CoreWeave (CRWV)
Market Price (12/26/2025): $78.92 | Market Cap: $39.3 BilSector: Information Technology | Industry: Systems Software
CoreWeave (CRWV)
Market Price (12/26/2025): $78.92Market Cap: $39.3 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 235% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 184x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -187% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS). | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.1% |
| Key risksCRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 235% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -59% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS). |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 184x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -187% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.1% |
| Key risksCRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
CoreWeave (CRWV) experienced significant downward pressure on its stock price during the approximate period from August 31, 2025, to December 26, 2025, although the overall movement for this period was not a uniform -23.5% as stated, but rather a more complex decline from mid-2025 highs. For example, the stock was down approximately 13.7% from late August to late December 2025, with steeper declines from its mid-2025 peak of $187, falling as much as 60% from those highs. Here are five key points contributing to the stock's negative movement during this period: 1. Rejection of Core Scientific Acquisition.In October 2025, CoreWeave's proposed $9 billion all-stock acquisition of Core Scientific was rejected by Core Scientific shareholders. This rejection stemmed from concerns that the offer undervalued Core Scientific, representing a significant setback for CoreWeave's strategy to expand its data center capacity and meet surging AI infrastructure demand.
2. Widening Losses and Pressure on Margins.
Despite reporting strong revenue growth in the second quarter of 2025, CoreWeave's adjusted net loss significantly widened to $131 million. This indicated that the company's rapid scaling efforts were accompanied by increasing costs. Furthermore, in November 2025, CoreWeave lowered its fourth-quarter guidance and reduced its capital expenditure outlook for 2025, anticipating that large-scale deployments would put pressure on near-term margins.
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Stock Movement Drivers
Fundamental Drivers
The -37.7% change in CRWV stock from 9/25/2025 to 12/25/2025 was primarily driven by a -23.3% change in the company's Shares Outstanding (Mil).| 9252025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 126.66 | 78.87 | -37.73% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | � | 4306.53 | � |
| P/S Multiple | � | 9.12 | � |
| Shares Outstanding (Mil) | 403.73 | 497.89 | -23.32% |
| Cumulative Contribution | � |
Market Drivers
9/25/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CRWV | -37.7% | |
| Market (SPY) | 4.9% | 41.3% |
| Sector (XLK) | 5.3% | 60.4% |
Fundamental Drivers
The -50.1% change in CRWV stock from 6/26/2025 to 12/25/2025 was primarily driven by a -23.3% change in the company's Shares Outstanding (Mil).| 6262025 | 12252025 | Change | |
|---|---|---|---|
| Stock Price ($) | 158.08 | 78.87 | -50.11% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | � | 4306.53 | � |
| P/S Multiple | � | 9.12 | � |
| Shares Outstanding (Mil) | 403.73 | 497.89 | -23.32% |
| Cumulative Contribution | � |
Market Drivers
6/26/2025 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CRWV | -50.1% | |
| Market (SPY) | 13.1% | 29.5% |
| Sector (XLK) | 16.7% | 46.0% |
Fundamental Drivers
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Market Drivers
12/25/2024 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CRWV | ||
| Market (SPY) | 15.8% | 35.2% |
| Sector (XLK) | 22.2% | 41.7% |
Fundamental Drivers
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Market Drivers
12/26/2023 to 12/25/2025| Return | Correlation | |
|---|---|---|
| CRWV | ||
| Market (SPY) | 48.3% | 35.2% |
| Sector (XLK) | 53.5% | 41.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRWV Return | - | - | - | - | - | 97% | 97% |
| Peers Return | 59% | 57% | -34% | 93% | 65% | 30% | 578% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| CRWV Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 67% | 65% | 30% | 70% | 67% | 55% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CRWV Max Drawdown | - | - | - | - | - | -11% | |
| Peers Max Drawdown | -17% | -7% | -44% | -3% | -4% | -24% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
CRWV has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.0% | -25.4% |
| % Gain to Breakeven | 51.6% | 34.1% |
| Time to Breakeven | 278 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.5% | -33.9% |
| % Gain to Breakeven | 46.0% | 51.3% |
| Time to Breakeven | 79 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.1% | -19.8% |
| % Gain to Breakeven | 31.8% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.6% | -56.8% |
| % Gain to Breakeven | 115.3% | 131.3% |
| Time to Breakeven | 1,183 days | 1,480 days |
Compare to
In The Past
SPDR Select Sector Fund's stock fell -34.0% during the 2022 Inflation Shock from a high on 12/27/2021. A -34.0% loss requires a 51.6% gain to breakeven.
