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    CoreWeave (CRWV)

    Market Price (10/15/2026): $61.85 | Market Cap: $34.1 BilSector: Information Technology | Industry: Systems Software

    CoreWeave (CRWV)

    Market Price (10/15/2026): $61.85
    Market Cap: $34.1 Bil
    Sector: Information Technology
    Industry: Systems Software

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

    0

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 115%

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

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33%

    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 11%

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

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 107%

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

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.8%

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

    0 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 115%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 91%, CFO LTM is 6.9 Bil
    2 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33%
    3 Megatrend and thematic drivers
    Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).
    4 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 11%
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%
    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 107%
    7 Not cash flow generative
    FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%
    8 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 -9.8%
    9 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%
    ITOT0.04%
    QQQ0.15%
    QQQM0.16%
    IWB0.04%
    VUG0.10%
    VO0.31%
    ARKW4.1%
    +20 more covered ETFs

    Valuation & Metrics

    FYE: 12/31CRWV [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$7.6 Bil—
    FY 2026 Sales$12.9 Bil—
    FY 2027 Sales$26.5 Bil—
    FY 2026 Sales Growth69.7%—
    FY 2027 Sales Growth105.9%13.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$-1.9 Bil—
    FY 2026 Net Income (Non-GAAP)$-1.3 Bil—
    FY 2027 Net Income (Non-GAAP)$-1.1 Bil—
    FY 2027 Net Income Growth—19.0%
    FY 2026 EPS (Non-GAAP)$-4.05—
    FY 2027 EPS (Non-GAAP)$-1.93—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S2.61.7
    FY 2027 P/S1.3—
    FY 2026 P/E—7.7
    FY 2027 P/E——

    [1] CRWV forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    CRWVS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)7.6
    Rev Chg Q112.5%9.3%
    Rev Chg LTM115.3%8.3%
    Rev Chg 3Y Avg115.3%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.2
    CFO LTM ($ Bil)6.9
    Net Inc LTM ($ Bil)-1.9
    Op Mgn LTM-3.0%18.5%
    CFO/Rev LTM91.1%21.9%
    Net Inc Mgn-25.4%13.3%
    VALUATIONMODERATE
    P/S4.53.1
    P/CFO4.914.7
    P/FCF-2.519.0
    P/E-17.722.5
    STABILITYPOOR
    Debt/Equity1.510.20
    Cash/Assets0.070.07

    AI Analysis | Feedback

    MetricValueDateSource
    Remaining Performance Obligations (Contracted Backlog)$15.1 billion12312024Link
    Contracted Power2.2 gigawatts11042025Link
    Active Power Capacity470 megawatts11042025Link
    Number of GPUs250,00012312024Link
    Number of Data Centers3212312024Link
    Percentage of Revenue from Top 2 Customers77%12312024Link
    Percentage of Revenue from Microsoft62%12312024Link
    Percentage of Revenue from Long-Term Contracts96%3092025Link
    Contracted Revenue Backlog$30.1 billion8132025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/14/2026

    CoreWeave (CRWV) stock has lost about 35% since 6/30/2026 because of the following key factors:

    1. Mounting concerns over CoreWeave's substantial debt load and the increasing cost of financing its infrastructure expansion have pressured the stock.

    As of the end of fiscal Q2 2026 (June 30, 2026), CoreWeave carried approximately $52 billion in debt and lease obligations. This significant leverage was highlighted by a more than doubling of interest costs to $640 million in fiscal Q2 2026. Markets responded negatively to reports in October 2026 that costly financing, including $1.25 billion in 2032 bonds yielding around 15% and distressed unsecured bonds, led to CoreWeave's stock sliding 14-17%. Analysts also projected negative free cash flow for CoreWeave, estimated at -$25 billion for fiscal 2026, -$28 billion for fiscal 2027, and -$18 billion for fiscal 2028. The company's debt-to-equity ratio exceeded 10, with an Altman Z-Score of 0.2 signaling distress risk, further fueling investor apprehension regarding its financial health.

    2. Market skepticism regarding CoreWeave's valuation and long-term growth sustainability, alongside persistent unprofitability, contributed to the decline.

    By October 14, 2026, CoreWeave's Price-to-Sales (P/S) ratio was near 4.58, significantly below its historical median of approximately 8.5x, indicating investor caution about the company's ability to maintain its rapid growth trajectory. Despite strong revenue growth in previous years (e.g., $1.92 billion in fiscal 2024, up from $229 million in fiscal 2023), the company continued to incur substantial losses, reporting a net loss of $863 million in fiscal 2024. CoreWeave remained unprofitable with negative operating and net margins, rendering traditional earnings-based valuation metrics like the Price-to-Earnings ratio inapplicable. This lack of profitability, despite high revenue growth, raised questions about the company's long-term financial viability and operational efficiency.

    Show more
    Updated on 10/14/2026

    CoreWeave (CRWV) stock has lost about 35% since 6/30/2026 because of the following key factors:

    1. Mounting concerns over CoreWeave's substantial debt load and the increasing cost of financing its infrastructure expansion have pressured the stock.

