shares Outstanding (Mil)498527-5.5%
Cumulative Contribution15.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/17/2026
ReturnCorrelation
CRWV15.1% 
Market (SPY)7.1%49.0%
Sector (XLK)22.7%54.6%

Fundamental Drivers

The -19.8% change in CRWV stock from 10/31/2025 to 5/17/2026 was primarily driven by a -23.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)103120255172026Change
Stock Price ($)133.71107.30-19.8%
Change Contribution By: 
Total Revenues ($ Mil)�6,2270.0%
P/S Multiple�9.10.0%
Shares Outstanding (Mil)404527-23.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/17/2026
ReturnCorrelation
CRWV-19.8% 
Market (SPY)9.0%46.9%
Sector (XLK)17.6%56.3%

Fundamental Drivers

The 159.8% change in CRWV stock from 4/30/2025 to 5/17/2026 was primarily driven by a 225.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)43020255172026Change
Stock Price ($)41.30107.30159.8%
Change Contribution By: 
Total Revenues ($ Mil)1,9156,227225.2%
P/S Multiple10.09.1-9.3%
Shares Outstanding (Mil)464527-11.9%
Cumulative Contribution159.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/17/2026
ReturnCorrelation
CRWV159.8% 
Market (SPY)34.8%35.5%
Sector (XLK)68.8%44.2%

Fundamental Drivers

null
null

Market Drivers

4/30/2023 to 5/17/2026
ReturnCorrelation
CRWV  
Market (SPY)84.7%37.7%
Sector (XLK)138.6%44.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRWV Return----79%59%186%
Peers Return57%-34%93%65%29%11%370%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
CRWV Win Rate----40%60% 
Peers Win Rate65%30%70%67%55%56% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
CRWV Max Drawdown------36% 
Peers Max Drawdown-14%-45%-18%-20%-33%-23% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMZN, MSFT, GOOGL, NVDA, ORCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)

How Low Can It Go

CRWV has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

EventXLKS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven65 days79 days
2024 Yen Carry Trade Unwind
  % Loss-17.0%-7.8%
  % Gain to Breakeven20.4%8.5%
  Time to Breakeven92 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.0%-9.5%
  % Gain to Breakeven11.2%10.5%
  Time to Breakeven15 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.1%-24.5%
  % Gain to Breakeven49.5%32.4%
  Time to Breakeven246 days427 days
2020 COVID-19 Crash
  % Loss-31.2%-33.7%
  % Gain to Breakeven45.2%50.9%
  Time to Breakeven78 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.8%-19.2%
  % Gain to Breakeven31.2%23.8%
  Time to Breakeven100 days105 days

Compare to AMZN, MSFT, GOOGL, NVDA, ORCL

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

CRWV has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

EventXLKS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven65 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.1%-24.5%
  % Gain to Breakeven49.5%32.4%
  Time to Breakeven246 days427 days
2020 COVID-19 Crash
  % Loss-31.2%-33.7%
  % Gain to Breakeven45.2%50.9%
  Time to Breakeven78 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.8%-19.2%
  % Gain to Breakeven31.2%23.8%
  Time to Breakeven100 days105 days
2008-2009 Global Financial Crisis
  % Loss-51.5%-53.4%
  % Gain to Breakeven106.2%114.4%
  Time to Breakeven797 days1085 days

Compare to AMZN, MSFT, GOOGL, NVDA, ORCL

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CoreWeave (CRWV)

