Tearsheet

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 13%

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 70%

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 -7.5%

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 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 13%
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 70%
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 -7.5%
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%
QQQ0.17%
QQQM0.16%
IWB0.04%
VUG0.11%
VO0.31%
ARKW2.8%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/8/2026

CoreWeave (CRWV) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. Strong Revenue Growth and Robust Backlog: CoreWeave reported revenue of $2.08 billion for fiscal Q1 2026, surpassing analyst estimates of $1.97 billion and representing a 112% year-over-year increase. This was supported by a rapidly expanding contracted revenue backlog, which reached nearly $100 billion by the end of fiscal Q1 2026, reflecting approximately a 50% sequential increase. Management anticipated this backlog to further grow to $131 billion by the end of fiscal Q2 2026, and reaffirmed full-year 2026 revenue guidance of $12 billion to $13 billion.

2. Strategic Infrastructure Expansion and Key Partnerships: CoreWeave significantly expanded its AI cloud capacity and operational footprint during the period. In fiscal Q1 2026, the company increased its contracted power by over 400 megawatts, reaching a total of 3.5 gigawatts, with a long-term target of over 8 gigawatts by 2030. This expansion included securing a 15-year Chicago hyperscale data-center lease, which locked in approximately $2.2 billion of contracted revenue and contributed to a stock increase of over 12%. Additionally, the completion of Phase I of its Helios Data Center Campus delivered 133 megawatts of critical IT load, with rent commencement beginning in fiscal Q2 2026.

Show more
Updated on 7/8/2026

CoreWeave (CRWV) stock has gained about 15% since 3/31/2026 because of the following key factors:

1. Strong Revenue Growth and Robust Backlog: CoreWeave reported revenue of $2.08 billion for fiscal Q1 2026, surpassing analyst estimates of $1.97 billion and representing a 112% year-over-year increase. This was supported by a rapidly expanding contracted revenue backlog, which reached nearly $100 billion by the end of fiscal Q1 2026, reflecting approximately a 50% sequential increase. Management anticipated this backlog to further grow to $131 billion by the end of fiscal Q2 2026, and reaffirmed full-year 2026 revenue guidance of $12 billion to $13 billion.

2. Strategic Infrastructure Expansion and Key Partnerships: CoreWeave significantly expanded its AI cloud capacity and operational footprint during the period. In fiscal Q1 2026, the company increased its contracted power by over 400 megawatts, reaching a total of 3.5 gigawatts, with a long-term target of over 8 gigawatts by 2030. This expansion included securing a 15-year Chicago hyperscale data-center lease, which locked in approximately $2.2 billion of contracted revenue and contributed to a stock increase of over 12%. Additionally, the completion of Phase I of its Helios Data Center Campus delivered 133 megawatts of critical IT load, with rent commencement beginning in fiscal Q2 2026.

3. Nasdaq-100 Index Inclusion and Positive Analyst Sentiment: CoreWeave's inclusion in the Nasdaq-100 index, effective June 22, 2026, served as a significant catalyst, leading to increased investor interest and steady inflows from passive funds. This announcement contributed to an 8.86% stock increase on June 12, 2026, and a 10% jump on June 16, 2026. Analyst consensus maintained a "Moderate Buy" rating for the stock, with an average price target of $135.26. Firms such as Rosenblatt reiterated a "Buy" rating with a $250 price target.

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Stock Movement Drivers

Fundamental Drivers

The 14.7% change in CRWV stock from 3/31/2026 to 7/10/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120267102026Change
Stock Price ($)77.4788.8814.7%
Change Contribution By: 
Total Revenues ($ Mil)6,2270.0%
P/S Multiple7.50.0%
Shares Outstanding (Mil)404527-23.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/10/2026
ReturnCorrelation
CRWV14.7% 
Market (SPY)16.1%37.0%
Sector (XLK)39.8%45.9%

Fundamental Drivers

The 24.1% change in CRWV stock from 12/31/2025 to 7/10/2026 was primarily driven by a 44.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257102026Change
Stock Price ($)71.6188.8824.1%
Change Contribution By: 
Total Revenues ($ Mil)4,3066,22744.6%
P/S Multiple8.37.5-9.1%
Shares Outstanding (Mil)498527-5.5%
Cumulative Contribution24.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/10/2026
ReturnCorrelation
CRWV24.1% 
Market (SPY)11.0%44.1%
Sector (XLK)29.2%51.4%

Fundamental Drivers

The -45.5% change in CRWV stock from 6/30/2025 to 7/10/2026 was primarily driven by a -23.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)63020257102026Change
Stock Price ($)163.0688.88-45.5%
Change Contribution By: 
Total Revenues ($ Mil)6,2270.0%
P/S Multiple7.50.0%
Shares Outstanding (Mil)404527-23.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/10/2026
ReturnCorrelation
CRWV-45.5% 
Market (SPY)23.2%37.9%
Sector (XLK)47.3%48.1%

Fundamental Drivers

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Market Drivers

6/30/2023 to 7/10/2026
ReturnCorrelation
CRWV  
Market (SPY)76.3%37.8%
Sector (XLK)117.7%44.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRWV Return----79%25%124%
Peers Return57%-34%93%65%29%-3%310%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
CRWV Win Rate----40%29% 
Peers Win Rate65%30%70%67%55%49% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
CRWV Max Drawdown------41% 
Peers Max Drawdown-14%-45%-18%-20%-33%-26% 
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 7/10/2026 (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.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Price88.88245.34385.10357.18210.96140.64228.15
Mkt Cap46.82,635.72,859.84,321.55,123.4404.32,747.7
Rev LTM6,227742,776318,273422,499253,49167,358285,882
Op Inc LTM-16385,422148,957138,129162,28522,442111,776
FCF LTM-10,616-2,47272,91664,429119,076-23,68630,978
FCF 3Y Avg-21,34670,95269,47476,825-4,09169,474
CFO LTM5,981148,531170,141174,353125,64831,977137,090
CFO 3Y Avg-120,527136,991138,01380,77723,824120,527