    As of the end of fiscal Q2 2026 (June 30, 2026), CoreWeave carried approximately $52 billion in debt and lease obligations. This significant leverage was highlighted by a more than doubling of interest costs to $640 million in fiscal Q2 2026. Markets responded negatively to reports in October 2026 that costly financing, including $1.25 billion in 2032 bonds yielding around 15% and distressed unsecured bonds, led to CoreWeave's stock sliding 14-17%. Analysts also projected negative free cash flow for CoreWeave, estimated at -$25 billion for fiscal 2026, -$28 billion for fiscal 2027, and -$18 billion for fiscal 2028. The company's debt-to-equity ratio exceeded 10, with an Altman Z-Score of 0.2 signaling distress risk, further fueling investor apprehension regarding its financial health.

    2. Market skepticism regarding CoreWeave's valuation and long-term growth sustainability, alongside persistent unprofitability, contributed to the decline.

    By October 14, 2026, CoreWeave's Price-to-Sales (P/S) ratio was near 4.58, significantly below its historical median of approximately 8.5x, indicating investor caution about the company's ability to maintain its rapid growth trajectory. Despite strong revenue growth in previous years (e.g., $1.92 billion in fiscal 2024, up from $229 million in fiscal 2023), the company continued to incur substantial losses, reporting a net loss of $863 million in fiscal 2024. CoreWeave remained unprofitable with negative operating and net margins, rendering traditional earnings-based valuation metrics like the Price-to-Earnings ratio inapplicable. This lack of profitability, despite high revenue growth, raised questions about the company's long-term financial viability and operational efficiency.

    3. Substantial insider selling, particularly by the company's founders, signaled a potential lack of confidence to the market.

    CoreWeave's founders sold approximately $2 billion worth of shares in 2026. Furthermore, total insider selling across the company amounted to $6.39 billion over the 12 months leading up to October 14, 2026. This significant volume of insider selling, far exceeding the $5 million threshold, likely impacted investor sentiment negatively, suggesting that those closest to the company were divesting their holdings amidst its declining stock price.

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    Stock Movement Drivers

    Fundamental Drivers

    The -33.9% change in CRWV stock from 6/30/2026 to 10/14/2026 was primarily driven by a -43.3% change in the company's P/S Multiple.
    (LTM values as of)630202610142026Change
    Stock Price ($)99.5465.78-33.9%
    Change Contribution By: 
    Total Revenues ($ Mil)6,2277,59021.9%
    P/S Multiple8.44.8-43.3%
    Shares Outstanding (Mil)527551-4.4%
    Cumulative Contribution-33.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/14/2026
    ReturnCorrelation
    CRWV-33.9% 
    Market (SPY)3.1%49.4%
    Sector (XLK)-0.0%71.7%

    Fundamental Drivers

    The -15.1% change in CRWV stock from 3/31/2026 to 10/14/2026 was primarily driven by a -26.7% change in the company's Shares Outstanding (Mil).
    (LTM values as of)331202610142026Change
    Stock Price ($)77.4765.78-15.1%
    Change Contribution By: 
    Total Revenues ($ Mil)�7,5900.0%
    P/S Multiple�4.80.0%
    Shares Outstanding (Mil)404551-26.7%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/14/2026
    ReturnCorrelation
    CRWV-15.1% 
    Market (SPY)18.6%43.5%
    Sector (XLK)43.5%57.1%

    Fundamental Drivers

    The -51.9% change in CRWV stock from 9/30/2025 to 10/14/2026 was primarily driven by a -26.7% change in the company's Shares Outstanding (Mil).
    (LTM values as of)930202510142026Change
    Stock Price ($)136.8565.78-51.9%
    Change Contribution By: 
    Total Revenues ($ Mil)�7,5900.0%
    P/S Multiple�4.80.0%
    Shares Outstanding (Mil)404551-26.7%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/14/2026
    ReturnCorrelation
    CRWV-51.9% 
    Market (SPY)16.5%45.7%
    Sector (XLK)35.7%58.5%

    Fundamental Drivers

    null
    null

    Market Drivers

    9/30/2023 to 10/14/2026
    ReturnCorrelation
    CRWV  
    Market (SPY)86.2%39.0%
    Sector (XLK)136.5%48.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CRWV Return----79%9%95%
    Peers Return57%-34%93%65%29%7%352%
    S&P 500 Return27%-19%24%23%16%14%108%

    Monthly Win Rates [3]
    CRWV Win Rate----40%40% 
    Peers Win Rate65%30%70%67%55%54% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    CRWV Max Drawdown------56% 
    Peers Max Drawdown-14%-45%-18%-20%-33%-28% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: AMZN, MSFT, GOOGL, NVDA, ORCL.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/14/2026 (YTD)

    How Low Can It Go

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

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

    Compare to AMZN, MSFT, GOOGL, NVDA, ORCL

    In The Past

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

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

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

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

    Compare to AMZN, MSFT, GOOGL, NVDA, ORCL

    In The Past

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

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About CoreWeave (CRWV)

    CoreWeave is an "AI Hyperscaler" that provides a purpose-built cloud platform designed specifically for the demanding computational needs of artificial intelligence (AI) workloads. Unlike general-purpose cloud providers, CoreWeave's platform and proprietary software are optimized to manage complex AI infrastructure at scale, delivering significantly higher performance, efficiency, and uptime for critical AI tasks such as model training and inference. This specialization helps customers accelerate their AI development and deployment by providing more compute cycles and reducing time to solution in the hyper-competitive AI race.