CoreWeave powers the creation and delivery of the intelligence that drives innovation. We are the AI Hyperscaler™ driving the AI revolution(1). Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”), Mistral AI SAS (“Mistral”), NVIDIA Corporation (“NVIDIA”), and OpenAI OpCo, LLC (“OpenAI”). We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization. According to IDC, AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030. The generalized cloud infrastructure that drove the cloud revolution beginning in the 2000s was built to host websites, databases, and SaaS apps that have fundamentally different needs than the high performance requirements of AI. As workloads and technologies evolve, so too must the infrastructure and cloud software and services that power them. We believe we are at the start of a new cloud era that will drive the AI revolution. The opportunity for a purpose-built AI cloud platform, including the infrastructure and integrated software, is massive. Based on market research from Bloomberg Intelligence, total spending on AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will reach approximately $399 billion by 2028. For AI to reach its full potential, it needs a purpose-built AI cloud platform with infrastructure and managed cloud services that are delivered in an efficient, automated, and highly performant way. Enter CoreWeave, the AI Hyperscaler™. We purpose-built our CoreWeave Cloud Platform to be the infrastructure and application platform for AI. Our platform manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. Through our proprietary software capabilities, we enable our customers to achieve substantially higher total system performance and more favorable uptime relative to other AI offerings within existing infrastructure cloud environments and unlock speed at scale. By delivering more compute cycles to AI workloads and thereby reducing the time required to train models, our capabilities can significantly accelerate the time to solution for customers in the ongoing hyper-competitive race to build the next bleeding-edge AI models. For example, in June 2023, our NVIDIA H100 Tensor Core GPU training cluster completed the MLPerf benchmark test (which benchmarks how quickly a system can train a model from scratch) in eleven minutes—a record and 29 times faster than the next best competitor at the time of the benchmark test. These efficiencies also extend from training to inference use cases, as our CoreWeave Cloud Platform significantly improves both run-time efficiency for inference workloads and enables overall higher AI application uptime. These performance gains help to ensure lower performance-adjusted costs and a superior end-user experience. The supercomputers we build to power our platform are optimized to support many types of AI workloads, and they are augmented by our suite of cloud services to deliver meaningful time and cost savings to customers through our orchestration, automation, and monitoring capabilities. Our multidisciplinary, customer-centric team has a proven ability to conceptualize, design, and implement solutions to solve the most complex engineering challenges in the pursuit of furthering AI. We hire individuals who help contribute to and maintain a culture centered around solving the most complex AI infrastructure scaling, performance, and reliability challenges. Customers utilize our platform through a set of cloud services comprising Infrastructure Services, Managed Software Services, and Application Software Services, all augmented by our Mission Control and Observability software. Our comprehensive and integrated cloud services work together as a suite to deliver state-of-the-art compute, networking, and storage. These services enable the provisioning of infrastructure, the orchestration of workloads, and the proactive monitoring of our customers’ training and inference environments to increase performance and minimize interruptions. Our CoreWeave Cloud Platform is hosted in our distributed network of active purpose-built data centers that are interconnected using low latency connections to major metropolitan areas, and incorporate state-of-the-art data center networking equipment, enhanced access to power and, where appropriate, the latest liquid cooling technologies. As of December 31, 2024, our 32 data centers were running more than 250,000 GPUs in total, and were supported by more than 360 MW of active power. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years. We benefit from robust collaborations with leading chipmakers, original equipment manufacturers (“OEMs”), and software providers to supply us with infrastructure components and other products. We have a proven track record of rapidly expanding our power capacity to support the growth of our data center footprint along with our collection of managed cloud services. We deploy a sophisticated financing strategy and have efficiently financed the development of additional compute capacity through the use of asset-backed debt, having raised total commitments of $12.9 billion in debt through December 31, 2024 to support the development of our platform. Our customers include some of the world’s leading AI labs and AI enterprises—the builders and integrators of AI—who depend on our platform for their core products and most promising innovations. We deliver significant benefits to our customers in terms of overall performance, time to market, and reduced cost of ownership, which results in our customers making large, long-term initial commitments and expanding those commitments with us over time. The vast majority of our revenue today is from multi-year committed contracts, whereby a customer purchases access to our platform over the contract term on a take-or-pay basis. We also sell access to our platform on an on-demand basis through a pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining performance obligations reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein. Our ability to abstract away the complexity our customers would face in assembling, managing, and deploying this infrastructure themselves establishes us as a critical partner and leads to long-term, durable relationships that have the potential to expand over time. As evidence of this, three of our top five committed contract customers by total contract value (“TCV”) as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value. Our deep relationships with customers are a competitive advantage, and our first-to-market track record with highly performant technology gives customers confidence in choosing CoreWeave. (1) Based on our exclusive focus on AI cloud computing at the scale and with the capabilities of our platform, solutions, and services as compared to competing hyperscalers and our customer relationships with leading AI labs and AI enterprises, which position us to be among the first to experience and solve the challenges facing the AI cloud computing industry at scale. We were formed in September 2017 as a Delaware limited liability company under the name The Atlantic Crypto Corporation LLC and converted to a Delaware corporation in September 2018 under the name Atlantic Crypto Corporation. In December 2019, we changed our name to “CoreWeave, Inc.” Our principal executive offices are located in Livingston, NJ 07039.

AI Analysis | Feedback

CoreWeave is like:

  • AWS or Microsoft Azure, but purpose-built and highly optimized solely for AI workloads.
  • A specialized, AI-dedicated version of a major cloud provider, such as Google Cloud, focused on delivering high-performance computing power for artificial intelligence.

AI Analysis | Feedback

* **AI Cloud Platform:** A comprehensive, purpose-built cloud platform offering integrated infrastructure and software services optimized for AI development, training, and inference. * **AI Infrastructure Services:** Provides state-of-the-art compute (GPUs), networking, and storage specifically engineered for high-performance AI workloads. * **AI Managed Software Services:** Offers tools for orchestrating, automating, and managing complex AI workloads and environments. * **AI Application Software Services:** Supports the deployment and delivery of advanced AI models and applications for various use cases. * **Mission Control and Observability Software:** Integrated monitoring and management tools that ensure optimal performance and reliability for AI training and inference.

AI Analysis | Feedback

CoreWeave (CRWV) sells primarily to other companies. Its major customers include:
  • Microsoft Corporation (Symbol: MSFT)
  • OpenAI OpCo, LLC
  • Cohere Inc.
  • International Business Machines Corporation (Symbol: IBM)
  • Meta Platforms, Inc. (Symbol: META)
  • Mistral AI SAS
  • NVIDIA Corporation (Symbol: NVDA)

AI Analysis | Feedback

NVIDIA Corporation (NVDA)

AI Analysis | Feedback

Michael Intrator, Chief Executive Officer, Chairman of the Board, and Co-founder

Michael Intrator is a co-founder of CoreWeave, established in 2017. He has served as the company's CEO and President since September 2017, and as Chairman of the board of directors. Prior to CoreWeave, he co-founded and was the Chief Executive Officer of Hudson Ridge Asset Management LLC, a natural gas hedge fund, from January 2013 to January 2018. He also held roles of increasing responsibility, including Principal Portfolio Manager, at Natsource Asset Management LLC, an asset management and advisory firm, from September 1998 to July 2014.