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CoreWeave powers the creation and delivery of the intelligence that drives innovation. We are the AI Hyperscaler™ driving the AI revolution(1). Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”), Mistral AI SAS (“Mistral”), NVIDIA Corporation (“NVIDIA”), and OpenAI OpCo, LLC (“OpenAI”). We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization. According to IDC, AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030. The generalized cloud infrastructure that drove the cloud revolution beginning in the 2000s was built to host websites, databases, and SaaS apps that have fundamentally different needs than the high performance requirements of AI. As workloads and technologies evolve, so too must the infrastructure and cloud software and services that power them. We believe we are at the start of a new cloud era that will drive the AI revolution. The opportunity for a purpose-built AI cloud platform, including the infrastructure and integrated software, is massive. Based on market research from Bloomberg Intelligence, total spending on AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will reach approximately $399 billion by 2028. For AI to reach its full potential, it needs a purpose-built AI cloud platform with infrastructure and managed cloud services that are delivered in an efficient, automated, and highly performant way. Enter CoreWeave, the AI Hyperscaler™. We purpose-built our CoreWeave Cloud Platform to be the infrastructure and application platform for AI. Our platform manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. Through our proprietary software capabilities, we enable our customers to achieve substantially higher total system performance and more favorable uptime relative to other AI offerings within existing infrastructure cloud environments and unlock speed at scale. By delivering more compute cycles to AI workloads and thereby reducing the time required to train models, our capabilities can significantly accelerate the time to solution for customers in the ongoing hyper-competitive race to build the next bleeding-edge AI models. For example, in June 2023, our NVIDIA H100 Tensor Core GPU training cluster completed the MLPerf benchmark test (which benchmarks how quickly a system can train a model from scratch) in eleven minutes—a record and 29 times faster than the next best competitor at the time of the benchmark test. These efficiencies also extend from training to inference use cases, as our CoreWeave Cloud Platform significantly improves both run-time efficiency for inference workloads and enables overall higher AI application uptime. These performance gains help to ensure lower performance-adjusted costs and a superior end-user experience. The supercomputers we build to power our platform are optimized to support many types of AI workloads, and they are augmented by our suite of cloud services to deliver meaningful time and cost savings to customers through our orchestration, automation, and monitoring capabilities. Our multidisciplinary, customer-centric team has a proven ability to conceptualize, design, and implement solutions to solve the most complex engineering challenges in the pursuit of furthering AI. We hire individuals who help contribute to and maintain a culture centered around solving the most complex AI infrastructure scaling, performance, and reliability challenges. Customers utilize our platform through a set of cloud services comprising Infrastructure Services, Managed Software Services, and Application Software Services, all augmented by our Mission Control and Observability software. Our comprehensive and integrated cloud services work together as a suite to deliver state-of-the-art compute, networking, and storage. These services enable the provisioning of infrastructure, the orchestration of workloads, and the proactive monitoring of our customers’ training and inference environments to increase performance and minimize interruptions. Our CoreWeave Cloud Platform is hosted in our distributed network of active purpose-built data centers that are interconnected using low latency connections to major metropolitan areas, and incorporate state-of-the-art data center networking equipment, enhanced access to power and, where appropriate, the latest liquid cooling technologies. As of December 31, 2024, our 32 data centers were running more than 250,000 GPUs in total, and were supported by more than 360 MW of active power. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years. We benefit from robust collaborations with leading chipmakers, original equipment manufacturers (“OEMs”), and software providers to supply us with infrastructure components and other products. We have a proven track record of rapidly expanding our power capacity to support the growth of our data center footprint along with our collection of managed cloud services. We deploy a sophisticated financing strategy and have efficiently financed the development of additional compute capacity through the use of asset-backed debt, having raised total commitments of $12.9 billion in debt through December 31, 2024 to support the development of our platform. Our customers include some of the world’s leading AI labs and AI enterprises—the builders and integrators of AI—who depend on our platform for their core products and most promising innovations. We deliver significant benefits to our customers in terms of overall performance, time to market, and reduced cost of ownership, which results in our customers making large, long-term initial commitments and expanding those commitments with us over time. The vast majority of our revenue today is from multi-year committed contracts, whereby a customer purchases access to our platform over the contract term on a take-or-pay basis. We also sell access to our platform on an on-demand basis through a pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining performance obligations reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein. Our ability to abstract away the complexity our customers would face in assembling, managing, and deploying this infrastructure themselves establishes us as a critical partner and leads to long-term, durable relationships that have the potential to expand over time. As evidence of this, three of our top five committed contract customers by total contract value (“TCV”) as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value. Our deep relationships with customers are a competitive advantage, and our first-to-market track record with highly performant technology gives customers confidence in choosing CoreWeave. (1) Based on our exclusive focus on AI cloud computing at the scale and with the capabilities of our platform, solutions, and services as compared to competing hyperscalers and our customer relationships with leading AI labs and AI enterprises, which position us to be among the first to experience and solve the challenges facing the AI cloud computing industry at scale. We were formed in September 2017 as a Delaware limited liability company under the name The Atlantic Crypto Corporation LLC and converted to a Delaware corporation in September 2018 under the name Atlantic Crypto Corporation. In December 2019, we changed our name to “CoreWeave, Inc.” Our principal executive offices are located in Livingston, NJ 07039.
AI Analysis | Feedback
Here are 1-3 brief analogies for CoreWeave:
- AWS or Google Cloud, but exclusively for high-performance AI and GPU workloads.
- Like NVIDIA, but instead of selling chips, CoreWeave sells access to massive clusters of their AI GPUs as a cloud service.
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- GPU Cloud Infrastructure: Provides on-demand access to high-performance NVIDIA GPUs designed for compute-intensive workloads.
- AI/Machine Learning Cloud Services: Offers specialized environments and resources within their GPU cloud for training and deploying AI models.
- Visual Effects (VFX) & Rendering Cloud: Delivers scalable GPU computing power optimized for film production, animation, and graphic rendering tasks.
- High-Performance Computing (HPC) Cloud: Supplies robust infrastructure for scientific research, data analytics, and other computationally demanding applications.
AI Analysis | Feedback
CoreWeave (CRWV) primarily sells its specialized cloud infrastructure services, particularly for GPU-accelerated workloads (like AI/ML, VFX rendering, and cryptocurrency mining), to other companies. Here are some of CoreWeave's major customers:- OpenAI (private company)
- Meta Platforms (symbol: META)
- Anthropic (private company)
- Adept AI (private company)
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- NVIDIA Corporation (Symbol: NVDA)
- Super Micro Computer, Inc. (Symbol: SMCI)
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Michael Intrator, Chief Executive Officer
Michael Intrator is a co-founder of CoreWeave, which he helped establish in 2017. CoreWeave went public in March 2025. Before co-founding CoreWeave, Intrator was a co-founder and CEO of Hudson Ridge Asset Management LLC, a natural gas hedge fund, from January 2013 to January 2018. He also served as a Principal Portfolio Manager for Natsource Asset Management LLC from September 1998 to July 2014, where he specialized in investing in global environmental markets and related energy products.