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

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

    AI Analysis | Feedback

    CoreWeave is like:

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

    AI Analysis | Feedback

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

    AI Analysis | Feedback

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

    AI Analysis | Feedback

    NVIDIA Corporation (NVDA)

    AI Analysis | Feedback

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

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

    Nitin Agrawal, Chief Financial Officer

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

    Brannin McBee, Chief Development Officer, Co-founder

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

    Brian Venturo, Chief Strategy Officer, Co-founder

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

    Sachin Jain, Chief Operating Officer

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

    AI Analysis | Feedback

    The key risks to CoreWeave's business include:

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

    AI Analysis | Feedback

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

    AI Analysis | Feedback

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

    AI Analysis | Feedback

    Expected Drivers of Future Revenue Growth for CoreWeave (CRWV)

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

    AI Analysis | Feedback

    Share Issuance

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

    Inbound Investments

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

    Outbound Investments

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

    Capital Expenditures

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

    Peer Outperformance in Systems Software

    null
    Share of Systems Software constituents that CRWV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    30%
    of 86 industry peers · -45.1% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is CRWV's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Electronic Manufacturing Services 9 64.1%175.0%326.7% TTMI 768% · FLEX 726% · SANM 449%
    Semiconductor Materials & Equipment 27 78.7%85.9%110.3% AXTI 696% · KLAC 503% · LRCX 482%
    Technology Distributors 9 61.9%93.0%102.9% AVT 208% · SNX 186% · CNXN 131%
    Communications Equipment 35 6.0%121.7%92.5% AAOI 1258% · LITE 1060% · ANET 752%
    Electronic Components 26 24.5%81.4%70.5% CLS 3781% · BELFA 1359% · COHR 419%
    Semiconductors 55 10.9%49.0%35.5% MU 1370% · NVDA 996% · AVGO 705%
    Internet Services & Infrastructure 6 -3.2%43.1%19.3% GDDY 50% · VRSN 46% · DOCN 41%
    Technology Hardware, Storage & Peripherals 21 17.7%93.4%17.0% DELL 1107% · SMCI 991% · STX 982%
    Electronic Equipment & Instruments 26 -15.4%29.0%-4.9% PI 250% · KEYS 126% · OSIS 105%
    IT Consulting & Other Services 28 -24.9%-12.1%-17.2% APLD 570% · ADEA 167% · IBM 107%
    Application Software 125 -24.5%-13.9%-46.3% PLTR 765% · FROG 196% · CDNS 118%
    Systems Software ← 69 -15.9%26.1%-50.0% ZETA 322% · CRWD 286% · FTNT 208%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1CoreWeave Stock Looks Stuck, But Its New Deals Tell a Different Story08/20/2026
    2CoreWeave Just Proved Its Old Hardware Is a Gold Mine08/13/2026
    3CoreWeave's Delayed Reaction Rally08/08/2026
    4CoreWeave Stock Plummets 26% With 5-Day Losing Streak07/30/2026
    5CoreWeave Stock In Shambles: Down 19% With 6-Day Losing Streak07/17/2026
    65-Day Sell-Off Sends CoreWeave Stock Down 14%07/16/2026
    7The One Number That Could Rewrite the Story for CoreWeave Stock07/08/2026
    8Meta Just Dropped sharply CoreWeave's Cloud Party07/02/2026
    9CoreWeave Stock 5-Day Losing Spree: Stock Falls 18%06/27/2026
    10The Billion-Dollar Customers CoreWeave Stock Bears Overlook06/13/2026
    11ARTICLES 
    12What Could Surprise CoreWeave Stock Investors On The Upside?10/09/2026
    13Is CoreWeave Stock Making Your Portfolio’s Bad Days Worse?09/25/2026
    14Can CoreWeave Stock Handle The Cost Of Its Own Growth?09/21/2026
    15What Happens To CRWV Stock If Lenders Pull Back?09/17/2026
    16CoreWeave Stock Extends Losing Streak to 5 Days, Shedding 19%09/16/2026
    Title
    0DASHBOARDS
    1CoreWeave Stock Looks Stuck, But Its New Deals Tell a Different Story
    2CoreWeave Just Proved Its Old Hardware Is a Gold Mine
    3CoreWeave's Delayed Reaction Rally
    4CoreWeave Stock Plummets 26% With 5-Day Losing Streak
    5CoreWeave Stock In Shambles: Down 19% With 6-Day Losing Streak
    65-Day Sell-Off Sends CoreWeave Stock Down 14%
    7The One Number That Could Rewrite the Story for CoreWeave Stock
    8Meta Just Dropped sharply CoreWeave's Cloud Party
    9CoreWeave Stock 5-Day Losing Spree: Stock Falls 18%
    10The Billion-Dollar Customers CoreWeave Stock Bears Overlook
    11ARTICLES
    12What Could Surprise CoreWeave Stock Investors On The Upside?
    13Is CoreWeave Stock Making Your Portfolio’s Bad Days Worse?
    14Can CoreWeave Stock Handle The Cost Of Its Own Growth?
    15What Happens To CRWV Stock If Lenders Pull Back?
    16CoreWeave Stock Extends Losing Streak to 5 Days, Shedding 19%

