CoreWeave (CRWV)


Market Price (9/18/2026): $80.12 | Market Cap: $44.1 BilSector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)


Market Price (9/18/2026): $80.12
Market Cap: $44.1 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 115%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 91%, CFO LTM is 6.9 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 10%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 105%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%

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 -8.5%

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 115%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 91%, CFO LTM is 6.9 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 10%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%
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 105%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%
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 -8.5%
8 Key risks
CRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more.

CRWV in ETFs

Weight = CRWV's share of each fund

VTI0.04%
ITOT0.03%
QQQ0.18%
QQQM0.18%
IWB0.04%
VUG0.09%
VO0.26%
ARKW3.4%
+20 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/14/2026

CoreWeave (CRWV) stock has lost about 25% since 5/31/2026 because of the following key factors:

1. Mounting Debt Load and Surging Interest Expenses.

CoreWeave's stock has faced pressure due to its substantial and increasing debt load, which reached approximately $35 billion by the end of fiscal Q2 2026. The company's debt-to-equity ratio stood at 10.27 as of June 2026, significantly higher than its historical median. This heavy leverage has resulted in quarterly interest expenses that more than doubled year-over-year to $640 million in fiscal Q2 2026. This growing financial burden makes the company highly sensitive to interest rate fluctuations and raises concerns about its ability to service its debt obligations, particularly given estimated annual interest expenses exceeding $2.5 billion. A credit strategist, Michael Lewitt, highlighted in August 2026 that CoreWeave's highly leveraged financial structure, with a debt-to-equity ratio reportedly exceeding 800% (including operating leases) and negative working capital over $10 billion, could threaten its survival.

2. Analyst Concerns Over AI Training Demand Shift.

The stock experienced significant downturns following an analyst report from Bernstein on August 12, 2026, which flagged CoreWeave's high exposure to a potential slowdown in large-scale AI model training. This concern was exacerbated by public statements from prominent AI figures, including Anthropic CEO Dario Amodei, endorsed by OpenAI's Sam Altman and Elon Musk, advocating for a more measured pace of AI development. The Bernstein report indicated that roughly 70% of CoreWeave's data center capacity (25% active U.S. power capacity and 74% contracted power) is situated in rural or Tier 3/4 markets, which are more susceptible to reduced demand if the industry shifts focus from large-scale training to real-time inference workloads requiring lower latency. This report directly contributed to a nearly 7% drop in CoreWeave's stock price on August 12, 2026.

Show more
Updated on 9/14/2026

CoreWeave (CRWV) stock has lost about 25% since 5/31/2026 because of the following key factors:

1. Mounting Debt Load and Surging Interest Expenses.

CoreWeave's stock has faced pressure due to its substantial and increasing debt load, which reached approximately $35 billion by the end of fiscal Q2 2026. The company's debt-to-equity ratio stood at 10.27 as of June 2026, significantly higher than its historical median. This heavy leverage has resulted in quarterly interest expenses that more than doubled year-over-year to $640 million in fiscal Q2 2026. This growing financial burden makes the company highly sensitive to interest rate fluctuations and raises concerns about its ability to service its debt obligations, particularly given estimated annual interest expenses exceeding $2.5 billion. A credit strategist, Michael Lewitt, highlighted in August 2026 that CoreWeave's highly leveraged financial structure, with a debt-to-equity ratio reportedly exceeding 800% (including operating leases) and negative working capital over $10 billion, could threaten its survival.

2. Analyst Concerns Over AI Training Demand Shift.

The stock experienced significant downturns following an analyst report from Bernstein on August 12, 2026, which flagged CoreWeave's high exposure to a potential slowdown in large-scale AI model training. This concern was exacerbated by public statements from prominent AI figures, including Anthropic CEO Dario Amodei, endorsed by OpenAI's Sam Altman and Elon Musk, advocating for a more measured pace of AI development. The Bernstein report indicated that roughly 70% of CoreWeave's data center capacity (25% active U.S. power capacity and 74% contracted power) is situated in rural or Tier 3/4 markets, which are more susceptible to reduced demand if the industry shifts focus from large-scale training to real-time inference workloads requiring lower latency. This report directly contributed to a nearly 7% drop in CoreWeave's stock price on August 12, 2026.

3. Substantial Insider Selling.

Significant insider selling has contributed to a lack of investor confidence during the specified period. Over the 90 days leading up to September 14, 2026, approximately $735 million in insider stock sales were reported. Notably, CEO Michael Intrator sold over $30.7 million worth of Class A Common Stock on September 8, 2026. Additionally, Kristen J. McVeety, the General Counsel and Secretary, executed multiple large sales, including 97,500 shares for approximately $9.1 million on September 8, 2026, and 156,000 shares for roughly $12.7 million on September 1, 2026. These significant divestments by key executives, even if planned, can signal to the market a perceived lack of future upside or increased risk.

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Stock Movement Drivers

Fundamental Drivers

The -27.1% change in CRWV stock from 5/31/2026 to 9/17/2026 was primarily driven by a -37.4% change in the company's P/S Multiple.
(LTM values as of)53120269172026Change
Stock Price ($)109.5379.88-27.1%
Change Contribution By: 
Total Revenues ($ Mil)6,2277,59021.9%
P/S Multiple9.35.8-37.4%
Shares Outstanding (Mil)527551-4.4%
Cumulative Contribution-27.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/17/2026
ReturnCorrelation
CRWV-27.1% 
Market (SPY)0.8%44.9%
Sector (XLK)-1.5%59.7%

Fundamental Drivers

The 0.4% change in CRWV stock from 2/28/2026 to 9/17/2026 was primarily driven by a 76.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269172026Change
Stock Price ($)79.5679.880.4%
Change Contribution By: 
Total Revenues ($ Mil)4,3067,59076.3%
P/S Multiple9.25.8-37.0%
Shares Outstanding (Mil)498551-9.6%
Cumulative Contribution0.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/17/2026
ReturnCorrelation
CRWV0.4% 
Market (SPY)11.5%45.8%
Sector (XLK)35.7%57.2%

Fundamental Drivers

The -22.5% change in CRWV stock from 8/31/2025 to 9/17/2026 was primarily driven by a -26.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120259172026Change
Stock Price ($)103.0479.88-22.5%
Change Contribution By: 
Total Revenues ($ Mil)7,5900.0%
P/S Multiple5.80.0%
Shares Outstanding (Mil)404551-26.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/17/2026
ReturnCorrelation
CRWV-22.5% 
Market (SPY)19.2%43.7%
Sector (XLK)43.9%56.9%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/17/2026
ReturnCorrelation
CRWV  
Market (SPY)75.3%38.6%
Sector (XLK)118.1%47.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRWV Return----79%16%108%
Peers Return57%-34%93%65%29%1%329%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
CRWV Win Rate----40%33% 
Peers Win Rate65%30%70%67%55%44% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
CRWV Max Drawdown------56% 
Peers Max Drawdown-14%-45%-18%-20%-33%-28% 
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 9/17/2026 (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 is an "AI Hyperscaler" that provides a purpose-built cloud platform designed specifically for the demanding computational needs of artificial intelligence (AI) workloads. Unlike general-purpose cloud providers, CoreWeave's platform and proprietary software are optimized to manage complex AI infrastructure at scale, delivering significantly higher performance, efficiency, and uptime for critical AI tasks such as model training and inference. This specialization helps customers accelerate their AI development and deployment by providing more compute cycles and reducing time to solution in the hyper-competitive AI race.