Nitin Agrawal, Chief Financial Officer
Nitin Agrawal joined CoreWeave as Chief Financial Officer in March 2024. Prior to CoreWeave, he held the position of Vice President, Finance for Google Cloud from May 2021 to March 2024. He also served 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. Agrawal's experience also includes various finance leadership roles at Microsoft from 2008 to 2015.
Brian Venturo, Chief Strategy Officer
Brian Venturo is a co-founder of CoreWeave. He initially served as Chief Technology Officer from October 2017 until March 2024, when he was appointed Chief Strategy Officer. Before CoreWeave, Venturo was a Partner at Hudson Ridge Asset Management LLC, a natural gas hedge fund, from January 2013 to January 2018.
Brannin McBee, Chief Development Officer
Brannin McBee is a co-founder of CoreWeave. He previously held the role of Chief Scientific Officer and was appointed Chief Development Officer in March 2024.
Sachin Jain, Chief Operating Officer
Sachin Jain joined CoreWeave as Chief Operating Officer in August 2024. Prior to CoreWeave, he was part of Oracle's AI department.
AI Analysis | Feedback
Here are the key risks to CoreWeave:- Financial Health and Capital Intensity: CoreWeave faces significant risks due to its poor financial health, characterized by high leverage, unprofitability, and substantial capital expenditures required for building and maintaining data centers. The company is currently operating in a "build now, profit later" phase, with negative free cash flow and increasing debt to finance its rapid expansion. This strategy makes its valuation highly sensitive to interest rates and broader market sentiment, and any increase in financing costs or a slowdown in demand could severely impact its financial flexibility and sustainability.
- Customer Concentration: A major risk for CoreWeave is its heavy reliance on a limited number of key customers. For example, OpenAI accounts for approximately 70% of CoreWeave's year-to-date revenue, and the top two customers collectively represented 77% of total sales in 2024. This high degree of customer concentration means that if one or more of these major clients were to build their own in-house infrastructure, diversify to other providers, or demand more flexible contract terms, CoreWeave's revenue visibility and stability could be significantly compromised.
- Execution Risk and Competitive/Technological Pressures: CoreWeave's ability to convert its substantial revenue backlog into actual earnings is subject to significant execution risks, including potential delays in bringing new data center capacity online, as experienced with a two-month delay in North Texas due to severe rainstorms. The company operates in a highly competitive landscape, contending with well-established hyperscale cloud providers like Amazon EC2, Azure Virtual Machines, and Google Cloud, which possess vast financial resources and extensive global infrastructure. Furthermore, the rapid pace of technological advancements in GPU hardware means that CoreWeave must continuously invest heavily to acquire the latest Nvidia chips and upgrade its infrastructure to remain competitive, creating a cycle of high capital expenditure and the risk of technological obsolescence.
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Increased competition from hyperscale cloud providers (e.g., AWS, Azure, Google Cloud) intensifying their focus on high-performance GPU cloud services for AI workloads. These companies possess vast resources, existing customer bases, and are rapidly expanding their specialized offerings, directly encroaching on CoreWeave's niche.
The emergence and widespread adoption of alternative, non-NVIDIA AI accelerator hardware. CoreWeave's business heavily relies on providing NVIDIA GPUs. If competing chips from companies like AMD, Intel, Google, or Amazon gain significant market share due to superior performance, cost-efficiency, or specialized capabilities, CoreWeave's NVIDIA-centric infrastructure could face obsolescence or require substantial, costly adaptation.
NVIDIA's strategic expansion into its own direct cloud services (e.g., DGX Cloud). As the primary supplier of the critical GPU hardware, NVIDIA has the potential to become a more direct competitor to CoreWeave. If NVIDIA prioritizes its own cloud offerings for hardware allocation or aggressively competes on service terms, it could significantly impact CoreWeave's access to cutting-edge GPUs and its ability to attract and retain customers.