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    Peer Comparisons

    Peers to compare with:

    Financials

    CRWVAMZNMSFTGOOGLNVDAORCLMedian
    NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
    Mkt Price61.85250.35531.94344.31217.88127.34234.12
    Mkt Cap34.12,696.03,950.24,183.75,270.5-3,950.2
    Rev LTM7,590775,680331,839445,867302,969-331,839
    Op Inc LTM-23193,712155,237147,628197,579-147,628
    FCF LTM-13,655-11,62566,98753,273127,006-53,273
    FCF 3Y Avg-16,73270,89060,26381,938-65,576
    CFO LTM6,911161,403182,935185,675134,360-161,403
    CFO 3Y Avg-130,164145,882141,48186,686-135,822

    Growth & Margins

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

    Valuation

    CRWVAMZNMSFTGOOGLNVDAORCLMedian
    NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
    Mkt Cap34.12,696.03,950.24,183.75,270.5-3,950.2
    P/S4.53.511.99.417.4-9.4
    P/Op Inc-147.728.825.428.326.7-26.7
    P/EBIT-689.015.123.413.922.9-15.1
    P/E-17.719.929.517.127.3-19.9
    P/CFO4.916.721.622.539.2-21.6
    Total Yield-5.3%4.9%4.0%6.0%3.7%-4.0%
    Dividend Yield0.0%0.0%0.7%0.2%0.1%-0.1%
    FCF Yield 3Y Avg-0.9%2.2%2.4%2.0%-2.1%
    D/E1.50.10.00.00.0-0.0
    Net D/E1.40.0-0.0-0.0-0.0--0.0

    Returns

    CRWVAMZNMSFTGOOGLNVDAORCLMedian
    NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
    1M Rtn-25.5%-1.3%5.2%-1.5%3.3%-11.7%-1.4%
    3M Rtn-19.8%-1.8%34.7%-7.1%2.6%-3.5%-2.7%
    6M Rtn-47.9%0.7%29.9%2.3%9.8%-24.5%1.5%
    12M Rtn-53.9%15.7%4.4%40.6%21.3%-56.8%10.1%
    3Y Rtn54.6%92.9%66.1%153.0%380.7%21.9%79.5%
    1M Excs Rtn-26.3%-2.1%4.1%-3.1%-0.2%-11.8%-2.6%
    3M Excs Rtn-18.6%-3.4%29.3%-6.4%1.6%-0.6%-2.0%
    6M Excs Rtn-58.4%-10.3%18.7%-8.8%-1.2%-35.4%-9.5%
    12M Excs Rtn-72.6%-3.3%-12.9%24.2%-1.1%-75.0%-8.1%
    3Y Excs Rtn-20.7%16.3%-14.7%71.8%303.9%-58.1%0.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date8/12/20265/8/20263/2/202611/13/20258/13/20255/15/20253/31/20252/11/20258/13/20255/15/20253/2/2026
    Key Financials Quarterly           
    Total Revenue2,5752,0781,5721,3651,212982747584395189116
    Ebitda1,4691,02774170458543848540-526-86
    Operating Income-49-144-905219-271121177817-1
    Net Income-626-740-452-110-290-315-51-360-323-129-171
    EPS-1.14-1.40-0.89-0.22-0.60-1.49-0.17-0.84-0.84-0.32-0.42
    Key Financials TTM           
    Total Revenue TTM7,5906,2275,1314,3063,5252,7081,9151,284---
    Ebitda TTM3,9423,0582,4692,2121,548912480-91---
    Operating Income TTM-231-163-46156221280324210---
    Net Income TTM-1,928-1,592-1,167-766-1,016-1,049-863-983---
    Growth Rates Quarterly           
    Total Revenue Growth112.5%111.6%110.4%133.7%206.5%420.4%543.7%----
    EBITDA Growth151.1%134.5%52.8%1649.5%1232.8%6833.7%667.1%----
    Operating Income Growth-357.9%-433.3%-179.8%-55.7%-75.6%-260.3%8322.3%----
    Net Income Growth-115.9%-134.9%-787.1%69.4%10.2%-143.7%70.2%----
    Margins Quarterly           
    EBITDA Margin57.0%49.4%47.2%51.6%48.3%44.6%64.9%6.9%-13.1%3.3%-73.7%
    Operating Income Margin-1.9%-6.9%-5.7%3.8%1.6%-2.7%15.0%20.1%19.7%8.9%-1.2%
    Net Income Margin-24.3%-35.6%-28.7%-8.1%-23.9%-32.1%-6.8%-61.6%-81.7%-68.5%-147.2%
    Cash & Debt           
    Total Cash5,5392,2663,1611,9421,1531,2761,3611,356--220
    Total Debt51,60835,14729,82218,80814,56211,89710,6206,278002,000
    Net Debt / (Cash)46,06932,88126,66116,86613,41010,6209,2594,921--1,780
    Cash Flows Quarterly           
    FCF from Operations6792,9841,5591,689-25161187641-1182,03944
    Cash Flows TTM           
    FCF from Operations TTM6,9115,9813,0581,6866387712,7492,606---
    Returns to Shareholders Quarterly           
    Dividends00000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly           
    ROIC-0.4%-1.4%-1.1%0.4%0.4%-0.7%4.4%7.8%---0.3%
    Return on Invested Capital (ROIC) TTM           
    ROIC TTM-0.4%-0.4%-0.1%0.7%1.1%1.8%3.1%3.5%---