Growth & Margins

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Rev Chg LTM129.9%14.2%17.9%17.5%70.7%17.4%17.7%
Rev Chg 3Y Avg-12.3%15.3%14.1%121.7%10.6%14.1%
Rev Chg Q111.6%16.6%18.3%21.8%85.2%20.6%21.2%
QoQ Delta Rev Chg LTM21.4%3.6%4.2%4.9%17.4%5.1%5.0%
Op Inc Chg LTM-158.0%19.2%22.0%17.5%88.3%24.3%20.6%
Op Inc Chg 3Y Avg-108.4%20.7%24.3%376.9%17.8%24.3%
Op Mgn LTM-2.6%11.5%46.8%32.7%64.0%33.3%33.0%
Op Mgn 3Y Avg-10.2%45.6%31.5%60.6%31.7%31.7%
QoQ Delta Op Mgn LTM-1.7%0.3%0.1%0.7%3.6%1.0%0.5%
CFO/Rev LTM96.0%20.0%53.5%41.3%49.6%47.5%48.5%
CFO/Rev 3Y Avg-18.1%49.5%37.3%50.5%39.7%39.7%
FCF/Rev LTM-170.5%-0.3%22.9%15.2%47.0%-35.2%7.5%
FCF/Rev 3Y Avg-3.5%26.1%19.3%48.3%-4.5%19.3%

Valuation

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Cap46.82,635.72,859.84,321.55,123.4404.32,747.7
P/S7.53.59.010.220.26.08.3
P/Op Inc-288.230.919.231.331.618.025.0
P/EBIT-462.722.318.222.127.016.720.1
P/E-29.429.022.827.032.123.725.3
P/CFO7.817.716.824.840.812.617.3
Total Yield-3.4%3.4%5.3%3.9%3.1%5.7%3.7%
Dividend Yield0.0%0.0%0.9%0.2%0.0%1.4%0.1%
FCF Yield 3Y Avg-1.1%2.5%3.2%2.4%-0.8%2.4%
D/E0.80.10.00.00.00.40.1
Net D/E0.70.0-0.0-0.0-0.00.30.0

Returns

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
1M Rtn-7.0%3.1%-3.1%0.2%5.3%-29.9%-1.4%
3M Rtn-12.9%2.9%4.1%12.7%12.0%2.2%3.5%
6M Rtn10.9%-0.8%-19.3%8.8%14.3%-28.7%4.0%
12M Rtn-35.7%10.4%-22.6%101.7%28.7%-39.5%-6.1%
3Y Rtn122.2%90.5%18.6%207.6%398.5%26.8%106.4%
1M Excs Rtn-12.3%-2.1%-7.1%-4.5%-1.2%-34.0%-5.8%
3M Excs Rtn-14.4%-6.0%-7.6%1.2%3.8%-8.6%-6.8%
6M Excs Rtn5.7%-7.9%-29.4%1.6%2.2%-35.8%-3.1%
12M Excs Rtn-62.9%-10.7%-43.9%81.9%8.7%-60.5%-27.3%
3Y Excs Rtn51.8%17.8%-53.8%125.6%329.1%-44.3%34.8%

Comparison Analyses

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Financials

Segment Financials

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


Price Behavior

Price Behavior
Market Price$88.88 
Market Cap ($ Bil)46.8 
First Trading Date03/28/2025 
Distance from 52W High-39.7% 
   50 Days200 Days
DMA Price$106.67$98.26
DMA Trendindeterminateup
Distance from DMA-16.7%-9.5%
 3M1YR
Volatility85.7%94.9%
Downside Capture481.46392.98
Upside Capture242.94256.19
Correlation (SPY)37.0%38.5%
CRWV Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta2.212.432.542.962.86-0.28
Up Beta0.360.221.592.062.47-0.83
Down Beta1.361.212.802.352.640.52
Up Capture285%305%366%687%475%317%
Bmk +ve Days11244067140429
Stock +ve Days8203566123156
Down Capture296%360%288%234%192%107%
Bmk -ve Days10172358112321
Stock -ve Days13212859128157

[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-41.5%95.2%-0.13-
Sector ETF (XLK)44.6%24.3%1.4748.7%
Equity (SPY)21.6%12.6%1.2838.6%
Gold (GLD)23.9%27.8%0.7617.1%
Commodities (DBC)23.8%18.8%1.014.3%
Real Estate (VNQ)13.1%13.9%0.65-4.8%
Bitcoin (BTCUSD)-43.4%42.8%-1.2133.4%

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
CRWV16.4%113.0%1.04-
Sector ETF (XLK)21.1%25.5%0.7344.8%
Equity (SPY)13.3%17.1%0.6038.1%
Gold (GLD)17.9%18.3%0.798.0%
Commodities (DBC)7.4%19.5%0.2811.7%
Real Estate (VNQ)2.9%18.9%0.058.4%
Bitcoin (BTCUSD)13.5%53.4%0.4432.0%

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
CRWV7.9%113.0%1.04-
Sector ETF (XLK)25.4%24.7%0.9244.8%
Equity (SPY)15.6%17.9%0.7438.1%
Gold (GLD)11.6%16.1%0.598.0%
Commodities (DBC)6.0%18.0%0.2611.7%
Real Estate (VNQ)5.1%20.7%0.218.4%
Bitcoin (BTCUSD)58.3%66.2%0.9832.0%

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

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity69.0 Mil
Short Interest: % Change Since 531202626.4%
Average Daily Volume29.3 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity527.0 Mil
Short % of Basic Shares13.1%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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   
# Positive011
# Negative544
Median Positive 59.2%118.2%
Median Negative-16.3%-26.0%-22.0%
Max Positive 59.2%118.2%
Max Negative-20.8%-37.6%-24.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
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   
# Positive011
# Negative544
Median Positive 59.2%118.2%
Median Negative-16.3%-26.0%-22.0%
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
Collapse to Preview
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