The CoreWeave Cloud Platform offers a comprehensive suite of integrated cloud services, including Infrastructure Services, Managed Software Services, and Application Software Services, all supported by advanced orchestration, automation, and monitoring capabilities. These services provide state-of-the-art compute, networking, and storage, powered by supercomputers in a distributed network of purpose-built data centers containing over 250,000 GPUs. CoreWeave benefits from robust collaborations with leading chipmakers like NVIDIA and offers access to its platform through both large, multi-year committed contracts and on-demand, pay-as-you-go models.

CoreWeave primarily serves the world's leading AI labs and AI enterprises—the builders and integrators of AI—who depend on its platform for their core products and most promising innovations. Its customer base includes prominent names such as OpenAI, Microsoft, Meta, IBM, and NVIDIA. The company's ability to abstract away the complexities of managing high-performance AI infrastructure establishes it as a critical partner, leading to long-term, durable relationships and expanding commitments within the rapidly growing global market for AI infrastructure and cloud services, projected to reach approximately $399 billion by 2028.

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.

Peer Outperformance in Systems Software

null
Share of Systems Software constituents that CRWV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
35%
of 84 industry peers · -33.9% return
3Y
insufficient peer history
5Y
insufficient peer history
null
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is CRWV's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 54.0%178.6%261.5% TTMI 776% · FLEX 709% · SANM 410%
Technology Distributors 9 31.2%69.0%89.9% CLMB 331% · AVT 184% · SNX 145%
Semiconductor Materials & Equipment 26 100.7%77.9%89.0% AXTI 755% · AEHR 715% · KLAC 380%
Communications Equipment 36 22.0%85.1%73.6% AAOI 1214% · FEIM 960% · LITE 947%
Electronic Components 26 33.2%61.2%61.6% CLS 3805% · BELFA 1273% · COHR 390%
Technology Hardware, Storage & Peripherals 21 34.1%65.2%45.8% DELL 1179% · STX 1013% · SMCI 983%
Semiconductors 55 24.9%25.0%33.5% POET 1744% · MU 1249% · NVDA 906%
Internet Services & Infrastructure 6 11.5%42.2%19.5% DOCN 62% · VRSN 41% · GDDY 36%
Electronic Equipment & Instruments 26 -15.6%5.6%-10.6% PI 213% · OSIS 115% · ACFN 105%
IT Consulting & Other Services 28 -22.5%-13.1%-27.0% CHRN 529637% · APLD 1174% · TSSI 684%
Application Software 122 -28.7%-15.0%-44.9% VIDA 165355% · INLX 5104% · PLTR 514%
Systems Software ← 68 -16.1%10.0%-57.8% QNC 467% · ZETA 381% · PANW 372%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Price79.88251.19497.75347.33219.34150.59235.26
Mkt Cap44.02,705.13,696.34,220.45,305.8-3,696.3
Rev LTM7,590775,680331,839445,867302,969-331,839
Op Inc LTM-23193,712155,237147,628197,579-147,628
FCF LTM-13,655-11,62566,98753,273127,006-53,273
FCF 3Y Avg-16,73270,89060,26381,938-65,576
CFO LTM6,911161,403182,935185,675134,360-161,403
CFO 3Y Avg-130,164145,882141,48186,686-135,822

Growth & Margins

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Rev Chg LTM115.3%15.8%17.8%20.1%83.4%-20.1%
Rev Chg 3Y Avg-13.0%16.1%15.5%116.5%-15.8%
Rev Chg Q112.5%19.6%17.7%24.2%105.9%-24.2%
QoQ Delta Rev Chg LTM21.9%4.4%4.3%5.5%19.5%-5.5%
Op Inc Chg LTM-204.2%23.0%20.8%21.6%105.9%-21.6%
Op Inc Chg 3Y Avg-90.0%20.6%25.6%206.3%-57.8%
Op Mgn LTM-3.0%12.1%46.8%33.1%65.2%-33.1%
Op Mgn 3Y Avg-10.8%45.7%31.9%61.7%-38.8%
QoQ Delta Op Mgn LTM-0.4%0.6%-0.0%0.4%1.2%-0.4%
CFO/Rev LTM91.1%20.8%55.1%41.6%44.3%-44.3%
CFO/Rev 3Y Avg-18.9%50.6%36.5%47.2%-41.9%
FCF/Rev LTM-179.9%-1.5%20.2%11.9%41.9%-11.9%
FCF/Rev 3Y Avg-2.8%25.3%16.1%44.7%-20.7%

Valuation

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Cap44.02,705.13,696.34,220.45,305.8-3,696.3
P/S5.83.511.19.517.5-9.5
P/Op Inc-190.828.923.828.626.9-26.9
P/EBIT-889.915.121.914.023.0-15.1
P/E-22.820.027.617.327.5-20.0
P/CFO6.416.820.222.739.5-20.2
Total Yield-4.4%5.0%4.3%6.0%3.8%-4.3%
Dividend Yield0.0%0.0%0.7%0.2%0.1%-0.1%
FCF Yield 3Y Avg-0.8%2.2%2.4%2.0%-2.1%
D/E1.20.10.00.00.0-0.0
Net D/E1.00.0-0.0-0.0-0.0--0.0

Returns

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
1M Rtn-14.3%-3.2%3.5%1.0%-0.1%5.5%0.5%
3M Rtn-32.3%2.8%31.4%-5.6%4.2%-18.0%-1.4%
6M Rtn-1.0%20.3%28.5%13.2%23.1%-2.5%16.8%
12M Rtn-33.9%8.4%-1.6%39.6%29.1%-49.5%3.4%
3Y Rtn99.7%79.4%54.8%153.7%400.4%39.0%89.6%
1M Excs Rtn-13.6%-2.5%4.2%1.7%0.6%6.2%1.2%
3M Excs Rtn-33.6%2.8%28.7%-7.4%4.4%-20.6%-2.3%
6M Excs Rtn-18.8%4.4%12.3%-2.3%6.6%-16.1%1.1%
12M Excs Rtn-48.3%-8.3%-17.0%23.0%10.1%-65.9%-12.7%
3Y Excs Rtn28.5%6.7%-17.6%87.9%319.1%-28.9%17.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Single Segment5,1311,91522916
Total5,1311,91522916


Price Behavior

Price Behavior
Market Price$79.88 
Market Cap ($ Bil)44.0 
First Trading Date03/28/2025 
Distance from 52W High-44.2% 
   50 Days200 Days
DMA Price$85.24$96.11
DMA Trenddowndown
Distance from DMA-6.3%-16.9%
 3M1YR
Volatility106.4%95.4%
Downside Capture501.77410.67
Upside Capture244.70293.67
Correlation (SPY)49.1%45.4%
CRWV Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta6.485.843.913.333.43-0.15
Up Beta5.8810.755.923.803.291.18
Down Beta3.704.141.732.552.540.76
Up Capture818%428%415%528%1088%503%
Bmk +ve Days10213268138427
Stock +ve Days8142260117170
Down Capture632%394%339%244%193%110%
Bmk -ve Days11213259113324
Stock -ve Days13284267134186

[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
CRWV-32.8%95.2%0.00-
Sector ETF (XLK)38.8%26.4%1.2157.1%
Equity (SPY)16.6%12.9%0.9244.9%
Gold (GLD)17.4%29.3%0.5520.4%
Commodities (DBC)45.8%20.7%1.72-0.9%
Real Estate (VNQ)5.7%13.5%0.16-6.5%
Bitcoin (BTCUSD)-34.9%43.9%-0.8533.4%