    Segment Financials

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


    Price Behavior

    Price Behavior
    Market Price$65.78 
    Market Cap ($ Bil)36.2 
    First Trading Date03/28/2025 
    Distance from 52W High-53.6% 
       50 Days200 Days
    DMA Price$87.92$92.53
    DMA Trendupup
    Distance from DMA-25.2%-28.9%
     3M1YR
    Volatility103.8%95.5%
    Downside Capture325.48402.25
    Upside Capture318.22263.77
    Correlation (S&P 500)47.4%45.3%
    CRWV Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.983.644.413.103.280.09
    Up Beta5.324.098.723.343.56-0.02
    Down Beta6.314.323.823.112.670.14
    Up Capture16%436%298%391%788%493%
    Bmk +ve Days6162766132424
    Stock +ve Days12192559117181
    Down Capture-41%232%302%252%184%110%
    Bmk -ve Days16263760120328
    Stock -ve Days10233967135196

    [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-53.7%95.5%-0.38-
    Sector ETF (XLK)34.2%26.2%1.0858.6%
    Equity (SPY)17.1%12.7%0.9646.0%
    Gold (GLD)-0.6%29.4%-0.0220.7%
    Commodities (DBC)49.3%20.7%1.820.3%
    Real Estate (VNQ)5.7%13.7%0.15-4.7%
    Bitcoin (BTCUSD)-27.9%43.7%-0.6333.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CRWV
    CRWV9.3%111.1%0.76-
    Sector ETF (XLK)21.2%25.9%0.7248.7%
    Equity (SPY)13.6%17.1%0.6039.2%
    Gold (GLD)17.9%18.9%0.7610.6%
    Commodities (DBC)10.0%19.5%0.396.9%
    Real Estate (VNQ)1.2%18.8%-0.057.3%
    Bitcoin (BTCUSD)8.5%51.8%0.3429.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CRWV
    CRWV4.6%111.1%0.76-
    Sector ETF (XLK)24.4%25.0%0.8848.7%
    Equity (SPY)15.4%17.9%0.7339.2%
    Gold (GLD)12.0%16.4%0.6010.6%
    Commodities (DBC)8.2%18.1%0.376.9%
    Real Estate (VNQ)4.8%20.7%0.197.3%
    Bitcoin (BTCUSD)63.5%66.2%1.0329.3%

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

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity60.0 Mil
    Short Interest: % Change Since 91520269.1%
    Average Daily Volume34.2 Mil
    Days-to-Cover Short Interest1.8 days
    Basic Shares Quantity551.0 Mil
    Short % of Basic Shares10.9%

    Earnings Returns History

    Updated 9/14/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/202619.3%3.2%-1.3%
    5/7/2026-11.4%-11.4%-20.5%
    2/26/2026-18.5%-23.4%-23.4%
    11/10/2025-16.3%-28.7%-17.3%
    8/12/2025-20.8%-37.6%-24.2%
    5/14/2025-2.5%59.2%118.2%
    SUMMARY STATS   
    # Positive121
    # Negative545
    Median Positive19.3%31.2%118.2%
    Median Negative-16.3%-26.0%-20.5%
    Max Positive19.3%59.2%118.2%
    Max Negative-20.8%-37.6%-24.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/202619.3%3.2%-1.3%
    5/7/2026-11.4%-11.4%-20.5%
    2/26/2026-18.5%-23.4%-23.4%
    11/10/2025-16.3%-28.7%-17.3%
    8/12/2025-20.8%-37.6%-24.2%
    5/14/2025-2.5%59.2%118.2%
    SUMMARY STATS   
    # Positive121
    # Negative545
    Median Positive19.3%31.2%118.2%
    Median Negative-16.3%-26.0%-20.5%
    Max Positive19.3%59.2%118.2%
    Max Negative-20.8%-37.6%-24.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/02/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/31/2025424B4
    09/30/202402/11/2025DRS/A
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/12/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/02/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/15/202510-Q
    12/31/202403/31/2025424B4
    09/30/202402/11/2025DRS/A