Updated 7/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Intrator, Michael NCEO and PresidentDirectSell709202686.9461,7975,372,646250,110,970Form
2Agrawal, NitinChief Financial OfficerDirectSell709202682.98324916,079,118Form
3Intrator, Michael NCEO and PresidentDirectSell709202682.65200,00016,529,869242,874,360Form
4Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell709202682.65107,692  Form
5McVeety, Kristen JGC and SecretaryDirectSell708202685.89221,89010,452,718Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Intrator, Michael NCEO and PresidentDirectSell709202686.9461,7975,372,646250,110,970Form
2Agrawal, NitinChief Financial OfficerDirectSell709202682.98324916,079,118Form
3Intrator, Michael NCEO and PresidentDirectSell709202682.65200,00016,529,869242,874,360Form
4Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell709202682.65107,692  Form
5McVeety, Kristen JGC and SecretaryDirectSell708202685.89221,89010,452,718Form
6McBee, BranninChief Development OfficerCanis Major 2025 GRATSell708202686.1340,000  Form
7McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell708202686.1312,500  Form
8McBee, BranninChief Development OfficerCanis Major SM TrustSell708202686.1250043,0624,435,427Form
9McBee, BranninChief Development OfficerDirectSell708202686.13144,00012,402,66027,842,506Form
10McBee, BranninChief Development OfficerSpouseSell708202686.1325,000  Form
11McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell708202686.1325,000  Form
12McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell708202686.133,000  Form
13Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell702202686.9961,532  Form
14Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell702202686.9915,380  Form
15Venturo, Brian MChief Strategy OfficerDirectSell702202695.6965,4936,267,02522,571,644Form
16McVeety, Kristen JGC and SecretaryDirectSell702202695.69438311,647,195Form
17Jain, SachinChief Operating OfficerDirectSell702202695.69328712,213,202Form
18Intrator, Michael NCEO and PresidentDirectSell702202697.43278,56027,140,545305,799,977Form
19Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell702202698.12107,692  Form
20Goldberg, ChenEVP, Product & EngineeringDirectSell702202695.6943835,681,211Form
21Baker, JeffPrincipal Accounting OfficerDirectSell702202695.694383107,364Form
22Agrawal, NitinChief Financial OfficerDirectSell702202695.69438318,542,234Form
23McBee, BranninChief Development OfficerDirectSell701202695.6956,7075,426,29330,933,036Form
24McBee, BranninChief Development OfficerCanis Major SM TrustSell701202694.3250047,1594,904,485Form
25McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell701202694.323,000  Form
26McBee, BranninChief Development OfficerCanis Major 2025 GRATSell701202694.3240,000  Form
27McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell701202694.3212,500  Form
28McBee, BranninChief Development OfficerDirectSell701202694.32144,00013,582,71124,416,055Form
29McBee, BranninChief Development OfficerSpouseSell701202694.3225,000  Form
30McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell701202694.3225,000  Form
31Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6262026101.3261,539  Form
32Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6262026101.3215,385  Form
33Intrator, Michael NCEO and PresidentDirectSell6252026106.81200,00021,362,822350,010,084Form
34Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6252026106.81107,692  Form
35McBee, BranninChief Development OfficerCanis Major SM TrustSell6242026111.2750055,6335,841,430Form
36McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6242026111.2840,000  Form
37McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6242026111.2812,500  Form
38McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6242026111.2825,000  Form
39McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6242026111.273,000  Form
40McBee, BranninChief Development OfficerDirectSell6242026111.28144,00016,023,68328,803,905Form
41McBee, BranninChief Development OfficerSpouseSell6242026111.2825,000  Form
42Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6182026118.4861,539  Form
43Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6182026118.4815,385  Form
44Intrator, Michael NCEO and PresidentDirectSell6182026116.65200,00023,330,521405,579,518Form
45Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6182026116.65107,692  Form
46Agrawal, NitinChief Financial OfficerDirectSell6182026116.7058,4296,818,58422,612,810Form
47McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6172026107.3040,000  Form
48McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6172026107.3012,500  Form
49McBee, BranninChief Development OfficerDirectSell6172026107.30144,00015,450,60727,773,753Form
50McBee, BranninChief Development OfficerSpouseSell6172026107.3025,000  Form
51McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6172026107.3025,000  Form
52McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6172026107.303,000  Form
53McBee, BranninChief Development OfficerCanis Major SM TrustSell6172026107.2950053,6465,686,497Form
54Goldberg, ChenEVP, Product & EngineeringDirectSell6172026107.295,541594,4726,369,355Form
55Agrawal, NitinChief Financial OfficerDirectSell612202693.3563,8915,964,51223,544,002Form
56Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell612202696.8961,539  Form
57Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell612202696.8915,385  Form
58Intrator, Michael NCEO and PresidentDirectSell611202698.88200,00019,776,902363,580,058Form
59Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell611202698.88107,692  Form
60McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6102026101.843,000  Form
61McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6102026101.8440,000  Form
62McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6102026101.8412,500  Form
63McBee, BranninChief Development OfficerDirectSell6102026101.84144,00014,664,71026,361,038Form
64McBee, BranninChief Development OfficerSpouseSell6102026101.8425,000  Form
65McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6102026101.8425,000  Form
66McBee, BranninChief Development OfficerCanis Major SM TrustSell6102026101.8350050,9165,448,056Form
67Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6052026112.5115,385  Form
68Venturo, Brian MChief Strategy OfficerDirectSell6052026112.5154,4746,128,66719,644,158Form
69Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6052026112.5161,539  Form
70Intrator, Michael NCEO and PresidentDirectSell6042026122.38200,00024,475,694474,438,684Form
71Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6042026122.38107,692  Form