AI Analysis | Feedback
CoreWeave (symbol: CRWV) primarily offers specialized GPU-accelerated cloud services, including GPU and CPU compute, specialized storage, high-speed networking, and managed platform services built on Kubernetes. These services are optimized for high-performance computing (HPC), artificial intelligence (AI), machine learning (ML) training and inference, and visual effects (VFX) rendering.
The addressable markets for CoreWeave's main products and services are substantial and experiencing rapid growth:
- Global GPU Cloud Computing Market: This market was valued at approximately USD 3.17 billion in 2024 and is projected to reach USD 47.24 billion by 2033, demonstrating a compound annual growth rate (CAGR) of about 35% from 2025 to 2033. Another estimate values the global GPU cloud computing market at USD 4.82 billion in 2025, expecting it to reach USD 12.3 billion by 2033 with a CAGR of 10.97%. The cloud data center GPU market alone was valued at US$ 7,221.7 million in 2024 and is estimated to grow at a CAGR of 38.5% from 2024 to 2033. North America is a dominant region, holding approximately 35% of the total global cloud GPU market share and operating more than 60% of the global GPU cloud capacity in 2024.
- Global Artificial Intelligence (AI) Infrastructure Market: This market was valued at USD 69.44 billion in 2024 and is expected to reach USD 1248.60 billion by 2032, growing at a CAGR of 43.50% from 2025 to 2032. Other projections show the global AI infrastructure market size at USD 46.15 billion in 2024, growing to USD 356.14 billion by 2032 with a CAGR of 29.10%, or from USD 60.23 billion in 2025 to approximately USD 499.33 billion by 2034 with a CAGR of 26.60%. Spending on AI infrastructure is globally poised to reach $758 billion USD by 2029. North America holds the largest share of the global AI infrastructure market, accounting for 41%. The U.S. AI infrastructure market alone was valued at USD 14.52 billion in 2024 and is projected to reach around USD 156.45 billion by 2034.
- Global High-Performance Computing (HPC) Market: The global HPC market was valued at USD 44.3 billion in 2024 and is forecasted to reach USD 65.8 billion by 2033, exhibiting a CAGR of 4.5% from 2025-2033. Another report estimates the market at USD 60.2 billion in 2025, growing to USD 124.2 billion by 2035 at a CAGR of 7.5%. A further estimate puts the global HPC market size at USD 57.00 billion in 2024, projected to reach USD 87.31 billion by 2030 with a CAGR of 7.2% from 2025 to 2030. North America dominates this market, holding over 40.3% market share in 2024, and specifically, the U.S. HPC market holds 76.80% of the total share in North America.
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Here are 3-5 expected drivers of future revenue growth for CoreWeave (CRWV) over the next 2-3 years:- Surging Demand for AI Infrastructure and Specialized GPU Cloud Services: CoreWeave is positioned to capitalize on the increasing global demand for specialized, GPU-centric cloud capacity and high-performance computing (HPC) services for artificial intelligence (AI) and machine learning workloads. The company's offerings directly address the rising need for compute-intensive solutions as organizations scale their AI initiatives.
- Expansion of GPU Cloud Infrastructure and Data Center Capacity: CoreWeave is actively expanding its physical infrastructure, including data center capacity and GPU fleet. The company projects an increase to over 400,000 GPUs by mid-2026, up from approximately 250,000 online today, signifying a direct increase in its ability to serve more customers and larger workloads.
- Strategic Partnerships and Key Customer Relationships: CoreWeave benefits significantly from strategic partnerships with major industry players such as OpenAI and Nvidia. Microsoft is also identified as one of CoreWeave's largest customers, indicating robust and high-value client relationships that are expected to drive sustained revenue. The company's support for Nvidia's Blackwell infrastructure expansion further solidifies its position.