    Insider Activity

    Updated 10/14/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Jones, JonathanChief Revenue OfficerDirectSell1014202677.4221,5691,669,868417,448Form
    2Agrawal, NitinChief Financial OfficerDirectSell1014202680.1322,5791,809,2608,815,686Form
    3Jones, JonathanChief Revenue OfficerDirectSell1014202680.3615,8111,270,6512,166,721Form
    4Agrawal, NitinChief Financial OfficerDirectSell1008202688.60326611,748,006Form
    5Venturo, Brian MChief Strategy OfficerDirectSell1002202687.6965,6165,753,86726,528,505Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Jones, JonathanChief Revenue OfficerDirectSell1014202677.4221,5691,669,868417,448Form
    2Agrawal, NitinChief Financial OfficerDirectSell1014202680.1322,5791,809,2608,815,686Form
    3Jones, JonathanChief Revenue OfficerDirectSell1014202680.3615,8111,270,6512,166,721Form
    4Agrawal, NitinChief Financial OfficerDirectSell1008202688.60326611,748,006Form
    5Venturo, Brian MChief Strategy OfficerDirectSell1002202687.6965,6165,753,86726,528,505Form
    6McVeety, Kristen JGC and SecretaryDirectSell1002202687.69543810,813,580Form
    7McBee, BranninChief Development OfficerDirectSell1002202687.6956,5314,957,20334,398,946Form
    8Jain, SachinChief Operating OfficerDirectSell1002202687.69435113,775,661Form
    9Intrator, Michael NCEO and PresidentDirectSell1002202687.6978,5526,888,22548,136,110Form
    10Goldberg, ChenEVP, Product & EngineeringDirectSell1002202687.6954384,432,993Form
    11Baker, JeffPrincipal Accounting OfficerDirectSell1002202687.695438731,335Form
    12Agrawal, NitinChief Financial OfficerDirectSell1002202687.69543811,627,606Form
    13Intrator, Michael NCEO and PresidentDirectSell1001202686.65200,00017,330,16042,210,118Form
    14Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1001202686.65107,692  Form
    15Intrator, Michael NCEO and PresidentDirectSell924202686.82200,00017,363,70859,655,538Form
    16Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell924202686.82107,692  Form
    17Agrawal, NitinChief Financial OfficerDirectSell924202686.8355,7644,841,82311,512,919Form
    18Intrator, Michael NCEO and PresidentDirectSell917202681.91200,00016,382,68172,667,758Form
    19Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell917202681.91107,692  Form
    20Agrawal, NitinChief Financial OfficerDirectSell915202683.7066,5765,572,34515,765,545Form
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    247Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell408202680.86225,000  Form
    248McBee, BranninChief Development OfficerDirectSell408202681.25100,0008,124,96125,490,604Form
    249McBee, BranninChief Development OfficerSpouseSell408202681.2516,665  Form
    250McBee, BranninChief Development OfficerCanis Major 2025 GRATSell408202681.2516,665  Form
    251McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell408202681.2527,085  Form
    252McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell408202681.256,250  Form
    253Venturo, Brian MChief Strategy OfficerDirectSell402202674.0565,0054,813,62021,128,464Form
    254McVeety, Kristen JGC and SecretaryDirectSell402202674.05118158,893,257Form
    255McBee, BranninChief Development OfficerDirectSell402202674.0556,0314,149,09623,231,855Form
    256Intrator, Michael NCEO and PresidentDirectSell402202674.0577,9395,771,383424,225,045Form
    257Goldberg, ChenEVP, Product & EngineeringDirectSell402202674.05161,1854,346,957Form
    258Baker, JeffPrincipal Accounting OfficerDirectSell402202674.05161,1852,724,225Form
    259Agrawal, NitinChief Financial OfficerDirectSell402202674.05161,18514,062,539Form
    260McBee, BranninChief Development OfficerCanis Major 2025 GRATSell401202669.2216,665  Form
    261McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell401202669.226,250  Form
    262McBee, BranninChief Development OfficerDirectSell401202669.22100,0006,922,41317,213,550Form
    263McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell401202669.2227,085  Form
    264McBee, BranninChief Development OfficerSpouseSell401202669.2216,665  Form
    265Intrator, Michael NCEO and PresidentDirectSell327202687.3432,4562,834,835494,934,602Form
    266Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell327202687.3450,000  Form
    267McBee, BranninChief Development OfficerCanis Major 2025 GRATSell325202682.5316,665  Form
    268McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell325202682.536,250  Form
    269McBee, BranninChief Development OfficerDirectSell325202682.53100,0008,252,77920,521,690Form
    270McBee, BranninChief Development OfficerSpouseSell325202682.5316,665  Form
    271McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell325202682.5327,085  Form
    272Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell320202683.65281,250  Form
    273McBee, BranninChief Development OfficerCanis Major 2025 GRATSell318202684.4416,665  Form
    274McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell318202684.446,250  Form
    275McBee, BranninChief Development OfficerDirectSell318202684.44100,0008,444,23020,997,759Form
    276McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell318202684.4427,085  Form
    277McBee, BranninChief Development OfficerSpouseSell318202684.4416,665  Form
    278Intrator, Michael NCEO and PresidentDirectSell313202681.4132,4552,642,137463,947,772Form
    279Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell313202681.4150,000  Form
    280Agrawal, NitinChief Financial OfficerDirectSell313202679.6863,1575,032,35018,194,769Form
    281McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell311202672.6118,750  Form
    282McBee, BranninChief Development OfficerDirectSell311202672.61300,00021,782,81718,055,342Form
    283McBee, BranninChief Development OfficerSpouseSell311202672.6149,995  Form
    284McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell311202672.6181,255  Form