72Magnetar, Financial LlcFootnotesSell6032026130.56112,11114,636,91931,584,443Form
73Jain, SachinChief Operating OfficerDirectSell6032026120.003,798455,76015,315,480Form
74Cogen, Jack D CW Holding 987 LLCSell6022026106.97271,15329,004,694938,074,701Form
75Jain, SachinChief Operating OfficerDirectSell5292026110.0089898,78014,456,970Form
76Cogen, Jack D CW Holding 987 LLCSell5292026106.32642,30768,291,181961,236,440Form
77Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5292026102.3361,539  Form
78Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5292026102.3315,385  Form
79McVeety, Kristen JGC and SecretaryDirectSell5292026101.872,246228,79212,398,680Form
80Cogen, Jack D CW Holding 987 LLCSell5292026103.77100,00010,377,0001,004,819,023Form
81Agrawal, NitinChief Financial OfficerDirectSell5292026102.175,508562,75819,797,793Form
82Intrator, Michael NCEO and PresidentDirectSell5282026106.74200,00021,348,107435,161,420Form
83Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5282026106.74107,693  Form
84Cogen, Jack D Birch Br Trust LLCSell5282026107.80110,000  Form
85Cogen, Jack D Chestnut Br Trust LLCSell5282026107.80110,000  Form
86Cogen, Jack D Maple Br Trust LLCSell5282026107.80110,000  Form
87Cogen, Jack D Willow Br Trust LLCSell5282026107.80110,000  Form
88Cogen, Jack D CW Holding 987 LLCSell5282026107.80546,54058,915,5431,054,595,764Form
89Boone, Karen DirectSell5282026108.231,060114,724790,079Form
90Boone, Karen The Boone Family Trust, dated August 6, 2015Sell5282026107.4510,520  Form
91Venturo, Brian MChief Strategy OfficerDirectSell522202699.825,887587,64022,866,666Form
92Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5222026101.0961,539  Form
93Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5222026101.0915,385  Form
94McVeety, Kristen JGC and SecretaryDirectSell522202699.823,833382,61012,373,787Form
95McBee, BranninChief Development OfficerDirectSell522202699.823,683367,63731,751,345Form
96Jain, SachinChief Operating OfficerDirectSell522202699.826,377636,55213,208,682Form
97Intrator, Michael NCEO and PresidentDirectSell522202699.8213,1291,310,537426,911,673Form
98Goldberg, ChenEVP, Product & EngineeringDirectSell5222026100.3414,1681,421,5866,512,828Form
99Baker, JeffPrincipal Accounting OfficerDirectSell522202699.821,320131,762111,699Form
100Agrawal, NitinChief Financial OfficerDirectSell522202699.8210,0621,004,38919,892,030Form
101Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5202026101.24300,000  Form
102Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5202026101.2475,000  Form
103Intrator, Michael NCEO and PresidentDirectSell5142026105.67200,00021,133,902471,972,967Form
104Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5142026105.67107,693  Form
105Jain, SachinChief Operating OfficerDirectSell5122026118.6114,7501,749,56014,596,432Form
106Magnetar, Financial LlcFootnotesSell5082026129.91159,16820,677,14987,621,445Form
107Magnetar, Financial LlcFootnotesSell5082026129.91587,01076,257,07331,489,088Form
108Magnetar, Financial LlcFootnotesSell5082026136.71797,884109,080,68393,625,613Form
109Magnetar, Financial LlcFootnotesSell5082026136.731,202,656164,441,06133,573,757Form
110Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5082026136.7061,539  Form
111Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5082026136.7015,385  Form
112Jain, SachinChief Operating OfficerDirectSell5082026131.137,335961,83913,646,437Form
113Magnetar, Financial LlcFootnotesSell5062026127.68349,43744,614,57690,634,732Form
114Magnetar, Financial LlcFootnotesSell5062026127.68978,764124,964,22332,323,234Form
115Magnetar, Financial LlcFootnotesSell5062026127.29420,22753,489,50292,446,501Form
116Magnetar, Financial LlcFootnotesSell5062026127.291,155,164147,037,49232,861,205Form
117Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5062026126.78300,000  Form
118Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5062026126.7875,000  Form
119Magnetar, Financial LlcFootnotesSell5012026119.91209,15725,080,69689,411,877Form
120Magnetar, Financial LlcFootnotesSell5012026119.911,284,876154,073,68231,664,418Form
121Magnetar, Financial LlcFootnotesSell5012026117.846,564773,50231,758,587Form
122Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5012026113.2461,539  Form
123Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5012026113.2415,385  Form
124Baker, JeffPrincipal Accounting OfficerDirectSell5012026107.876,760729,2014,587,603Form
125Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4292026109.03300,000  Form
126Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4292026109.0375,000  Form
127McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4292026109.0333,350  Form
128McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4292026109.0312,500  Form
129McBee, BranninChief Development OfficerDirectSell4292026109.03200,00021,806,77534,207,416Form
130McBee, BranninChief Development OfficerSpouseSell4292026109.0333,350  Form
131McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4292026109.0354,150  Form
132Goldberg, ChenEVP, Product & EngineeringDirectSell4292026109.004,879531,8234,803,415Form
133Intrator, Michael NCEO and PresidentDirectSell4232026116.42200,00023,284,896589,864,740Form
134Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4232026116.42107,693  Form
135Magnetar, Financial LlcFootnotesSell4222026118.26323,45238,251,43433,052,369Form
136Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4222026115.93900,000  Form
137Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4222026115.93225,000  Form
138McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4222026115.9433,330  Form
139McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4222026115.9412,500  Form
140McBee, BranninChief Development OfficerDirectSell4222026115.93200,00023,186,39336,371,567Form
141McBee, BranninChief Development OfficerSpouseSell4222026115.9433,330  Form
142McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4222026115.9454,170  Form
143Magnetar, Financial LlcFootnotesSell4222026117.33319,83537,526,24132,930,776Form
144Intrator, Michael NCEO and PresidentDirectSell4162026116.94200,00023,388,190615,869,621Form
145Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4162026116.94107,693  Form
146Jain, SachinChief Operating OfficerDirectSell4142026105.007,335770,18312,112,506Form
147Venturo, Brian MChief Strategy OfficerDirectSell410202689.2261,7475,508,94819,947,375Form
148Jain, SachinChief Operating OfficerDirectSell410202692.003,953363,67611,287,572Form
149Intrator, Michael NCEO and PresidentDirectSell410202689.2262,3995,567,083487,707,555Form
150Goldberg, ChenEVP, Product & EngineeringDirectSell410202692.009,757897,6444,503,032Form