Nitin Agrawal, Chief Financial Officer

Nitin Agrawal joined CoreWeave as Chief Financial Officer in March 2024. Before his tenure at CoreWeave, he served as Vice President, Finance of Google Cloud, a segment of Alphabet Inc., from May 2021 to March 2024. His experience also includes serving as Chief Financial Officer of Mapbox, Inc. from August 2019 to April 2021, and as Finance Director of the Compute Services division at Amazon Web Services, Inc. from January 2015 to July 2019. Mr. Agrawal also held leadership roles at Microsoft.

Brannin McBee, Chief Development Officer, Co-founder

Brannin McBee is a co-founder of CoreWeave. He served as Chief Strategy Officer from September 2017 until March 2024, when he transitioned to Chief Development Officer. His previous experience includes working as a Proprietary Trader at Active Power Investments and Windy Bay Power LLC, a commodity-focused hedge fund. He was also a Vice President at Fourth Floor Coastal LLC, an exploration and production company in the oil and gas industry.

Brian Venturo, Chief Strategy Officer, Co-founder

Brian Venturo is a co-founder of CoreWeave. He served as Chief Technology Officer from October 2017 to March 2024, at which point he was appointed Chief Strategy Officer. Previously, from January 2013 to January 2018, Mr. Venturo was a Partner at Hudson Ridge Asset Management LLC, a natural gas hedge fund. He also worked as Portfolio Manager – Energy and Emissions for Natsource Asset Management LLC.

Sachin Jain, Chief Operating Officer

Sachin Jain assumed the role of Chief Operating Officer at CoreWeave in August 2024. Prior to CoreWeave, he served as Senior Vice President at Oracle Cloud from May 2024 to August 2024, where he was responsible for AI infrastructure, data center capacity, and infrastructure product teams. Before that, he was Vice President at Google Cloud from June 2020 to May 2024. Mr. Jain brings over two decades of experience in senior leadership positions at Google Cloud and Amazon.

AI Analysis | Feedback

The key risks to CoreWeave's business include:

  1. Customer Concentration Risk: CoreWeave relies heavily on a few large customers for a significant portion of its revenue. Microsoft has been its largest customer, and with the recently signed Master Services Agreement with OpenAI, these two entities will collectively account for a substantial part of CoreWeave's future committed contract revenues. A loss or significant reduction in business from one or both of these key customers could materially impact the company's financial performance.
  2. Technological Obsolescence and Intense Competition: CoreWeave operates in the rapidly evolving and "hyper-competitive" artificial intelligence (AI) industry, where the demand for specialized cloud infrastructure is constantly changing. The risk exists that CoreWeave's purpose-built AI cloud platform, or the underlying technology it uses, could become obsolete or less competitive if new technologies emerge or if larger, more diversified cloud providers develop equally or more advanced AI-specific offerings, challenging CoreWeave's specialized niche and competitive advantage.
  3. Reliance on Debt Financing for Expansion: CoreWeave employs a "sophisticated financing strategy" heavily reliant on asset-backed debt, having raised $12.9 billion in debt commitments to fund its rapid expansion of compute capacity. This significant reliance on debt for infrastructure development exposes the company to financial risks, including potential difficulties in servicing the debt if market conditions change, demand for its services slows, or if the costs of financing increase.

AI Analysis | Feedback

The primary emerging threat to CoreWeave stems from the potential for established, "generalized cloud infrastructure" providers (such as Amazon Web Services, Google Cloud Platform, and Microsoft Azure, despite Microsoft being a customer) to rapidly enhance and optimize their AI offerings. CoreWeave explicitly states that these generalized platforms were "built to host websites, databases, and SaaS apps that have fundamentally different needs than the high performance requirements of AI." CoreWeave's core competitive advantage is its "purpose-built AI cloud platform" which delivers "substantially higher total system performance and more favorable uptime relative to other AI offerings within existing infrastructure cloud environments." The emerging threat is that these major cloud hyperscalers, with their immense resources and existing customer bases, will significantly improve their AI-specific infrastructure and services to match or even surpass CoreWeave's performance and efficiency advantages, thereby eroding CoreWeave's key differentiation and "first-to-market track record with highly performant technology" in the rapidly evolving AI cloud market.

AI Analysis | Feedback

CoreWeave operates in a significant and rapidly expanding market. Total global spending on AI inference/fine-tuning, AI workload monitoring, and training infrastructure, which includes AI servers, AI storage, training compute, cloud workloads, and networking, is projected to reach approximately $399 billion by 2028.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for CoreWeave (CRWV)