    285McBee, BranninChief Development OfficerCanis Major 2025 GRATSell311202672.6149,995  Form
    286Agrawal, NitinChief Financial OfficerDirectSell305202673.203,920286,93512,383,956Form
    287McVeety, Kristen JGC and SecretaryDirectSell227202697.922,671261,55511,758,603Form
    288Intrator, Michael NCEO and PresidentDirectSell227202699.9532,4563,243,823572,827,461Form
    289Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell227202699.9550,000  Form
    290McVeety, Kristen JGC and SecretaryDirectSell224202690.831,677152,32611,149,661Form
    291Goldberg, ChenEVP, Product & EngineeringDirectSell224202690.8418,9501,721,3335,331,047Form
    292Baker, JeffPrincipal Accounting OfficerDirectSell224202690.832,374215,6423,749,211Form
    293Agrawal, NitinChief Financial OfficerDirectSell224202690.845,383488,98015,724,480Form
    294McBee, BranninChief Development OfficerCanis Major 2025 GRATSell219202691.7325,000  Form
    295McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell219202691.738,315  Form
    296McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell219202691.813,000  Form
    297McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell219202691.811,000  Form
    298McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell219202691.811,000  Form
    299McBee, BranninChief Development OfficerCanis Major SM TrustSell219202691.8150045,9064,957,900Form
    300McBee, BranninChief Development OfficerDirectSell219202691.73102,8309,432,38622,809,442Form
    301McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell219202691.7325,000  Form
    302Intrator, Michael NCEO and PresidentDirectSell213202693.6332,4553,038,833539,683,701Form
    303Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell213202693.6350,000  Form
    304McBee, BranninChief Development OfficerCanis Major 2025 GRATSell211202695.9525,000  Form
    305McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell211202695.958,335  Form
    306McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell211202695.813,000  Form
    307McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell211202695.811,000  Form
    308McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell211202695.811,000  Form
    309McBee, BranninChief Development OfficerDirectSell211202695.95102,8309,866,21023,858,517Form
    310McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell211202695.9525,000  Form
    311McBee, BranninChief Development OfficerCanis Major SM TrustSell211202695.8150047,9075,221,837Form
    312Goldberg, ChenSVP of EngineeringDirectSell206202679.6917,9851,433,2913,415,592Form
    313Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell206202685.00281,250  Form
    314McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell204202690.531,000  Form
    315McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell204202690.531,000  Form
    316McBee, BranninChief Development OfficerCanis Major 2025 GRATSell204202690.4325,000  Form
    317McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell204202690.438,335  Form
    318McBee, BranninChief Development OfficerDirectSell204202690.43102,8309,298,59622,485,909Form
    319McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell204202690.4325,000  Form
    320McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell204202690.533,000  Form
    321McBee, BranninChief Development OfficerCanis Major SM TrustSell204202690.5350045,2664,979,241Form
    322Baker, JeffPrincipal Accounting OfficerDirectSell1302026103.785,143533,7604,079,115Form
    323Intrator, Michael NCEO and PresidentDirectSell1302026106.0832,4563,443,055614,895,769Form
    324Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1302026106.0850,000  Form
    325McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1282026101.4525,000  Form
    326McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1282026101.458,335  Form
    327McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1282026101.491,000  Form
    328McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1282026101.491,000  Form
    329McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1282026101.4525,000  Form
    330McBee, BranninChief Development OfficerCanis Major SM TrustSell1282026101.4950050,7455,632,668Form
    331McBee, BranninChief Development OfficerDirectSell1282026101.45102,83010,432,31525,227,475Form
    332McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1282026101.493,000  Form
    333McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell122202695.291,000  Form
    334McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell122202695.291,000  Form
    335McBee, BranninChief Development OfficerCanis Major 2025 GRATSell122202695.2925,000  Form
    336McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell122202695.298,335  Form
    337McBee, BranninChief Development OfficerDirectSell122202695.29102,8359,799,59323,696,271Form
    338McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell122202695.2925,000  Form
    339McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell122202695.293,000  Form
    340McBee, BranninChief Development OfficerCanis Major SM TrustSell122202695.2950047,6455,336,268Form
    341Intrator, Michael NCEO and PresidentDirectSell116202689.3932,4552,901,244521,050,978Form
    342Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell116202689.3950,000  Form
    343McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell114202688.788,335  Form
    344McBee, BranninChief Development OfficerCanis Major SM TrustSell114202688.6250044,3095,006,913Form
    345McBee, BranninChief Development OfficerCanis Major 2025 GRATSell114202688.7825,000  Form
    346McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell114202688.621,000  Form
    347McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell114202688.7825,000  Form