151Agrawal, NitinChief Financial OfficerDirectSell410202692.00141,28817,470,064Form
152Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell408202680.86900,000  Form
153Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell408202680.86225,000  Form
154McBee, BranninChief Development OfficerDirectSell408202681.25100,0008,124,96125,490,604Form
155McBee, BranninChief Development OfficerSpouseSell408202681.2516,665  Form
156McBee, BranninChief Development OfficerCanis Major 2025 GRATSell408202681.2516,665  Form
157McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell408202681.2527,085  Form
158McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell408202681.256,250  Form
159Venturo, Brian MChief Strategy OfficerDirectSell402202674.0565,0054,813,62021,128,464Form
160McVeety, Kristen JGC and SecretaryDirectSell402202674.05118158,893,257Form
161McBee, BranninChief Development OfficerDirectSell402202674.0556,0314,149,09623,231,855Form
162Intrator, Michael NCEO and PresidentDirectSell402202674.0577,9395,771,383424,225,045Form
163Goldberg, ChenEVP, Product & EngineeringDirectSell402202674.05161,1854,346,957Form
164Baker, JeffPrincipal Accounting OfficerDirectSell402202674.05161,1852,724,225Form
165Agrawal, NitinChief Financial OfficerDirectSell402202674.05161,18514,062,539Form
166McBee, BranninChief Development OfficerCanis Major 2025 GRATSell401202669.2216,665  Form
167McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell401202669.226,250  Form
168McBee, BranninChief Development OfficerDirectSell401202669.22100,0006,922,41317,213,550Form
169McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell401202669.2227,085  Form
170McBee, BranninChief Development OfficerSpouseSell401202669.2216,665  Form
171Intrator, Michael NCEO and PresidentDirectSell327202687.3432,4562,834,835494,934,602Form
172Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell327202687.3450,000  Form
173McBee, BranninChief Development OfficerCanis Major 2025 GRATSell325202682.5316,665  Form
174McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell325202682.536,250  Form
175McBee, BranninChief Development OfficerDirectSell325202682.53100,0008,252,77920,521,690Form
176McBee, BranninChief Development OfficerSpouseSell325202682.5316,665  Form
177McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell325202682.5327,085  Form
178Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell320202683.65281,250  Form
179McBee, BranninChief Development OfficerCanis Major 2025 GRATSell318202684.4416,665  Form
180McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell318202684.446,250  Form
181McBee, BranninChief Development OfficerDirectSell318202684.44100,0008,444,23020,997,759Form
182McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell318202684.4427,085  Form
183McBee, BranninChief Development OfficerSpouseSell318202684.4416,665  Form
184Intrator, Michael NCEO and PresidentDirectSell313202681.4132,4552,642,137463,947,772Form
185Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell313202681.4150,000  Form
186Agrawal, NitinChief Financial OfficerDirectSell313202679.6863,1575,032,35018,194,769Form
187McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell311202672.6118,750  Form
188McBee, BranninChief Development OfficerDirectSell311202672.61300,00021,782,81718,055,342Form
189McBee, BranninChief Development OfficerSpouseSell311202672.6149,995  Form
190McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell311202672.6181,255  Form
191McBee, BranninChief Development OfficerCanis Major 2025 GRATSell311202672.6149,995  Form
192Agrawal, NitinChief Financial OfficerDirectSell305202673.203,920286,93512,383,956Form
193McVeety, Kristen JGC and SecretaryDirectSell227202697.922,671261,55511,758,603Form
194Intrator, Michael NCEO and PresidentDirectSell227202699.9532,4563,243,823572,827,461Form
195Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell227202699.9550,000  Form
196McVeety, Kristen JGC and SecretaryDirectSell224202690.831,677152,32611,149,661Form
197Goldberg, ChenEVP, Product & EngineeringDirectSell224202690.8418,9501,721,3335,331,047Form
198Baker, JeffPrincipal Accounting OfficerDirectSell224202690.832,374215,6423,749,211Form
199Agrawal, NitinChief Financial OfficerDirectSell224202690.845,383488,98015,724,480Form
200McBee, BranninChief Development OfficerCanis Major 2025 GRATSell219202691.7325,000  Form
201McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell219202691.738,315  Form
202McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell219202691.813,000  Form
203McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell219202691.811,000  Form
204McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell219202691.811,000  Form
205McBee, BranninChief Development OfficerCanis Major SM TrustSell219202691.8150045,9064,957,900Form
206McBee, BranninChief Development OfficerDirectSell219202691.73102,8309,432,38622,809,442Form
207McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell219202691.7325,000  Form
208Intrator, Michael NCEO and PresidentDirectSell213202693.6332,4553,038,833539,683,701Form
209Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell213202693.6350,000  Form
210McBee, BranninChief Development OfficerCanis Major 2025 GRATSell211202695.9525,000  Form
211McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell211202695.958,335  Form
212McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell211202695.813,000  Form
213McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell211202695.811,000  Form
214McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell211202695.811,000  Form
215McBee, BranninChief Development OfficerDirectSell211202695.95102,8309,866,21023,858,517Form
216McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell211202695.9525,000  Form
217McBee, BranninChief Development OfficerCanis Major SM TrustSell211202695.8150047,9075,221,837Form
218Goldberg, ChenSVP of EngineeringDirectSell206202679.6917,9851,433,2913,415,592Form
219Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell206202685.00281,250  Form
220McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell204202690.531,000  Form
221McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell204202690.531,000  Form
222McBee, BranninChief Development OfficerCanis Major 2025 GRATSell204202690.4325,000  Form
223McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell204202690.438,335  Form
224McBee, BranninChief Development OfficerDirectSell204202690.43102,8309,298,59622,485,909Form
225McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell204202690.4325,000  Form
226McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell204202690.533,000  Form