CoreWeave (CRWV) is positioned for significant revenue growth over the next 2-3 years, driven by several key factors stemming from its specialized focus on AI cloud infrastructure. The primary drivers include:
  • Explosive Growth in the Overall AI Market and Demand for Purpose-Built AI Infrastructure: CoreWeave anticipates benefiting from the massive expansion of the AI market, with projections indicating a cumulative global economic impact of $20 trillion by 2030 and total spending on AI infrastructure reaching approximately $399 billion by 2028. The company is strategically positioned as an "AI Hyperscaler" with a purpose-built platform to meet the high-performance demands of AI workloads, which differ significantly from general cloud infrastructure needs.
  • Significant Expansion of Data Center Footprint and GPU Capacity: CoreWeave has a robust plan to scale its physical infrastructure. As of December 31, 2024, the company had 32 data centers running over 250,000 GPUs and 360 MW of active power. More importantly, its total contracted power extends to approximately 1.3 GW, which it expects to roll out over the coming years, enabling a substantial increase in its compute capacity to meet growing customer demand.
  • Deepening and Expansion of Relationships with Leading AI Labs and Enterprises: CoreWeave fosters long-term, durable relationships with major AI industry players, including Microsoft and OpenAI. The company has a proven track record of existing customers expanding their commitments; for instance, three of its top five committed contract customers significantly increased their spend by approximately $7.8 billion within 12 months of their initial agreements. A recently signed Master Services Agreement with OpenAI is expected to generate up to an additional $11.55 billion in future revenue, further solidifying growth from key customer partnerships.
  • Growth in Remaining Performance Obligations (RPO) from Multi-Year Committed Contracts: CoreWeave's revenue model is heavily reliant on multi-year committed contracts, which provide predictable future income. The company reported a substantial increase in its remaining performance obligations (RPO) by 53%, from $9.9 billion as of December 31, 2023, to $15.1 billion as of December 31, 2024. This growing backlog of committed contracts, combined with new agreements, directly translates into secured future revenue streams.

AI Analysis | Feedback

Share Issuance

  • CoreWeave launched its Initial Public Offering (IPO) on March 28, 2025, raising approximately $1.5 billion by issuing 37.5 million Class A shares at $40.00 per share.
  • NVIDIA invested $2 billion in CoreWeave Class A common stock at a price of $87.20 per share in January 2026.
  • OpenAI agreed to invest $350 million in CoreWeave through the purchase of company stock as part of a larger $11.9 billion infrastructure deal.

Inbound Investments

  • CoreWeave raised over $18 billion in debt and equity from more than 200 investment partners and financial institutions during 2025, with total debt reaching $21.4 billion by year-end 2025.
  • The company's financing activities in 2025 included a $2 billion high-yield debt offering (upsized by $500 million), a separate $1.75 billion issuance, and a $2.6 billion delayed draw term loan facility.
  • Through December 31, 2024, CoreWeave had raised total commitments of $12.9 billion in asset-backed debt to support the development of its platform.

Outbound Investments

  • In September 2025, CoreWeave launched CoreWeave Ventures, a corporate venture capital arm, to invest in early-stage artificial intelligence and computing technology companies.
  • The company has made 7 investments across sectors such as Artificial Intelligence and AI Infrastructure, with notable investments including NinetyFive, Salt AI, Chai Research, Wombo, and Moonvalley.
  • CoreWeave acquired OpenPipe, a startup focused on building reinforcement-learning tools for AI agents, in September 2025.

Capital Expenditures

  • CoreWeave's capital expenditures were approximately $14.9 billion in fiscal 2025.
  • The company has budgeted significantly higher capital expenditures of $30 billion to $35 billion for 2026, more than double 2025 levels.
  • These expenditures are primarily focused on accelerating data center buildouts, purchasing AI chips (such as NVIDIA GPUs), and expanding power capacity to meet the relentless demand for AI computing.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1CoreWeave Earnings Notes05/06/2026
2CoreWeave Stock 8-Day Winning Spree: Stock Climbs 48%04/17/2026
3CoreWeave Stock Surges 47%, With A 7-Day Winning Spree04/16/2026
4CoreWeave Stock 6-Day Winning Spree: Stock Climbs 45%04/15/2026
5CoreWeave Stock 5-Day Winning Spree: Stock Climbs 36%04/14/2026
6CoreWeave Stock (+7.8%): Perplexity AI Deal Eases Capex Fears03/05/2026
7CRWV Stock Falls -26% With A 5-day Losing Spree On Earnings Shock03/04/2026
8CoreWeave Stock (+12%): CEO Rebuttal Ignites Squeeze + Re-Rate01/13/2026
9ARTICLES 
10What’s Happening With CoreWeave Stock?05/08/2026
11How Will CoreWeave Stock React To Its Upcoming Earnings?05/06/2026
12CoreWeave Stock On Fire: Up 47% With 7-Day Winning Streak04/16/2026
13CoreWeave Stock Rockets 45% With 6-Day Winning Streak04/15/2026
14CRWV Stock Falls -26% In 5-day Spree On Earnings Miss And Capex Shock03/04/2026

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ADSK_4102026_Dip_Buyer_FCFYield04102026ADSKAutodeskDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		8.5%8.5%0.0%
BSY_4102026_Dip_Buyer_FCFYield04102026BSYBentley SystemsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		4.2%4.2%0.0%
ENPH_4102026_Dip_Buyer_ValueBuy04102026ENPHEnphase EnergyDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		5.7%5.7%0.0%
BL_4102026_Dip_Buyer_High_CFO_Margins_ExInd_DE04102026BLBlackLineDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		3.2%3.2%-3.0%
CRWV_1022026_Dip_Buyer_High_CFO_Margins_ExInd_DE01022026CRWVCoreWeaveDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		40.7%40.7%-12.8%