- Technological Advancements and Service Diversification: Beyond its core GPU compute offerings, CoreWeave is enhancing its technological portfolio through initiatives like the development of chip management software and a dataset optimization tool for machine-learning developers. The acquisition of AI platform developer Weights & Biases in March 2025 further strengthens its AI platform capabilities and expands its service offerings.
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Share Issuance
- CoreWeave completed its initial public offering (IPO) on March 28, 2025, issuing 36,590,000 shares of Class A common stock at $40.00 per share, raising $1.5 billion.
- As part of a five-year cloud-computing contract, OpenAI acquired a $350 million stake in CoreWeave through a private placement of shares during the IPO.
Inbound Investments
- CoreWeave secured $1.1 billion in Series C funding in May 2024, led by Coatue, with participation from Magnetar, Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management.
- In August 2023, the company secured a $2.3 billion debt financing facility led by Magnetar and Blackstone, utilizing Nvidia's H100 GPUs as collateral.
- CoreWeave closed a $650 million secondary share sale in November 2024, with investors including Jane Street, Magnetar Capital, Fidelity Management, and Macquarie Capital.
Outbound Investments
- In March 2025, CoreWeave acquired the AI platform developer Weights & Biases for an estimated $1.7 billion.
- CoreWeave launched CoreWeave Ventures in September 2025 to provide direct investment capital, technical expertise, and compute resources to AI founders.
- In November 2025, CoreWeave announced the acquisition of Marimo Inc., an AI development platform.
Capital Expenditures
- CoreWeave plans to invest between $20 billion and $23 billion in 2025 to expand its AI infrastructure and data center capacity.
- Capital expenditures for Q2 2025 were $2.9 billion, primarily directed towards property and hardware, with Q3 2025 projected between $2.9 billion and $3.4 billion.
- In 2024, the company utilized $8.7 billion in investing activities, mainly for capital expenditures to build out data center infrastructure and acquire GPUs.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| CoreWeave Earnings Notes | ||
| CoreWeave Earnings Notes | ||
| CoreWeave Stock (+23%): NVIDIA AI Cloud Partnership Ignites Re-Rate | Notification |
| Title | |
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| ARTICLES |
Trade Ideas
Select ideas related to CRWV. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 13.9% | 13.9% | -0.9% |
| 11262025 | PD | PagerDuty | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 12.0% | 12.0% | 0.0% |
| 11212025 | CRM | Salesforce | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 17.0% | 17.0% | -0.1% |
| 11212025 | HUBS | HubSpot | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 11.9% | 11.9% | 0.0% |
| 11212025 | FIVN | Five9 | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 4.1% | 4.1% | 0.0% |
Research & Analysis
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Peer Comparisons for CoreWeave
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 214.94 |
| Mkt Cap | 3,049.6 |
| Rev LTM | 240,477 |
| Op Inc LTM | 93,156 |
| FCF LTM | 43,516 |
| FCF 3Y Avg | 50,462 |
| CFO LTM | 102,148 |
| CFO 3Y Avg | 96,977 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.5% |
| Rev Chg 3Y Avg | 11.3% |
| Rev Chg Q | 17.2% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Mgn LTM | 32.1% |
| Op Mgn 3Y Avg | 30.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 39.2% |
| CFO/Rev 3Y Avg | 35.5% |
| FCF/Rev LTM | 10.5% |
| FCF/Rev 3Y Avg | 20.5% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | |||
| # Positive | 0 | 1 | 1 |
| # Negative | 3 | 2 | 2 |
| Median Positive | 59.2% | 118.2% | |
| Median Negative | -16.3% | -33.1% | -20.8% |
| Max Positive | 59.2% | 118.2% | |
| Max Negative | -20.8% | -37.6% | -24.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11132025 | 10-Q 9/30/2025 |
| 6302025 | 8132025 | 10-Q 6/30/2025 |
| 3312025 | 5152025 | 10-Q 3/31/2025 |
| 12312024 | 3312025 | 424B4 12/31/2024 |
| 9302024 | 2112025 | DRS/A 9/30/2024 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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