227McBee, BranninChief Development OfficerCanis Major SM TrustSell204202690.5350045,2664,979,241Form
228Baker, JeffPrincipal Accounting OfficerDirectSell1302026103.785,143533,7604,079,115Form
229Intrator, Michael NCEO and PresidentDirectSell1302026106.0832,4563,443,055614,895,769Form
230Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1302026106.0850,000  Form
231McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1282026101.4525,000  Form
232McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1282026101.458,335  Form
233McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1282026101.491,000  Form
234McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1282026101.491,000  Form
235McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1282026101.4525,000  Form
236McBee, BranninChief Development OfficerCanis Major SM TrustSell1282026101.4950050,7455,632,668Form
237McBee, BranninChief Development OfficerDirectSell1282026101.45102,83010,432,31525,227,475Form
238McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1282026101.493,000  Form
239McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell122202695.291,000  Form
240McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell122202695.291,000  Form
241McBee, BranninChief Development OfficerCanis Major 2025 GRATSell122202695.2925,000  Form
242McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell122202695.298,335  Form
243McBee, BranninChief Development OfficerDirectSell122202695.29102,8359,799,59323,696,271Form
244McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell122202695.2925,000  Form
245McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell122202695.293,000  Form
246McBee, BranninChief Development OfficerCanis Major SM TrustSell122202695.2950047,6455,336,268Form
247Intrator, Michael NCEO and PresidentDirectSell116202689.3932,4552,901,244521,050,978Form
248Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell116202689.3950,000  Form
249McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell114202688.788,335  Form
250McBee, BranninChief Development OfficerCanis Major SM TrustSell114202688.6250044,3095,006,913Form
251McBee, BranninChief Development OfficerCanis Major 2025 GRATSell114202688.7825,000  Form
252McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell114202688.621,000  Form
253McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell114202688.7825,000  Form
254McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell114202688.621,000  Form
255McBee, BranninChief Development OfficerDirectSell114202688.78102,8359,129,57322,076,105Form
256McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell114202688.623,000  Form
257Venturo, Brian MChief Strategy OfficerDirectSell102202672.5765,9404,785,36320,033,571Form
258McBee, BranninChief Development OfficerDirectSell102202672.5757,6364,182,72318,045,886Form
259Intrator, Michael NCEO and PresidentDirectSell102202672.39111,4278,065,759428,714,980Form
260Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell102202671.9450,000  Form
261McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1231202575.6325,000  Form
262McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1231202575.638,335  Form
263McBee, BranninChief Development OfficerCanis Major SM TrustSell1231202575.5750037,7854,345,261Form
264McBee, BranninChief Development OfficerDirectSell1231202575.63102,8357,777,06414,004,614Form
265McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1231202575.6325,000  Form
266McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1231202575.573,000  Form
267McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1231202575.571,000  Form
268McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1231202575.571,000  Form
269Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1229202579.36281,250  Form
270McBee, BranninChief Development OfficerDirectSell1223202585.30102,8358,771,43515,795,236Form
271McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1223202585.3025,000  Form
272McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1223202585.283,000  Form
273McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1223202585.421,000  Form
274McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1223202585.431,000  Form
275McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1223202585.2925,000  Form
276McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1223202585.328,335  Form
277McBee, BranninChief Development OfficerCanis Major SM TrustSell1223202585.4150042,7034,953,490Form
278Intrator, Michael NCEO and PresidentDirectSell1219202565.4732,4552,124,980385,887,391Form
279Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1219202565.4750,000  Form
280Agrawal, NitinChief Financial OfficerDirectSell1218202569.1836,3172,512,27511,557,625Form
281McBee, BranninChief Development OfficerCanis Major SM TrustSell1217202573.6850036,8394,310,215Form
282McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1217202573.681,000  Form
283McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1217202573.681,000  Form
284McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1217202573.5725,000  Form
285McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1217202573.578,335  Form
286McBee, BranninChief Development OfficerDirectSell1217202573.57102,8357,565,92913,624,411Form
287McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1217202573.5725,000  Form
288McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1217202573.683,000  Form
289Agrawal, NitinChief Financial OfficerDirectSell1212202582.5866,4675,488,53216,795,155Form
290Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1212202587.75281,250  Form
291McBee, BranninChief Development OfficerDirectSell1210202583.80102,8358,617,92315,518,797Form
292McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1210202583.8025,000  Form
293McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1210202583.773,000  Form
294McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1210202583.771,000  Form
295McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1210202583.771,000  Form
296McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1210202583.8025,000  Form
297McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1210202583.808,335  Form
298McBee, BranninChief Development OfficerCanis Major SM TrustSell1210202583.7750041,8864,942,495Form
299Intrator, Michael NCEO and PresidentDirectSell1205202576.8832,4552,495,277455,626,979Form
300Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1205202576.8850,000  Form
301McVeety, Kristen JGC and SecretaryDirectSell1205202574.532,116157,7015,888Form
302McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1204202578.6125,000  Form
303McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1204202578.611,000  Form
304McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1204202578.618,335  Form
305McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1204202578.613,000  Form
306McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1204202578.611,000  Form
307McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1204202578.6125,000  Form
308McBee, BranninChief Development OfficerCanis Major SM TrustSell1204202578.6150039,3064,677,443Form
309McBee, BranninChief Development OfficerDirectSell1204202578.61102,8358,083,82614,557,018Form
310Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell1203202574.9532,8072,459,04113,692,660Form
311Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell1203202574.9432,7992,458,00613,690,836Form
312Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1128202574.44281,250  Form
313Agrawal, NitinChief Financial OfficerDirectSell1128202570.273,640255,76810,365,551Form
314McVeety, Kristen JGC and SecretaryDirectSell1121202582.552,231184,169181,197Form
315Agrawal, NitinChief Financial OfficerDirectSell1121202582.555,841482,17512,478,175Form
316Intrator, Michael NCEO and PresidentDirectSell1121202574.7132,4552,424,654445,156,227Form
317Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1121202574.7150,000  Form
318Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1114202587.57281,250  Form
319Goldberg, ChenSVP of EngineeringDirectSell1113202590.7913,7401,247,4682,119,425Form
320Goldberg, ChenSVP of EngineeringDirectSell11072025118.3019,1802,268,9944,387,037Form
321Intrator, Michael NCEO and PresidentDirectSell11072025113.9732,4553,698,950796,782,189Form
322Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell11072025113.9750,000  Form
323Magnetar, Financial LlcFootnotesSell11052025134.947,6881,037,38240,414,737Form
324Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell11052025127.9314,9581,913,64927,568,163Form
325Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell11052025127.9414,9581,913,71427,569,095Form
326Magnetar, Financial LlcFootnotesSell10312025135.65191,33125,953,371115,824,297Form
327Magnetar, Financial LlcFootnotesSell10312025135.65331,32444,942,83740,631,865Form
328Magnetar, Financial LlcFootnotesSell10312025134.69216,01029,094,65040,608,056Form
329Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10312025137.80281,250  Form
330Magnetar, Financial LlcFootnotesSell10292025138.48464,16964,279,131119,494,743Form
331Magnetar, Financial LlcFootnotesSell10292025138.48804,514111,412,04641,862,780Form
332Magnetar, Financial LlcFootnotesSell10292025138.61378,29352,436,174121,757,163Form
333Magnetar, Financial LlcFootnotesSell10292025138.61435,63760,384,77442,555,036Form
334Magnetar, Financial LlcFootnotesSell10292025138.61639,67588,666,857226,489,952Form
335Magnetar, Financial LlcFootnotesSell10292025135.02531,59971,776,50542,183,899Form
336Intrator, Michael NCEO and PresidentDirectSell10242025118.5832,4553,848,450832,833,900Form
337Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10242025118.5750,000  Form
338Magnetar, Financial LlcFootnotesSell10222025136.7344,1816,040,83642,988,364Form
339Magnetar, Financial LlcFootnotesSell10172025136.6218,3712,509,857123,392,321Form
340Magnetar, Financial LlcFootnotesSell10172025136.62244,20333,361,92542,975,424Form
341Magnetar, Financial LlcFootnotesSell10172025143.51303,20643,513,560130,072,258Form
342Magnetar, Financial LlcFootnotesSell10172025143.51549,08778,800,232187,953,264Form
343Magnetar, Financial LlcFootnotesSell10172025143.51254,52536,527,25545,283,750Form
344Magnetar, Financial LlcFootnotesSell10172025143.511,004,073144,096,539322,440,928Form
345Magnetar, Financial LlcFootnotesSell10172025138.7512,8761,786,505129,349,810Form
346Magnetar, Financial LlcFootnotesSell10172025138.75495,12268,696,626190,897,374Form
347Magnetar, Financial LlcFootnotesSell10172025138.76556,23077,184,30544,885,067Form
348Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10172025138.47154,479  Form
349Magnetar, Financial LlcFootnotesSell10152025137.1917,7892,440,44944,914,751Form
350Magnetar, Financial LlcFootnotesSell10152025141.2727,9453,947,818133,552,805Form
351Magnetar, Financial LlcFootnotesSell10152025141.27369,37952,183,13646,261,129Form
352Magnetar, Financial LlcFootnotesSell10102025148.74414,54761,658,723274,507,574Form
353Magnetar, Financial LlcFootnotesSell10102025148.80180,16626,807,87448,943,573Form
354Magnetar, Financial LlcFootnotesSell10102025148.80208,20730,980,194141,386,800Form
355Magnetar, Financial LlcFootnotesSell10102025141.16372,70652,611,485135,511,000Form
356Magnetar, Financial LlcFootnotesSell10102025141.16907,277128,070,41346,851,838Form
357Magnetar, Financial LlcFootnotesSell10102025139.46691,24396,403,19046,952,211Form
358Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025139.6615,174  Form
359Intrator, Michael NCEO and PresidentDirectSell10092025136.7232,4554,437,309964,704,873Form
360Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025135.4434,8264,716,9712,055,226Form
361Intrator, Michael NCEO and PresidentDirectSell10092025131.5461,8108,130,424932,403,475Form
362Venturo, Brian MChief Strategy OfficerDirectSell10082025137.9052,7877,279,09034,297,648Form
363Magnetar, Financial LlcFootnotesSell10072025137.6363,3188,714,37446,688,058Form
364Magnetar, Financial LlcFootnotesSell10072025139.27570,46379,447,33347,277,224Form
365Magnetar, Financial LlcFootnotesSell10072025139.371,149,406160,196,85347,608,907Form
366Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10032025135.67281,250  Form
367Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell10032025135.6514,6151,982,50531,259,419Form
368Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell10032025135.6814,6151,982,99931,267,200Form
369Magnetar, Financial LlcFootnotesSell10022025138.20149,52420,664,788139,006,921Form
370Magnetar, Financial LlcFootnotesSell10022025138.22901,524124,605,99947,803,753Form
371Magnetar, Financial LlcFootnotesSell10022025137.11286,32339,257,74747,955,594Form
372Magnetar, Financial LlcFootnotesSell10022025139.5599,69113,911,778142,627,160Form
373Magnetar, Financial LlcFootnotesSell10022025139.55581,48481,145,574223,995,856Form
374Magnetar, Financial LlcFootnotesSell10022025139.55732,944102,280,89248,956,100Form
375Venturo, Brian MChief Strategy OfficerDirectSell10022025139.4465,5939,146,28842,042,415Form
376McBee, BranninChief Development OfficerDirectSell10022025138.59157,90321,884,29025,664,837Form
377McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell10022025138.10150,000  Form