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Peer Comparisons

Peers to compare with:

Financials

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Price107.30264.14421.92396.78225.32192.95244.73
Mkt Cap56.52,837.73,133.24,800.65,475.7554.52,985.4
Rev LTM6,227742,776318,273422,499215,93864,077267,106
Op Inc LTM-16385,422148,957138,129130,38720,678107,904
FCF LTM-10,616-2,47272,91664,42996,676-24,73630,978
FCF 3Y Avg-21,34670,95269,47461,517-2,22261,517
CFO LTM5,981148,531170,141174,353102,71823,514125,624
CFO 3Y Avg-120,527136,991138,01364,96620,833120,527

Growth & Margins

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Rev Chg LTM129.9%14.2%17.9%17.5%65.5%14.9%17.7%
Rev Chg 3Y Avg-12.3%15.3%14.1%101.8%10.2%14.1%
Rev Chg Q111.6%16.6%18.3%21.8%73.2%21.7%21.7%
QoQ Delta Rev Chg LTM21.4%3.6%4.2%4.9%15.4%5.0%4.9%
Op Inc Chg LTM-158.0%19.2%22.0%17.5%60.1%16.6%18.3%
Op Inc Chg 3Y Avg-108.4%20.7%24.3%232.8%13.7%24.3%
Op Mgn LTM-2.6%11.5%46.8%32.7%60.4%32.3%32.5%
Op Mgn 3Y Avg-10.2%45.6%31.5%59.0%31.2%31.5%
QoQ Delta Op Mgn LTM-1.7%0.3%0.1%0.7%1.5%0.3%0.3%
CFO/Rev LTM96.0%20.0%53.5%41.3%47.6%36.7%44.4%
CFO/Rev 3Y Avg-18.1%49.5%37.3%47.6%36.2%37.3%
FCF/Rev LTM-170.5%-0.3%22.9%15.2%44.8%-38.6%7.5%
FCF/Rev 3Y Avg-3.5%26.1%19.3%45.3%-1.6%19.3%

Valuation

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Cap56.52,837.73,133.24,800.65,475.7554.52,985.4
P/S9.13.89.811.425.48.79.5
P/Op Inc-347.933.221.034.842.026.830.0
P/EBIT-558.624.019.924.538.624.724.3
P/E-35.531.325.030.045.634.230.6
P/CFO9.519.118.427.553.323.621.3
Total Yield-2.8%3.2%4.8%3.5%2.2%3.9%3.4%
Dividend Yield0.0%0.0%0.8%0.2%0.0%1.0%0.1%
FCF Yield 3Y Avg-1.1%2.5%3.2%2.1%0.4%2.1%
D/E0.60.10.00.00.00.30.0
Net D/E0.60.0-0.0-0.0-0.00.20.0

Returns

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
1M Rtn-8.2%5.4%-0.2%16.1%11.7%10.2%7.8%
3M Rtn11.7%32.9%5.4%29.9%23.3%20.9%22.1%
6M Rtn38.7%12.5%-17.0%43.7%18.5%-12.9%15.5%
12M Rtn33.6%28.5%-6.6%139.6%66.4%21.4%31.1%
3Y Rtn168.2%123.6%35.3%225.7%611.9%95.3%145.9%
1M Excs Rtn-15.5%0.6%-4.8%12.9%8.4%3.0%1.8%
3M Excs Rtn3.4%24.5%-3.0%21.5%14.9%12.5%13.7%
6M Excs Rtn17.5%0.0%-25.3%30.4%8.1%-22.6%4.1%
12M Excs Rtn33.3%-0.1%-31.9%115.0%40.8%-6.1%16.6%
3Y Excs Rtn89.2%60.7%-40.8%178.9%601.7%25.9%74.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Single Segment1,91522916
Total1,91522916


Price Behavior

Price Behavior
Market Price$107.30 
Market Cap ($ Bil)54.4 
First Trading Date03/28/2025 
Distance from 52W High-41.6% 
   50 Days200 Days
DMA Price$77.26$57.75
DMA Trenddownup
Distance from DMA38.9%85.8%
 3M1YR
Volatility93.0%104.4%
Downside Capture286.33313.14
Upside Capture241.24264.20
Correlation (SPY)42.2%32.6%
CRWV Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta2.392.803.393.563.08-0.07
Up Beta2.362.724.233.593.99-0.25
Down Beta19.404.142.213.331.89-0.19
Up Capture374%397%438%512%1012%210%
Bmk +ve Days15223166141428
Stock +ve Days15263660126136
Down Capture-361%167%273%251%183%103%
Bmk -ve Days4183056108321
Stock -ve Days7172865125136