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
CRWV13.7%112.6%0.89-
Sector ETF (XLK)19.8%25.9%0.6847.9%
Equity (SPY)12.6%17.2%0.5638.8%
Gold (GLD)18.9%18.8%0.819.9%
Commodities (DBC)11.7%19.6%0.476.7%
Real Estate (VNQ)1.0%18.8%-0.056.8%
Bitcoin (BTCUSD)10.4%52.5%0.3829.4%

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
CRWV6.6%112.6%0.89-
Sector ETF (XLK)24.2%25.0%0.8847.9%
Equity (SPY)15.1%18.0%0.7138.8%
Gold (GLD)12.0%16.4%0.609.9%
Commodities (DBC)8.5%18.1%0.396.7%
Real Estate (VNQ)4.4%20.7%0.176.8%
Bitcoin (BTCUSD)62.0%66.1%1.0229.4%

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

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity55.6 Mil
Short Interest: % Change Since 8152026-5.6%
Average Daily Volume20.9 Mil
Days-to-Cover Short Interest2.7 days
Basic Shares Quantity551.0 Mil
Short % of Basic Shares10.1%

Earnings Returns History

Updated 9/14/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/202619.3%3.2%-1.3%
5/7/2026-11.4%-11.4%-20.5%
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   
# Positive121
# Negative545
Median Positive19.3%31.2%118.2%
Median Negative-16.3%-26.0%-20.5%
Max Positive19.3%59.2%118.2%
Max Negative-20.8%-37.6%-24.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/11/202619.3%3.2%-1.3%
5/7/2026-11.4%-11.4%-20.5%
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   
# Positive121
# Negative545
Median Positive19.3%31.2%118.2%
Median Negative-16.3%-26.0%-20.5%
Max Positive19.3%59.2%118.2%
Max Negative-20.8%-37.6%-24.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/12/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/12/202610-Q
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