378Intrator, Michael NCEO and PresidentDirectSell10022025139.4478,54810,952,733997,028,071Form
379Magnetar, Financial LlcFootnotesSell9262025136.38185,62725,315,999141,744,470Form
380Magnetar, Financial LlcFootnotesSell9262025136.381,113,847151,907,02948,561,010Form
381Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9262025130.1450,000  Form
382Intrator, Michael NCEO and PresidentDirectSell9262025130.1432,4554,223,680922,483,919Form
383McBee, BranninChief Development OfficerDirectSell9252025131.83250,00032,957,01616,078,410Form
384McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9252025131.83375,000  Form
385McVeety, Kristen JGC and SecretaryJackfruit 2024 GRATSell9242025126.8695,000  Form
386Magnetar, Financial LlcFootnotesSell9222025132.42734,11097,213,53847,791,701Form
387Magnetar, Financial LlcFootnotesSell9222025125.60197,33624,784,570133,653,886Form
388Magnetar, Financial LlcFootnotesSell9222025125.601,151,054144,567,443215,100,235Form
389Magnetar, Financial LlcFootnotesSell9222025125.601,451,063182,251,14145,671,459Form
390Magnetar, Financial LlcFootnotesSell9222025120.62176,51221,290,912132,481,624Form
391Magnetar, Financial LlcFootnotesSell9222025120.621,059,358127,780,72545,118,975Form
392Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell9192025118.68281,250  Form
393Agrawal, NitinChief Financial OfficerDirectSell9182025118.1838,4224,540,52917,204,895Form
394McBee, BranninChief Development OfficerDirectSell9182025118.17250,00029,542,57014,412,638Form
395McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9182025118.17375,000  Form
396Magnetar, Financial LlcFootnotesSell9172025120.09211,83525,440,318133,716,742Form
397Magnetar, Financial LlcFootnotesSell9172025120.101,271,277152,675,75945,474,252Form
398Magnetar, Financial LlcFootnotesSell9172025122.4276,3889,351,084138,517,058Form
399Magnetar, Financial LlcFootnotesSell9172025122.39185,71322,728,81647,017,085Form
400Magnetar, Financial LlcFootnotesSell9172025119.93535,05564,167,74546,188,952Form
401Agrawal, NitinChief Financial OfficerDirectSell9152025115.2963,2307,289,77421,214,476Form
402Intrator, Michael NCEO and PresidentDirectSell9122025118.3332,4553,840,275842,585,583Form
403Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9122025118.3350,000  Form
404Magnetar, Financial LlcFootnotesSell9112025118.05204,41624,130,36145,699,255Form
405Magnetar, Financial LlcFootnotesSell9112025118.42811,80096,131,74145,933,636Form
406Magnetar, Financial LlcFootnotesSell9112025103.84573,45759,547,77540,592,406Form
407McBee, BranninChief Development OfficerDirectSell911202599.47250,00024,866,81312,131,523Form
408McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell911202599.47375,000  Form
409Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell904202590.62281,250  Form
410Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell904202593.1619,4101,808,18722,829,082Form
411Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell904202593.1619,4101,808,18922,829,110Form
412McBee, BranninChief Development OfficerDirectSell904202593.17250,00023,292,32211,363,392Form
413McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell904202593.17375,000  Form
414Goldberg, ChenSVP of EngineeringDirectSell904202593.1756,2945,244,8491,748,221Form
415Cogen, Jack DCW Holding 987 LLCSell904202594.691,112,004105,297,5071,167,517,510Form
416Magnetar, Financial LlcFootnotesSell9022025102.3880,8208,274,51840,240,860Form
417Magnetar, Financial LlcFootnotesSell8292025103.17915,33994,435,46340,574,981Form
418Intrator, Michael NCEO and PresidentDirectSell829202595.6532,4553,104,307684,212,903Form
419Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell829202595.6550,000  Form
420McVeety, Kristen JGC and SecretaryDirectSell829202595.21311,796  Form
421Agrawal, NitinChief Financial OfficerDirectSell828202592.063,512323,30911,498,087Form
422McBee, BranninChief Development OfficerDirectSell828202591.99250,00022,996,92811,219,281Form
423McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell828202591.99375,000  Form
424Magnetar, Financial LlcFootnotesSell825202598.1920,7332,035,77338,854,176Form
425Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell822202588.1021,5311,896,82523,299,030Form
426Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell822202588.1021,5311,896,82523,299,032Form
427Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell822202588.10281,250  Form
428Agrawal, NitinChief Financial OfficerDirectSell822202589.996,010540,85911,556,194Form
429McVeety, Kristen JGC and SecretaryDirectSell822202589.972,292206,215376,351Form
430McBee, BranninChief Development OfficerDirectSell821202591.71250,00022,926,47311,184,909Form
431McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell821202591.71375,000  Form
432Magnetar, Financial LlcFootnotesSell8192025100.78549,68255,398,35139,880,359Form
433Magnetar, Financial LlcFootnotesSell8192025100.15915,38291,675,50739,835,364Form
434Cogen, Jack DCW Holding 987 LLCSell8182025100.201,000,000100,201,1391,346,871,641Form
435Cogen, Jack DCW Holding 987 LLCSell818202590.552,556,000231,445,8001,307,694,124Form
436Cogen, Jack DBirch Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form
437Cogen, Jack DChestnut Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form
438Cogen, Jack DMaple Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form
439Cogen, Jack DWillow Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form

Investor Activity (13F)

Updated Jul 11, 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 and community-bank 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

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 Appears To Be Acting Against Core Thesis
Price structure is in a downtrend. Multiple SMA levels broken and declining. Thesis requires reclaiming 200D before any bull case is credible. Relative to SPY: Lagging the market on the 63D window, but 'relative strength' is beginning to stabilize; watch for inflection. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is a strong counter-signal. The market has consistently rejected the narrative. This is not noise, but institutional disagreement.
① Structure
-3
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
-1
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-4
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-8 / 12
1 Price Structure & Trend Broken In Short Term · Golden Cross
2 Momentum Mixed
3 Relative Strength vs. SPY Strong Underperformance
4 Institutional Footprint & Volume Mild Distribution
5 Volatility Normal
6 Key Price Levels Range · Vol Falling
7 Earnings Reaction History Consistent Pressure
8 How the Verdict Is Derived Three Pillars
Core Cache Last Updated: 7/10/2026