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CRWV
CRWV51.4%106.5%0.87-
Sector ETF (XLK)51.7%20.5%1.9342.5%
Equity (SPY)27.4%12.1%1.7133.3%
Gold (GLD)42.5%26.8%1.3011.5%
Commodities (DBC)45.4%18.5%1.881.9%
Real Estate (VNQ)11.5%13.5%0.562.9%
Bitcoin (BTCUSD)-23.7%41.8%-0.5433.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CRWV
CRWV20.6%116.1%1.24-
Sector ETF (XLK)22.0%24.8%0.7844.7%
Equity (SPY)13.6%17.1%0.6337.9%
Gold (GLD)19.4%17.9%0.886.3%
Commodities (DBC)10.9%19.4%0.4510.2%
Real Estate (VNQ)2.9%18.8%0.0614.1%
Bitcoin (BTCUSD)7.2%55.9%0.3433.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CRWV
CRWV9.8%116.1%1.24-
Sector ETF (XLK)25.0%24.4%0.9244.7%
Equity (SPY)15.5%17.9%0.7437.9%
Gold (GLD)13.0%16.0%0.676.3%
Commodities (DBC)8.3%17.9%0.3810.2%
Real Estate (VNQ)5.0%20.7%0.2114.1%
Bitcoin (BTCUSD)67.4%66.9%1.0633.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity61.2 Mil
Short Interest: % Change Since 4152026-5.3%
Average Daily Volume26.2 Mil
Days-to-Cover Short Interest2.3 days
Basic Shares Quantity527.0 Mil
Short % of Basic Shares11.6%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-11.4%-11.4% 
2/26/2026-18.5%-23.4%-23.4%
11/10/2025-16.3%-28.7%-17.3%
8/12/2025-20.8%-37.6%-24.2%
5/14/2025-2.5%59.2%118.2%
SUMMARY STATS   
# Positive011
# Negative543
Median Positive 59.2%118.2%
Median Negative-16.3%-26.0%-23.4%
Max Positive 59.2%118.2%
Max Negative-20.8%-37.6%-24.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202503/02/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/2025424B4
09/30/202402/11/2025DRS/A

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Intrator, Michael NCEO and PresidentDirectSell5142026105.67200,00021,133,902471,972,967Form
2Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5142026105.67107,693  Form
3Jain, SachinChief Operating OfficerDirectSell5122026118.6114,7501,749,56014,596,432Form
4Magnetar, Financial LlcFootnotesSell5082026129.91159,16820,677,14987,621,445Form
5Magnetar, Financial LlcFootnotesSell5082026129.91587,01076,257,07331,489,088Form

CRWV Trade Sentinel

Stock Conviction

MARKET WEIGHT (Score 5-6)

CONVICTION RATIONALE

CoreWeave represents a rare, pure-play investment in the AI infrastructure buildout with an unparalleled revenue backlog that provides extreme growth visibility. The company's moat in high-performance computing is widening. However, the current valuation appears to fully price in a flawless operational execution, offering a poor risk/reward skew. The significant execution risk associated with its massive capex plan and recent insider selling warrant caution, making it a Market Weight position despite the compelling long-term story.

STOCK ARCHETYPE
Primary: High-Beta Compounder (70%), Secondary: Secular Cyclical (30%)

The company exhibits hyper-growth characteristics (backlog, revenue) fitting a 'High-Beta Compounder'. However, its business model is entirely dependent on massive, front-loaded capital expenditures and servicing a few large customers' capex cycles, which introduces a strong 'Secular Cyclical' element to the thesis.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Backlog Conversion & Execution on Multi-Year AI Infrastructure Contracts

The investment thesis centers on CoreWeave's ability to convert its massive and rapidly growing $99.4 billion revenue backlog into recognized revenue by executing its large-scale data center buildout. This backlog, secured with foundational AI players, provides extreme long-term revenue visibility and de-risks the growth narrative, shifting the company's profile from a speculative high-growth name to a critical infrastructure provider for the AI supercycle.

Mechanism: CoreWeave monetizes by signing multi-year, take-or-pay contracts for dedicated GPU capacity. The company then uses debt and equity to fund the capital expenditure required to build the specialized data centers, profiting from the spread between the contracted revenue and the cost of operations.
Supporting Evidence:
  • Revenue backlog swelled from $66.8B at the end of FY2025 to $99.4B by the end of Q1 2026.
  • Secured multi-year, multi-billion dollar commitments from foundational AI customers including Microsoft, Meta, OpenAI, and Anthropic.
  • Capital expenditure guidance of $31-$35 billion for FY2026 indicates the scale of the build-out to meet contracted demand.
  • Total contracted power, a leading indicator for data center capacity, exceeds 3.5 GW as of Q1 2026.
PRIMARY RISK
Operational Execution Risk in Servicing ~$100B Backlog Amid Rising Capex

The primary risk is the immense operational challenge of deploying $31-$35 billion in capital in a single year to build out sufficient data center capacity. Failure to execute on time and on budget due to supply constraints, rising component costs, or construction delays could postpone revenue recognition, strain a leveraged balance sheet, and break the hyper-growth narrative currently supporting the stock's premium valuation.