Updated 9/17/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Intrator, Michael NCEO and PresidentDirectSell917202681.91200,00016,382,68172,667,758Form
2Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell917202681.91107,692  Form
3Agrawal, NitinChief Financial OfficerDirectSell915202683.7066,5765,572,34515,765,545Form
4McVeety, Kristen JGC and SecretaryDirectSell910202693.9497,5009,158,76611,583,538Form
5Intrator, Michael NCEO and PresidentDirectSell9102026100.08200,00020,016,467108,802,410Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Intrator, Michael NCEO and PresidentDirectSell917202681.91200,00016,382,68172,667,758Form
2Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell917202681.91107,692  Form
3Agrawal, NitinChief Financial OfficerDirectSell915202683.7066,5765,572,34515,765,545Form
4McVeety, Kristen JGC and SecretaryDirectSell910202693.9497,5009,158,76611,583,538Form
5Intrator, Michael NCEO and PresidentDirectSell9102026100.08200,00020,016,467108,802,410Form
6Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9102026100.08107,692  Form
7Goldberg, ChenEVP, Product & EngineeringDirectSell910202695.9122,4242,150,7154,848,316Form
8McVeety, Kristen JGC and SecretaryDirectSell903202681.63156,00012,734,12910,065,921Form
9Intrator, Michael NCEO and PresidentDirectSell903202681.66200,00016,332,810105,112,170Form
10Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell903202681.66107,692  Form
11McVeety, Kristen JGC and SecretaryDirectSell828202688.032,100184,85510,854,745Form
12Intrator, Michael NCEO and PresidentDirectSell827202688.60200,00017,720,946131,766,662Form
13Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell827202688.60107,692  Form
14Agrawal, NitinChief Financial OfficerDirectSell827202688.645,509488,31311,753,205Form
15McBee, BranninChief Development OfficerCanis Major SM TrustSell826202685.5150042,7564,104,562Form
16McBee, BranninChief Development OfficerDirectSell826202685.51144,00012,314,11028,022,382Form
17McBee, BranninChief Development OfficerSpouseSell826202685.5125,000  Form
18McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell826202685.5125,000  Form
19McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell826202685.513,000  Form
20McBee, BranninChief Development OfficerCanis Major 2025 GRATSell826202685.5140,000  Form
21McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell826202685.5112,500  Form
22Intrator, Michael NCEO and PresidentDirectSell820202695.72200,00019,143,027160,496,573Form
23Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell820202695.72107,692  Form
24McBee, BranninChief Development OfficerCanis Major SM TrustSell8192026106.1050053,0485,145,673Form
25McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell8192026106.093,000  Form
26McBee, BranninChief Development OfficerCanis Major 2025 GRATSell8192026106.0840,000  Form
27McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell8192026106.0812,500  Form
28McBee, BranninChief Development OfficerDirectSell8192026106.08144,00015,275,99734,292,811Form
29McBee, BranninChief Development OfficerSpouseSell8192026106.0825,000  Form
30McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell8192026106.0825,000  Form
31Goldberg, ChenEVP, Product & EngineeringDirectSell8192026106.116,397678,7916,883,303Form
32Magnetar, Financial LlcFootnotesSell8142026108.75307,13133,401,61024,013,888Form
33Magnetar, Financial LlcFootnotesSell8142026111.271,921,259213,781,34724,725,637Form
34Magnetar, Financial LlcFootnotesSell8142026107.832,147,871231,601,95524,841,664Form
35Jain, SachinChief Operating OfficerDirectSell8142026110.00111016,256,240Form
36Intrator, Michael NCEO and PresidentDirectSell813202689.18200,00017,836,297167,377,150Form
37Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell813202689.18107,692  Form
38McBee, BranninChief Development OfficerCanis Major 2025 GRATSell812202689.7340,000  Form
39McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell812202689.7312,500  Form
40McBee, BranninChief Development OfficerCanis Major SM TrustSell812202689.6950044,8474,395,039Form
41McBee, BranninChief Development OfficerDirectSell812202689.73144,00012,920,87329,005,834Form
42McBee, BranninChief Development OfficerSpouseSell812202689.7325,000  Form
43McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell812202689.7325,000  Form
44McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell812202689.723,000  Form
45Jain, SachinChief Operating OfficerDirectSell811202692.0913,6081,253,16113,609,521Form
46McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell805202683.6810,036  Form
47McBee, BranninChief Development OfficerCanis Major SM TrustSell805202682.5750041,2834,086,968Form
48McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell805202684.102,100  Form
49McBee, BranninChief Development OfficerCanis Major 2025 GRATSell805202682.3740,000  Form
50McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell805202677.012,464189,756772,886Form
51McBee, BranninChief Development OfficerSpouseSell805202685.427,316  Form
52McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell805202682.3725,000  Form
53McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell805202678.4590070,607164,750Form
54McBee, BranninChief Development OfficerDirectSell805202682.37144,00011,861,03026,626,611Form
55McBee, BranninChief Development OfficerSpouseSell805202681.0917,6841,433,940593,232Form
56McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell729202671.0412,500  Form
57McBee, BranninChief Development OfficerCanis Major SM TrustSell729202671.0150035,5043,550,394Form
58McBee, BranninChief Development OfficerDirectSell729202671.04144,00010,229,51422,964,052Form
59McBee, BranninChief Development OfficerSpouseSell729202671.0425,000  Form
60McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell729202671.0425,000  Form
61McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell729202671.033,000  Form
62McBee, BranninChief Development OfficerCanis Major 2025 GRATSell729202671.0440,000  Form
63McBee, BranninChief Development OfficerCanis Major 2025 GRATSell722202675.1340,000  Form
64McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell722202675.1312,500  Form
65McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell722202675.123,000  Form
66McBee, BranninChief Development OfficerDirectSell722202675.13144,00010,819,05924,287,509Form
67McBee, BranninChief Development OfficerSpouseSell722202675.1425,000  Form
68McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell722202675.1325,000  Form
69McBee, BranninChief Development OfficerCanis Major SM TrustSell722202675.0450037,5213,789,603Form
70McBee, BranninChief Development OfficerCanis Major 2025 GRATSell715202684.6440,000  Form
71McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell715202684.6412,500  Form
72McBee, BranninChief Development OfficerCanis Major SM TrustSell715202684.6050042,3004,314,650Form
73McBee, BranninChief Development OfficerDirectSell715202684.64144,00012,188,75527,362,317Form
74McBee, BranninChief Development OfficerSpouseSell715202684.6525,000  Form
75McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell715202684.6425,000  Form
76McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell715202684.643,000  Form
77Agrawal, NitinChief Financial OfficerDirectSell715202684.7465,0555,512,78610,907,443Form
78Intrator, Michael NCEO and PresidentDirectSell709202686.9461,7975,372,646250,110,970Form
79Agrawal, NitinChief Financial OfficerDirectSell709202682.98324916,079,118Form
80Intrator, Michael NCEO and PresidentDirectSell709202682.65200,00016,529,869242,874,360Form
81Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell709202682.65107,692  Form
82McVeety, Kristen JGC and SecretaryDirectSell708202685.89221,89010,452,718Form
83McBee, BranninChief Development OfficerCanis Major 2025 GRATSell708202686.1340,000  Form
84McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell708202686.1312,500  Form
85McBee, BranninChief Development OfficerCanis Major SM TrustSell708202686.1250043,0624,435,427Form
86McBee, BranninChief Development OfficerDirectSell708202686.13144,00012,402,66027,842,506Form
87McBee, BranninChief Development OfficerSpouseSell708202686.1325,000  Form
88McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell708202686.1325,000  Form
89McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell708202686.133,000  Form
90Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell702202686.9961,532  Form
91Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell702202686.9915,380  Form
92Venturo, Brian MChief Strategy OfficerDirectSell702202695.6965,4936,267,02522,571,644Form
93McVeety, Kristen JGC and SecretaryDirectSell702202695.69438311,647,195Form
94Jain, SachinChief Operating OfficerDirectSell702202695.69328712,213,202Form
95Intrator, Michael NCEO and PresidentDirectSell702202697.43278,56027,140,545305,799,977Form
96Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell702202698.12107,692  Form
97Goldberg, ChenEVP, Product & EngineeringDirectSell702202695.6943835,681,211Form
98Baker, JeffPrincipal Accounting OfficerDirectSell702202695.694383107,364Form
99Agrawal, NitinChief Financial OfficerDirectSell702202695.69438318,542,234Form
100McBee, BranninChief Development OfficerDirectSell701202695.6956,7075,426,29330,933,036Form
101McBee, BranninChief Development OfficerCanis Major SM TrustSell701202694.3250047,1594,904,485Form
102McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell701202694.323,000  Form
103McBee, BranninChief Development OfficerCanis Major 2025 GRATSell701202694.3240,000  Form
104McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell701202694.3212,500  Form
105McBee, BranninChief Development OfficerDirectSell701202694.32144,00013,582,71124,416,055Form
106McBee, BranninChief Development OfficerSpouseSell701202694.3225,000  Form
107McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell701202694.3225,000  Form
108Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6262026101.3261,539  Form
109Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6262026101.3215,385  Form
110Intrator, Michael NCEO and PresidentDirectSell6252026106.81200,00021,362,822350,010,084Form
111Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6252026106.81107,692  Form
112McBee, BranninChief Development OfficerCanis Major SM TrustSell6242026111.2750055,6335,841,430Form
113McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6242026111.2840,000  Form
114McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6242026111.2812,500  Form
115McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6242026111.2825,000  Form
116McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6242026111.273,000  Form
117McBee, BranninChief Development OfficerDirectSell6242026111.28144,00016,023,68328,803,905Form
118McBee, BranninChief Development OfficerSpouseSell6242026111.2825,000  Form
119Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6182026118.4861,539  Form
120Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6182026118.4815,385  Form
121Intrator, Michael NCEO and PresidentDirectSell6182026116.65200,00023,330,521405,579,518Form
122Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6182026116.65107,692  Form
123Agrawal, NitinChief Financial OfficerDirectSell6182026116.7058,4296,818,58422,612,810Form
124McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6172026107.3040,000  Form
125McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6172026107.3012,500  Form
126McBee, BranninChief Development OfficerDirectSell6172026107.30144,00015,450,60727,773,753Form
127McBee, BranninChief Development OfficerSpouseSell6172026107.3025,000  Form
128McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6172026107.3025,000  Form
129McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6172026107.303,000  Form
130McBee, BranninChief Development OfficerCanis Major SM TrustSell6172026107.2950053,6465,686,497Form
131Goldberg, ChenEVP, Product & EngineeringDirectSell6172026107.295,541594,4726,369,355Form
132Agrawal, NitinChief Financial OfficerDirectSell612202693.3563,8915,964,51223,544,002Form
133Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell612202696.8961,539  Form
134Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell612202696.8915,385  Form
135Intrator, Michael NCEO and PresidentDirectSell611202698.88200,00019,776,902363,580,058Form
136Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell611202698.88107,692  Form
137McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6102026101.843,000  Form
138McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6102026101.8440,000  Form
139McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6102026101.8412,500  Form
140McBee, BranninChief Development OfficerDirectSell6102026101.84144,00014,664,71026,361,038Form
141McBee, BranninChief Development OfficerSpouseSell6102026101.8425,000  Form
142McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6102026101.8425,000  Form
143McBee, BranninChief Development OfficerCanis Major SM TrustSell6102026101.8350050,9165,448,056Form
144Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6052026112.5115,385  Form
145Venturo, Brian MChief Strategy OfficerDirectSell6052026112.5154,4746,128,66719,644,158Form
146Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6052026112.5161,539  Form
147Intrator, Michael NCEO and PresidentDirectSell6042026122.38200,00024,475,694474,438,684Form
148Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6042026122.38107,692  Form
149Magnetar, Financial LlcFootnotesSell6032026130.56112,11114,636,91931,584,443Form
150Jain, SachinChief Operating OfficerDirectSell6032026120.003,798455,76015,315,480Form
151Cogen, Jack D CW Holding 987 LLCSell6022026106.97271,15329,004,694938,074,701Form
152Jain, SachinChief Operating OfficerDirectSell5292026110.0089898,78014,456,970Form
153Cogen, Jack D CW Holding 987 LLCSell5292026106.32642,30768,291,181961,236,440Form
154Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5292026102.3361,539  Form
155Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5292026102.3315,385  Form
156McVeety, Kristen JGC and SecretaryDirectSell5292026101.872,246228,79212,398,680Form
157Cogen, Jack D CW Holding 987 LLCSell5292026103.77100,00010,377,0001,004,819,023Form
158Agrawal, NitinChief Financial OfficerDirectSell5292026102.175,508562,75819,797,793Form
159Intrator, Michael NCEO and PresidentDirectSell5282026106.74200,00021,348,107435,161,420Form
160Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5282026106.74107,693  Form
161Cogen, Jack D Birch Br Trust LLCSell5282026107.80110,000  Form
162Cogen, Jack D Chestnut Br Trust LLCSell5282026107.80110,000  Form
163Cogen, Jack D Maple Br Trust LLCSell5282026107.80110,000  Form
164Cogen, Jack D Willow Br Trust LLCSell5282026107.80110,000  Form
165Cogen, Jack D CW Holding 987 LLCSell5282026107.80546,54058,915,5431,054,595,764Form
166Boone, Karen DirectSell5282026108.231,060114,724790,079Form
167Boone, Karen The Boone Family Trust, dated August 6, 2015Sell5282026107.4510,520  Form
168Venturo, Brian MChief Strategy OfficerDirectSell522202699.825,887587,64022,866,666Form
169Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5222026101.0961,539  Form
170Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5222026101.0915,385  Form
171McVeety, Kristen JGC and SecretaryDirectSell522202699.823,833382,61012,373,787Form
172McBee, BranninChief Development OfficerDirectSell522202699.823,683367,63731,751,345Form
173Jain, SachinChief Operating OfficerDirectSell522202699.826,377636,55213,208,682Form
174Intrator, Michael NCEO and PresidentDirectSell522202699.8213,1291,310,537426,911,673Form
175Goldberg, ChenEVP, Product & EngineeringDirectSell5222026100.3414,1681,421,5866,512,828Form
176Baker, JeffPrincipal Accounting OfficerDirectSell522202699.821,320131,762111,699Form
177Agrawal, NitinChief Financial OfficerDirectSell522202699.8210,0621,004,38919,892,030Form
178Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5202026101.24300,000  Form
179Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5202026101.2475,000  Form
180Intrator, Michael NCEO and PresidentDirectSell5142026105.67200,00021,133,902471,972,967Form
181Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5142026105.67107,693  Form
182Jain, SachinChief Operating OfficerDirectSell5122026118.6114,7501,749,56014,596,432Form
183Magnetar, Financial LlcFootnotesSell5082026129.91159,16820,677,14987,621,445Form
184Magnetar, Financial LlcFootnotesSell5082026129.91587,01076,257,07331,489,088Form
185Magnetar, Financial LlcFootnotesSell5082026136.71797,884109,080,68393,625,613Form
186Magnetar, Financial LlcFootnotesSell5082026136.731,202,656164,441,06133,573,757Form
187Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5082026136.7061,539  Form
188Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5082026136.7015,385  Form
189Jain, SachinChief Operating OfficerDirectSell5082026131.137,335961,83913,646,437Form
190Magnetar, Financial LlcFootnotesSell5062026127.68349,43744,614,57690,634,732Form
191Magnetar, Financial LlcFootnotesSell5062026127.68978,764124,964,22332,323,234Form
192Magnetar, Financial LlcFootnotesSell5062026127.29420,22753,489,50292,446,501Form
193Magnetar, Financial LlcFootnotesSell5062026127.291,155,164147,037,49232,861,205Form
194Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5062026126.78300,000  Form
195Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5062026126.7875,000  Form
196Magnetar, Financial LlcFootnotesSell5012026119.91209,15725,080,69689,411,877Form
197Magnetar, Financial LlcFootnotesSell5012026119.911,284,876154,073,68231,664,418Form
198Magnetar, Financial LlcFootnotesSell5012026117.846,564773,50231,758,587Form
199Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5012026113.2461,539  Form
200Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5012026113.2415,385  Form
201Baker, JeffPrincipal Accounting OfficerDirectSell5012026107.876,760729,2014,587,603Form
202Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4292026109.03300,000  Form
203Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4292026109.0375,000  Form
204McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4292026109.0333,350  Form
205McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4292026109.0312,500  Form
206McBee, BranninChief Development OfficerDirectSell4292026109.03200,00021,806,77534,207,416Form
207McBee, BranninChief Development OfficerSpouseSell4292026109.0333,350  Form
208McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4292026109.0354,150  Form
209Goldberg, ChenEVP, Product & EngineeringDirectSell4292026109.004,879531,8234,803,415Form
210Intrator, Michael NCEO and PresidentDirectSell4232026116.42200,00023,284,896589,864,740Form
211Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4232026116.42107,693  Form
212Magnetar, Financial LlcFootnotesSell4222026118.26323,45238,251,43433,052,369Form
213Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4222026115.93900,000  Form
214Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4222026115.93225,000  Form
215McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4222026115.9433,330  Form
216McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4222026115.9412,500  Form
217McBee, BranninChief Development OfficerDirectSell4222026115.93200,00023,186,39336,371,567Form
218McBee, BranninChief Development OfficerSpouseSell4222026115.9433,330  Form
219McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4222026115.9454,170  Form
220Magnetar, Financial LlcFootnotesSell4222026117.33319,83537,526,24132,930,776Form
221Intrator, Michael NCEO and PresidentDirectSell4162026116.94200,00023,388,190615,869,621Form
222Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4162026116.94107,693  Form
223Jain, SachinChief Operating OfficerDirectSell4142026105.007,335770,18312,112,506Form
224Venturo, Brian MChief Strategy OfficerDirectSell410202689.2261,7475,508,94819,947,375Form
225Jain, SachinChief Operating OfficerDirectSell410202692.003,953363,67611,287,572Form
226Intrator, Michael NCEO and PresidentDirectSell410202689.2262,3995,567,083487,707,555Form
227Goldberg, ChenEVP, Product & EngineeringDirectSell410202692.009,757897,6444,503,032Form
228Agrawal, NitinChief Financial OfficerDirectSell410202692.00141,28817,470,064Form
229Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell408202680.86900,000  Form
230Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell408202680.86225,000  Form
231McBee, BranninChief Development OfficerDirectSell408202681.25100,0008,124,96125,490,604Form
232McBee, BranninChief Development OfficerSpouseSell408202681.2516,665  Form
233McBee, BranninChief Development OfficerCanis Major 2025 GRATSell408202681.2516,665  Form
234McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell408202681.2527,085  Form
235McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell408202681.256,250  Form
236Venturo, Brian MChief Strategy OfficerDirectSell402202674.0565,0054,813,62021,128,464Form
237McVeety, Kristen JGC and SecretaryDirectSell402202674.05118158,893,257Form
238McBee, BranninChief Development OfficerDirectSell402202674.0556,0314,149,09623,231,855Form
239Intrator, Michael NCEO and PresidentDirectSell402202674.0577,9395,771,383424,225,045Form
240Goldberg, ChenEVP, Product & EngineeringDirectSell402202674.05161,1854,346,957Form
241Baker, JeffPrincipal Accounting OfficerDirectSell402202674.05161,1852,724,225Form
242Agrawal, NitinChief Financial OfficerDirectSell402202674.05161,18514,062,539Form
243McBee, BranninChief Development OfficerCanis Major 2025 GRATSell401202669.2216,665  Form
244McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell401202669.226,250  Form
245McBee, BranninChief Development OfficerDirectSell401202669.22100,0006,922,41317,213,550Form
246McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell401202669.2227,085  Form
247McBee, BranninChief Development OfficerSpouseSell401202669.2216,665  Form
248Intrator, Michael NCEO and PresidentDirectSell327202687.3432,4562,834,835494,934,602Form
249Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell327202687.3450,000  Form
250McBee, BranninChief Development OfficerCanis Major 2025 GRATSell325202682.5316,665  Form
251McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell325202682.536,250  Form
252McBee, BranninChief Development OfficerDirectSell325202682.53100,0008,252,77920,521,690Form
253McBee, BranninChief Development OfficerSpouseSell325202682.5316,665  Form
254McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell325202682.5327,085  Form
255Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell320202683.65281,250  Form
256McBee, BranninChief Development OfficerCanis Major 2025 GRATSell318202684.4416,665  Form
257McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell318202684.446,250  Form
258McBee, BranninChief Development OfficerDirectSell318202684.44100,0008,444,23020,997,759Form
259McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell318202684.4427,085  Form
260McBee, BranninChief Development OfficerSpouseSell318202684.4416,665  Form
261Intrator, Michael NCEO and PresidentDirectSell313202681.4132,4552,642,137463,947,772Form
262Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell313202681.4150,000  Form
263Agrawal, NitinChief Financial OfficerDirectSell313202679.6863,1575,032,35018,194,769Form
264McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell311202672.6118,750  Form
265McBee, BranninChief Development OfficerDirectSell311202672.61300,00021,782,81718,055,342Form
266McBee, BranninChief Development OfficerSpouseSell311202672.6149,995  Form
267McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell311202672.6181,255  Form
268McBee, BranninChief Development OfficerCanis Major 2025 GRATSell311202672.6149,995  Form
269Agrawal, NitinChief Financial OfficerDirectSell305202673.203,920286,93512,383,956Form
270McVeety, Kristen JGC and SecretaryDirectSell227202697.922,671261,55511,758,603Form
271Intrator, Michael NCEO and PresidentDirectSell227202699.9532,4563,243,823572,827,461Form
272Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell227202699.9550,000  Form
273McVeety, Kristen JGC and SecretaryDirectSell224202690.831,677152,32611,149,661Form
274Goldberg, ChenEVP, Product & EngineeringDirectSell224202690.8418,9501,721,3335,331,047Form
275Baker, JeffPrincipal Accounting OfficerDirectSell224202690.832,374215,6423,749,211Form
276Agrawal, NitinChief Financial OfficerDirectSell224202690.845,383488,98015,724,480Form
277McBee, BranninChief Development OfficerCanis Major 2025 GRATSell219202691.7325,000  Form
278McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell219202691.738,315  Form
279McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell219202691.813,000  Form
280McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell219202691.811,000  Form
281McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell219202691.811,000  Form
282McBee, BranninChief Development OfficerCanis Major SM TrustSell219202691.8150045,9064,957,900Form
283McBee, BranninChief Development OfficerDirectSell219202691.73102,8309,432,38622,809,442Form
284McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell219202691.7325,000  Form
285Intrator, Michael NCEO and PresidentDirectSell213202693.6332,4553,038,833539,683,701Form
286Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell213202693.6350,000  Form
287McBee, BranninChief Development OfficerCanis Major 2025 GRATSell211202695.9525,000  Form
288McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell211202695.958,335  Form
289McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell211202695.813,000  Form
290McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell211202695.811,000  Form
291McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell211202695.811,000  Form
292McBee, BranninChief Development OfficerDirectSell211202695.95102,8309,866,21023,858,517Form
293McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell211202695.9525,000  Form
294McBee, BranninChief Development OfficerCanis Major SM TrustSell211202695.8150047,9075,221,837Form
295Goldberg, ChenSVP of EngineeringDirectSell206202679.6917,9851,433,2913,415,592Form
296Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell206202685.00281,250  Form
297McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell204202690.531,000  Form
298McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell204202690.531,000  Form
299McBee, BranninChief Development OfficerCanis Major 2025 GRATSell204202690.4325,000  Form
300McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell204202690.438,335  Form
301McBee, BranninChief Development OfficerDirectSell204202690.43102,8309,298,59622,485,909Form
302McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell204202690.4325,000  Form
303McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell204202690.533,000  Form
304McBee, BranninChief Development OfficerCanis Major SM TrustSell204202690.5350045,2664,979,241Form
305Baker, JeffPrincipal Accounting OfficerDirectSell1302026103.785,143533,7604,079,115Form
306Intrator, Michael NCEO and PresidentDirectSell1302026106.0832,4563,443,055614,895,769Form
307Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1302026106.0850,000  Form
308McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1282026101.4525,000  Form
309McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1282026101.458,335  Form
310McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1282026101.491,000  Form
311McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1282026101.491,000  Form
312McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1282026101.4525,000  Form
313McBee, BranninChief Development OfficerCanis Major SM TrustSell1282026101.4950050,7455,632,668Form
314McBee, BranninChief Development OfficerDirectSell1282026101.45102,83010,432,31525,227,475Form
315McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1282026101.493,000  Form
316McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell122202695.291,000  Form
317McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell122202695.291,000  Form
318McBee, BranninChief Development OfficerCanis Major 2025 GRATSell122202695.2925,000  Form
319McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell122202695.298,335  Form
320McBee, BranninChief Development OfficerDirectSell122202695.29102,8359,799,59323,696,271Form
321McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell122202695.2925,000  Form
322McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell122202695.293,000  Form
323McBee, BranninChief Development OfficerCanis Major SM TrustSell122202695.2950047,6455,336,268Form
324Intrator, Michael NCEO and PresidentDirectSell116202689.3932,4552,901,244521,050,978Form
325Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell116202689.3950,000  Form
326McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell114202688.788,335  Form
327McBee, BranninChief Development OfficerCanis Major SM TrustSell114202688.6250044,3095,006,913Form
328McBee, BranninChief Development OfficerCanis Major 2025 GRATSell114202688.7825,000  Form
329McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell114202688.621,000  Form
330McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell114202688.7825,000  Form
331McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell114202688.621,000  Form
332McBee, BranninChief Development OfficerDirectSell114202688.78102,8359,129,57322,076,105Form
333McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell114202688.623,000  Form
334Venturo, Brian MChief Strategy OfficerDirectSell102202672.5765,9404,785,36320,033,571Form
335McBee, BranninChief Development OfficerDirectSell102202672.5757,6364,182,72318,045,886Form
336Intrator, Michael NCEO and PresidentDirectSell102202672.39111,4278,065,759428,714,980Form
337Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell102202671.9450,000  Form
338McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1231202575.6325,000  Form
339McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1231202575.638,335  Form
340McBee, BranninChief Development OfficerCanis Major SM TrustSell1231202575.5750037,7854,345,261Form
341McBee, BranninChief Development OfficerDirectSell1231202575.63102,8357,777,06414,004,614Form
342McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1231202575.6325,000  Form
343McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1231202575.573,000  Form
344McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1231202575.571,000  Form
345McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1231202575.571,000  Form
346Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1229202579.36281,250  Form
347McBee, BranninChief Development OfficerDirectSell1223202585.30102,8358,771,43515,795,236Form
348McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1223202585.3025,000  Form
349McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1223202585.283,000  Form
350McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1223202585.421,000  Form
351McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1223202585.431,000  Form
352McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1223202585.2925,000  Form
353McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1223202585.328,335  Form
354McBee, BranninChief Development OfficerCanis Major SM TrustSell1223202585.4150042,7034,953,490Form
355Intrator, Michael NCEO and PresidentDirectSell1219202565.4732,4552,124,980385,887,391Form
356Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1219202565.4750,000  Form
357Agrawal, NitinChief Financial OfficerDirectSell1218202569.1836,3172,512,27511,557,625Form
358McBee, BranninChief Development OfficerCanis Major SM TrustSell1217202573.6850036,8394,310,215Form
359McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1217202573.681,000  Form
360McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1217202573.681,000  Form
361McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1217202573.5725,000  Form
362McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1217202573.578,335  Form
363McBee, BranninChief Development OfficerDirectSell1217202573.57102,8357,565,92913,624,411Form
364McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1217202573.5725,000  Form
365McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1217202573.683,000  Form
366Agrawal, NitinChief Financial OfficerDirectSell1212202582.5866,4675,488,53216,795,155Form
367Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1212202587.75281,250  Form
368McBee, BranninChief Development OfficerDirectSell1210202583.80102,8358,617,92315,518,797Form
369McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1210202583.8025,000  Form
370McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1210202583.773,000  Form
371McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1210202583.771,000  Form
372McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1210202583.771,000  Form
373McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1210202583.8025,000  Form
374McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1210202583.808,335  Form
375McBee, BranninChief Development OfficerCanis Major SM TrustSell1210202583.7750041,8864,942,495Form
376Intrator, Michael NCEO and PresidentDirectSell1205202576.8832,4552,495,277455,626,979Form
377Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1205202576.8850,000  Form
378McVeety, Kristen JGC and SecretaryDirectSell1205202574.532,116157,7015,888Form
379McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1204202578.6125,000  Form
380McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1204202578.611,000  Form
381McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1204202578.618,335  Form
382McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1204202578.613,000  Form
383McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1204202578.611,000  Form
384McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1204202578.6125,000  Form
385McBee, BranninChief Development OfficerCanis Major SM TrustSell1204202578.6150039,3064,677,443Form
386McBee, BranninChief Development OfficerDirectSell1204202578.61102,8358,083,82614,557,018Form
387Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell1203202574.9532,8072,459,04113,692,660Form
388Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell1203202574.9432,7992,458,00613,690,836Form
389Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1128202574.44281,250  Form
390Agrawal, NitinChief Financial OfficerDirectSell1128202570.273,640255,76810,365,551Form
391McVeety, Kristen JGC and SecretaryDirectSell1121202582.552,231184,169181,197Form
392Agrawal, NitinChief Financial OfficerDirectSell1121202582.555,841482,17512,478,175Form
393Intrator, Michael NCEO and PresidentDirectSell1121202574.7132,4552,424,654445,156,227Form
394Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1121202574.7150,000  Form
395Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1114202587.57281,250  Form
396Goldberg, ChenSVP of EngineeringDirectSell1113202590.7913,7401,247,4682,119,425Form
397Goldberg, ChenSVP of EngineeringDirectSell11072025118.3019,1802,268,9944,387,037Form
398Intrator, Michael NCEO and PresidentDirectSell11072025113.9732,4553,698,950796,782,189Form
399Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell11072025113.9750,000  Form
400Magnetar, Financial LlcFootnotesSell11052025134.947,6881,037,38240,414,737Form
401Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell11052025127.9314,9581,913,64927,568,163Form
402Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell11052025127.9414,9581,913,71427,569,095Form
403Magnetar, Financial LlcFootnotesSell10312025135.65191,33125,953,371115,824,297Form
404Magnetar, Financial LlcFootnotesSell10312025135.65331,32444,942,83740,631,865Form
405Magnetar, Financial LlcFootnotesSell10312025134.69216,01029,094,65040,608,056Form
406Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10312025137.80281,250  Form
407Magnetar, Financial LlcFootnotesSell10292025138.48464,16964,279,131119,494,743Form
408Magnetar, Financial LlcFootnotesSell10292025138.48804,514111,412,04641,862,780Form
409Magnetar, Financial LlcFootnotesSell10292025138.61378,29352,436,174121,757,163Form
410Magnetar, Financial LlcFootnotesSell10292025138.61435,63760,384,77442,555,036Form
411Magnetar, Financial LlcFootnotesSell10292025138.61639,67588,666,857226,489,952Form
412Magnetar, Financial LlcFootnotesSell10292025135.02531,59971,776,50542,183,899Form
413Intrator, Michael NCEO and PresidentDirectSell10242025118.5832,4553,848,450832,833,900Form
414Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10242025118.5750,000  Form
415Magnetar, Financial LlcFootnotesSell10222025136.7344,1816,040,83642,988,364Form
416Magnetar, Financial LlcFootnotesSell10172025136.6218,3712,509,857123,392,321Form
417Magnetar, Financial LlcFootnotesSell10172025136.62244,20333,361,92542,975,424Form
418Magnetar, Financial LlcFootnotesSell10172025143.51303,20643,513,560130,072,258Form
419Magnetar, Financial LlcFootnotesSell10172025143.51549,08778,800,232187,953,264Form
420Magnetar, Financial LlcFootnotesSell10172025143.51254,52536,527,25545,283,750Form
421Magnetar, Financial LlcFootnotesSell10172025143.511,004,073144,096,539322,440,928Form
422Magnetar, Financial LlcFootnotesSell10172025138.7512,8761,786,505129,349,810Form
423Magnetar, Financial LlcFootnotesSell10172025138.75495,12268,696,626190,897,374Form
424Magnetar, Financial LlcFootnotesSell10172025138.76556,23077,184,30544,885,067Form
425Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10172025138.47154,479  Form
426Magnetar, Financial LlcFootnotesSell10152025137.1917,7892,440,44944,914,751Form
427Magnetar, Financial LlcFootnotesSell10152025141.2727,9453,947,818133,552,805Form
428Magnetar, Financial LlcFootnotesSell10152025141.27369,37952,183,13646,261,129Form
429Magnetar, Financial LlcFootnotesSell10102025148.74414,54761,658,723274,507,574Form
430Magnetar, Financial LlcFootnotesSell10102025148.80180,16626,807,87448,943,573Form
431Magnetar, Financial LlcFootnotesSell10102025148.80208,20730,980,194141,386,800Form
432Magnetar, Financial LlcFootnotesSell10102025141.16372,70652,611,485135,511,000Form
433Magnetar, Financial LlcFootnotesSell10102025141.16907,277128,070,41346,851,838Form
434Magnetar, Financial LlcFootnotesSell10102025139.46691,24396,403,19046,952,211Form
435Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025139.6615,174  Form
436Intrator, Michael NCEO and PresidentDirectSell10092025136.7232,4554,437,309964,704,873Form
437Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025135.4434,8264,716,9712,055,226Form
438Intrator, Michael NCEO and PresidentDirectSell10092025131.5461,8108,130,424932,403,475Form
439Venturo, Brian MChief Strategy OfficerDirectSell10082025137.9052,7877,279,09034,297,648Form
440Magnetar, Financial LlcFootnotesSell10072025137.6363,3188,714,37446,688,058Form
441Magnetar, Financial LlcFootnotesSell10072025139.27570,46379,447,33347,277,224Form
442Magnetar, Financial LlcFootnotesSell10072025139.371,149,406160,196,85347,608,907Form
443Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10032025135.67281,250  Form
444Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell10032025135.6514,6151,982,50531,259,419Form
445Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell10032025135.6814,6151,982,99931,267,200Form
446Magnetar, Financial LlcFootnotesSell10022025138.20149,52420,664,788139,006,921Form
447Magnetar, Financial LlcFootnotesSell10022025138.22901,524124,605,99947,803,753Form
448Magnetar, Financial LlcFootnotesSell10022025137.11286,32339,257,74747,955,594Form
449Magnetar, Financial LlcFootnotesSell10022025139.5599,69113,911,778142,627,160Form
450Magnetar, Financial LlcFootnotesSell10022025139.55581,48481,145,574223,995,856Form
451Magnetar, Financial LlcFootnotesSell10022025139.55732,944102,280,89248,956,100Form
452Venturo, Brian MChief Strategy OfficerDirectSell10022025139.4465,5939,146,28842,042,415Form
453McBee, BranninChief Development OfficerDirectSell10022025138.59157,90321,884,29025,664,837Form
454McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell10022025138.10150,000  Form
455Intrator, Michael NCEO and PresidentDirectSell10022025139.4478,54810,952,733997,028,071Form
456Magnetar, Financial LlcFootnotesSell9262025136.38185,62725,315,999141,744,470Form
457Magnetar, Financial LlcFootnotesSell9262025136.381,113,847151,907,02948,561,010Form
458Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9262025130.1450,000  Form
459Intrator, Michael NCEO and PresidentDirectSell9262025130.1432,4554,223,680922,483,919Form
460McBee, BranninChief Development OfficerDirectSell9252025131.83250,00032,957,01616,078,410Form
461McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9252025131.83375,000  Form
462McVeety, Kristen JGC and SecretaryJackfruit 2024 GRATSell9242025126.8695,000  Form
463Magnetar, Financial LlcFootnotesSell9222025132.42734,11097,213,53847,791,701Form
464Magnetar, Financial LlcFootnotesSell9222025125.60197,33624,784,570133,653,886Form
465Magnetar, Financial LlcFootnotesSell9222025125.601,151,054144,567,443215,100,235Form
466Magnetar, Financial LlcFootnotesSell9222025125.601,451,063182,251,14145,671,459Form
467Magnetar, Financial LlcFootnotesSell9222025120.62176,51221,290,912132,481,624Form
468Magnetar, Financial LlcFootnotesSell9222025120.621,059,358127,780,72545,118,975Form
469Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell9192025118.68281,250  Form
470Agrawal, NitinChief Financial OfficerDirectSell9182025118.1838,4224,540,52917,204,895Form
471McBee, BranninChief Development OfficerDirectSell9182025118.17250,00029,542,57014,412,638Form
472McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9182025118.17375,000  Form
473Magnetar, Financial LlcFootnotesSell9172025120.09211,83525,440,318133,716,742Form
474Magnetar, Financial LlcFootnotesSell9172025120.101,271,277152,675,75945,474,252Form
475Magnetar, Financial LlcFootnotesSell9172025122.4276,3889,351,084138,517,058Form
476Magnetar, Financial LlcFootnotesSell9172025122.39185,71322,728,81647,017,085Form
477Magnetar, Financial LlcFootnotesSell9172025119.93535,05564,167,74546,188,952Form
478Agrawal, NitinChief Financial OfficerDirectSell9152025115.2963,2307,289,77421,214,476Form
479Intrator, Michael NCEO and PresidentDirectSell9122025118.3332,4553,840,275842,585,583Form
480Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9122025118.3350,000  Form
481Magnetar, Financial LlcFootnotesSell9112025118.05204,41624,130,36145,699,255Form
482Magnetar, Financial LlcFootnotesSell9112025118.42811,80096,131,74145,933,636Form
483Magnetar, Financial LlcFootnotesSell9112025103.84573,45759,547,77540,592,406Form
484McBee, BranninChief Development OfficerDirectSell911202599.47250,00024,866,81312,131,523Form
485McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell911202599.47375,000  Form
486Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell904202590.62281,250  Form
487Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell904202593.1619,4101,808,18722,829,082Form
488Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell904202593.1619,4101,808,18922,829,110Form
489McBee, BranninChief Development OfficerDirectSell904202593.17250,00023,292,32211,363,392Form
490McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell904202593.17375,000  Form
491Goldberg, ChenSVP of EngineeringDirectSell904202593.1756,2945,244,8491,748,221Form
492Cogen, Jack DCW Holding 987 LLCSell904202594.691,112,004105,297,5071,167,517,510Form
493Magnetar, Financial LlcFootnotesSell9022025102.3880,8208,274,51840,240,860Form

Investor Activity (13F)

Updated Sep 18, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Magnetar Financial LLC$4.7 Bil48.2%1754Hold13F
Lavaca Capital LLC$226.5 Mil42.1%277ADD +16.9%13F
Cisco Systems, Inc.$82.4 Mil26.0%3Hold13F
Nvidia Corp$3.7 Bil19.9%7ADD +94.5%13F
Peak6 LLC$527.9 Mil15.3%881ADD +17.6%13F
Panview Capital Ltd$69.5 Mil14.9%12New13F
Situational Awareness Partners LP$556.1 Mil14.4%26New13F
Situational Awareness LP$556.1 Mil14.4%26ADD +17.7%13F
Altimeter Capital Management, LP$348.5 Mil6.1%13ADD +40.0%13F
Kinetic Partners Management, LP$41.1 Mil2.3%49ADD +142.6%13F
MKP Capital Management, L.L.C.$44.9 Mil1.5%19New13F
Infinitum Asset Management, LLC$11.6 Mil1.5%21New13F
Anther Capital Ltd$31.0 Mil0.8%31New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Situational Awareness Partners LP$556.1 Mil14.4%26New13F
Panview Capital Ltd$69.5 Mil14.9%12New13F
MKP Capital Management, L.L.C.$44.9 Mil1.5%19New13F
Anther Capital Ltd$31.0 Mil0.8%31New13F
Infinitum Asset Management, LLC$11.6 Mil1.5%21New13F
Kinetic Partners Management, LP$41.1 Mil2.3%49ADD +142.6%13F
Nvidia Corp$3.7 Bil19.9%7ADD +94.5%13F
Altimeter Capital Management, LP$348.5 Mil6.1%13ADD +40.0%13F
Situational Awareness LP$556.1 Mil14.4%26ADD +17.7%13F
Peak6 LLC$527.9 Mil15.3%881ADD +17.6%13F
Lavaca Capital LLC$226.5 Mil42.1%277ADD +16.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SHANDA ASSET MANAGEMENT HOLDINGS Ltd$28.6 Mil1.4%10Exited13F
H&H International Investment, LLC$21.5 Mil0.1%14Exited13F
Broad Peak Investment Advisers Pte Ltd$15.5 Mil2.8%20Exited13F
Two Seas Capital LP$7.9 Mil0.5%29Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Magnetar Financial LLC$4.7 Bil48.2%1754Hold13F
Nvidia Corp$3.7 Bil19.9%7ADD +94.5%13F
Situational Awareness Partners LP$556.1 Mil14.4%26New13F
Situational Awareness LP$556.1 Mil14.4%26ADD +17.7%13F
Peak6 LLC$527.9 Mil15.3%881ADD +17.6%13F
Altimeter Capital Management, LP$348.5 Mil6.1%13ADD +40.0%13F
Lavaca Capital LLC$226.5 Mil42.1%277ADD +16.9%13F
Cisco Systems, Inc.$82.4 Mil26.0%3Hold13F
Panview Capital Ltd$69.5 Mil14.9%12New13F
MKP Capital Management, L.L.C.$44.9 Mil1.5%19New13F
Kinetic Partners Management, LP$41.1 Mil2.3%49ADD +142.6%13F
Anther Capital Ltd$31.0 Mil0.8%31New13F
Infinitum Asset Management, LLC$11.6 Mil1.5%21New13F
Core Cache Last Updated: 9/17/2026