Mechanism: A delay in bringing data centers online means the massive backlog cannot be converted into revenue as quickly as projected. This leads to a miss on revenue expectations while capital expenditures and interest expenses continue to rise, causing a cash crunch and a significant compression of the valuation multiple as growth decelerates.
Supporting Evidence:
  • Q2 2026 revenue guidance midpoint of $2.53B missed consensus estimates of $2.69B, a potential early sign of execution friction.
  • FY2026 capital expenditure guidance was increased from a $30B floor to a $31B floor, citing higher component costs.
  • Aggressive insider selling by multiple co-founders and executives, totaling over $1 billion in early 2026, raises questions about leadership's conviction in the long-term execution plan.
  • Extreme customer concentration (67% of FY2025 revenue from Microsoft) makes any delays or renegotiations with this key partner a critical threat.
Key KPI Watchlist
KPI Threshold Rationale
Revenue Backlog>$20B sequential growth per quarterThis is the primary leading indicator of future growth and market share capture. Continued acceleration validates the thesis that CoreWeave is the preferred provider for large-scale AI workloads.
Capital Expenditure vs. GuidanceStays within the $31B - $35B rangeDemonstrates operational control and cost discipline. A significant increase beyond the guided range would signal execution problems and pressure the balance sheet, triggering the Anti-Alpha thesis.
Quarterly Revenue vs. GuidanceMeeting or exceeding consensus estimatesAfter the Q2 '26 guidance miss, the market is highly sensitive to the company's ability to forecast and convert backlog into recognized revenue. Consistent beats are required to maintain confidence.
Core Investment Debate

The Execution Gauntlet: Translating a $99.4B Backlog into Profitable Growth

BULL VIEW

The massive, de-risked backlog from AI titans provides unprecedented revenue visibility, making near-term execution hurdles and cash burn a necessary investment for market dominance.

CORE TENSION

Can CoreWeave operationally deliver on its massive backlog and capex plan without fatal delays or cost overruns, justifying its premium valuation?

PREVAILING SENTIMENT
NEUTRAL

Q2 2026 revenue guidance of $2.53B missed consensus of $2.69B, while FY26 capex floor was raised by $1B, suggesting costs are rising faster than near-term revenue can be realized.

BEAR VIEW

The Q2 guidance miss, rising capex, and heavy insider selling are early warnings of execution failure. The company will burn cash faster than it recognizes revenue, breaking the growth story.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
Early August 2026
Q2 2026 Earnings Call
Watch: Quarterly Revenue vs. Guidance. Must meet or beat the $2.45B-$2.6B range after the prior Q1 miss. Also watch for any further increase to the $31B-$35B Capex plan.
Early November 2026
Q3 2026 Earnings Call
Watch: Sequential Revenue Backlog Growth. Watch for growth >$15B from Q2's figure to show continued commercial momentum beyond the initial large deals.
Late July 2026
Anchor Customer Earnings Call (Microsoft)
Watch: Commentary on AI Capex ROI and efficiency. Any mention of 'optimizing' GPU spend or 'digesting' recent investments is a direct threat.
Next 3-6 Months
Competitor Architectural Update (Meta/AMD)
Watch: Specific timeline from Meta on deploying its custom AMD Instinct GPUs. A concrete date for transitioning internal workloads away from third-party clouds.
Key Events in Last 6 Months
Date Event Stock Impact
Dec 15, 2025
Termination of Core Scientific Merger
Details: The company terminated a planned merger with data center provider Core Scientific, creating uncertainty around its infrastructure expansion plans. The stock plummeted -7.9% on the news.
-7.94%
$78.59 -> $72.35
Jan 12, 2026
NVIDIA Partnership Expansion
Details: NVIDIA announced a new $2B equity investment to help CoreWeave build out large-scale AI data centers, signaling strong partner confidence. The stock surged 12.2% on the news.
12.22%
$80.14 -> $89.93
Feb 26, 2026
Q4 2025 Earnings Report
Details: Company reported FY2025 revenue of $5.1B and a year-end backlog of $66.8B. The stock reaction was muted (-0.4%) as the market awaited future guidance.
-0.39%
$98.01 -> $97.63
Mar 5, 2026
New Partnership with Meta
Details: Details of expanded multi-billion dollar commitment from Meta emerged. Despite the positive news, the stock crashed -5.9% amid broader market weakness and concerns about customer concentration.
-5.89%
$79.50 -> $74.82
Apr 1, 2026
Insider Selling Disclosures
Details: Filings revealed over $1B in collective stock sales by CEO Michael Intrator and co-founders Brian Venturo and Brannin McBee in early 2026. Stock saw a modest 1.3% gain, suggesting the market was focused elsewhere.
1.25%
$77.47 -> $78.44
May 7, 2026
Q1 2026 Earnings & Guidance
Details: Reported Q1 revenue of $2.08B and backlog surging to $99.4B. However, stock plummeted -6.6% as Q2 revenue guidance midpoint ($2.53B) missed consensus ($2.69B) and capex guidance increased.
-6.62%
$137.98 -> $128.84
Risk Management
Position Sizing

4% - 6%

NORMAL

Stock is in an Explosive Volatility regime (7.6x S&P). While fundamentals are strong (widening moat, high visibility), the Neutral sentiment and extreme valuation force a cap on sizing to manage drawdown risk.

Diversification Alternatives
IREN
INDUSTRY

Unlike CRWV's concentrated customer base, IREN just signed a massive $3.4B deal directly with NVIDIA, diversifying its revenue and validating its operational capabilities at scale.

Core Thesis: A vertically integrated AI Cloud provider with its own data centers in renewable-rich regions, potentially offering a more sustainable and cost-effective long-term model.
ANET
SECTOR

Profitable, established market leader in data center networking. Offers exposure to the same AI infrastructure buildout with a much lower-risk financial profile compared to CRWV's cash burn.

Core Thesis: The dominant provider of high-speed ethernet switching, a critical component for all AI data centers. A picks-and-shovels play on the entire sector's growth, not just one operator.
How Is The Market Pricing CRWV?

CoreWeave is rapidly transitioning from a niche GPU rental service to a foundational, large-scale AI infrastructure provider, driven by a massive $99.4 billion revenue backlog from major AI players and hyperscalers.

Filter all news through the lens of backlog conversion: is the company building data center capacity fast enough to turn its massive order book into recognized revenue?

What will confirm the thesis

New multi-billion dollar, multi-year contracts with top-tier AI labs (e.g., Meta, Anthropic, OpenAI); securing new large-scale power contracts (>400 MW); accelerated data center build-out announcements; securing additional investment-grade debt to fund capex.

What will damage the thesis

Slowdown in data center construction; delays in securing power; rising component costs or interest rates that threaten capex plans; evidence that major customers like Microsoft are successfully building their own equivalent capacity, reducing reliance on CoreWeave.

Noise: Real but irrelevant to thesis

Quarterly fluctuations in on-demand GPU pricing; short-term stock volatility related to IPO lock-up expirations; benchmark wins or losses against smaller specialized cloud competitors.

Repricing Catalyst

The primary catalyst is the market's recognition of CoreWeave's ~$99.4 billion revenue backlog (as of March 31, 2026), which provides extreme long-term revenue visibility. This backlog, composed of multi-year contracts with customers like Meta, Microsoft, OpenAI, and Anthropic, shifts the valuation narrative from a high-growth tech company to a critical infrastructure provider with utility-like demand certainty.

What CRWV Makes & Who Pays
TTM figures based on Q1 2026 Earnings Press Release, May 7 2026
Specialized GPU Cloud Infrastructure
$8.3B TTM (100% of Total) · 85% Margin
What It Is

Cloud access to large-scale clusters of the latest NVIDIA GPUs (e.g., H100, B200, next-gen Rubin) optimized for AI/ML workloads, delivered via bare-metal servers with Kubernetes-native orchestration and high-performance InfiniBand networking.

Who Pays & How

Hyperscalers and AI labs like Microsoft (~67% of FY2025 revenue), Meta (up to ~$35.2B total commitment), OpenAI (~$22.4B total commitment), Anthropic, Mistral AI, and Jane Street pay for guaranteed access to massive GPU capacity which is scarce and purpose-built for AI workloads, providing better performance-per-dollar than general-purpose clouds.

Primarily multi-year, take-or-pay contracts for reserved capacity ('Reserved Instances'), constituting ~96% of revenue. Also offers on-demand, usage-based hourly rentals ('GPU-as-a-Service').
Competition
Hyperscalers (AWS, Microsoft Azure, Google Cloud) offering their own GPU instances.
Vastly greater financial resources, broader service portfolios, and established enterprise relationships.
CoreWeave's moat is its singular focus on purpose-built, high-performance AI infrastructure, providing superior performance-per-dollar, and its privileged relationship with NVIDIA, granting early access to the newest, most powerful GPUs.
CRWV Evolution: Price Return by Era
2017–2020 · Crypto Origins
From Ethereum Mining to a Strategic Pivot Private Company
Founded as Atlantic Crypto in 2017, the company initially focused on mining Ethereum. As the AI market began to accelerate, the leadership team recognized their expertise in operating large GPU fleets was transferable and made a strategic pivot toward cloud computing for AI workloads.
2021–2024 · The AI Infrastructure Buildout
Capitalizing on the Generative AI Boom Private Company
Amid the generative AI explosion, CoreWeave established itself as a key infrastructure player by securing early, large allocations of scarce NVIDIA GPUs. The company raised significant debt and equity, including from NVIDIA itself, to rapidly expand its data center footprint from 3 to 32 facilities, growing revenue from $229M in 2023 to $1.9B in 2024.
2025–Present · Hyperscale Transformation
Securing the Future with Massive Backlog +80% (YTD as of May 7, 2026)
CoreWeave went public in March 2025 and transitioned its business model to focus on securing massive, multi-year contracts with the largest AI players. Revenue grew to $5.1B in FY2025, and by Q1 2026, it had amassed a revenue backlog of nearly $100 billion, cementing its role as a foundational infrastructure provider for the AI industry and planning a massive $30B+ capex spend for 2026.
Market Is In Wait-and-See Mode
Price structure is damaged. The price has broken key levels and the trend is no longer supportive. Relative to SPY: Mildly ahead of the market but 'relative strength' trend is softening; monitor for rotation out. Volume and momentum are supportive. OBV (on-balance volume) and up/down volume character favor buyers. Earnings history is mildly cautionary. The reaction or drift are negative, and the market is beginning to push back on the thesis. NOTE: Volume character and price structure are diverging. The structural trend is not confirmed by institutional flow. This divergence typically resolves in the direction of volume, not price.
① Structure
-2
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
+2
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-1
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-1 / 12
1 Price Structure & Trend Potential Bottoming · - ▾
2 Momentum Pausing ▾
3 Relative Strength vs. SPY Facing Relative Strength ▾
4 Institutional Footprint & Volume Mild Accumulation ▾
5 Volatility Normal ▾
6 Key Price Levels Range · Vol Falling ▾
7 Earnings Reaction History Emerging Resilience ▾
8 How the Verdict Is Derived Three Pillars ▾
Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.

Industry Resources

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