    348McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell114202688.621,000  Form
    349McBee, BranninChief Development OfficerDirectSell114202688.78102,8359,129,57322,076,105Form
    350McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell114202688.623,000  Form
    351Venturo, Brian MChief Strategy OfficerDirectSell102202672.5765,9404,785,36320,033,571Form
    352McBee, BranninChief Development OfficerDirectSell102202672.5757,6364,182,72318,045,886Form
    353Intrator, Michael NCEO and PresidentDirectSell102202672.39111,4278,065,759428,714,980Form
    354Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell102202671.9450,000  Form
    355McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1231202575.6325,000  Form
    356McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1231202575.638,335  Form
    357McBee, BranninChief Development OfficerCanis Major SM TrustSell1231202575.5750037,7854,345,261Form
    358McBee, BranninChief Development OfficerDirectSell1231202575.63102,8357,777,06414,004,614Form
    359McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1231202575.6325,000  Form
    360McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1231202575.573,000  Form
    361McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1231202575.571,000  Form
    362McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1231202575.571,000  Form
    363Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1229202579.36281,250  Form
    364McBee, BranninChief Development OfficerDirectSell1223202585.30102,8358,771,43515,795,236Form
    365McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1223202585.3025,000  Form
    366McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1223202585.283,000  Form
    367McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1223202585.421,000  Form
    368McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1223202585.431,000  Form
    369McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1223202585.2925,000  Form
    370McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1223202585.328,335  Form
    371McBee, BranninChief Development OfficerCanis Major SM TrustSell1223202585.4150042,7034,953,490Form
    372Intrator, Michael NCEO and PresidentDirectSell1219202565.4732,4552,124,980385,887,391Form
    373Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1219202565.4750,000  Form
    374Agrawal, NitinChief Financial OfficerDirectSell1218202569.1836,3172,512,27511,557,625Form
    375McBee, BranninChief Development OfficerCanis Major SM TrustSell1217202573.6850036,8394,310,215Form
    376McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1217202573.681,000  Form
    377McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1217202573.681,000  Form
    378McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1217202573.5725,000  Form
    379McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1217202573.578,335  Form
    380McBee, BranninChief Development OfficerDirectSell1217202573.57102,8357,565,92913,624,411Form
    381McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1217202573.5725,000  Form
    382McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1217202573.683,000  Form
    383Agrawal, NitinChief Financial OfficerDirectSell1212202582.5866,4675,488,53216,795,155Form
    384Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1212202587.75281,250  Form
    385McBee, BranninChief Development OfficerDirectSell1210202583.80102,8358,617,92315,518,797Form
    386McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1210202583.8025,000  Form
    387McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1210202583.773,000  Form
    388McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1210202583.771,000  Form
    389McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1210202583.771,000  Form
    390McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1210202583.8025,000  Form
    391McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1210202583.808,335  Form
    392McBee, BranninChief Development OfficerCanis Major SM TrustSell1210202583.7750041,8864,942,495Form
    393Intrator, Michael NCEO and PresidentDirectSell1205202576.8832,4552,495,277455,626,979Form
    394Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1205202576.8850,000  Form
    395McVeety, Kristen JGC and SecretaryDirectSell1205202574.532,116157,7015,888Form
    396McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1204202578.6125,000  Form
    397McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1204202578.611,000  Form
    398McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1204202578.618,335  Form
    399McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1204202578.613,000  Form
    400McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1204202578.611,000  Form
    401McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1204202578.6125,000  Form
    402McBee, BranninChief Development OfficerCanis Major SM TrustSell1204202578.6150039,3064,677,443Form
    403McBee, BranninChief Development OfficerDirectSell1204202578.61102,8358,083,82614,557,018Form
    404Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell1203202574.9532,8072,459,04113,692,660Form
    405Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell1203202574.9432,7992,458,00613,690,836Form
    406Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1128202574.44281,250  Form
    407Agrawal, NitinChief Financial OfficerDirectSell1128202570.273,640255,76810,365,551Form
    408McVeety, Kristen JGC and SecretaryDirectSell1121202582.552,231184,169181,197Form
    409Agrawal, NitinChief Financial OfficerDirectSell1121202582.555,841482,17512,478,175Form
    410Intrator, Michael NCEO and PresidentDirectSell1121202574.7132,4552,424,654445,156,227Form
    411Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1121202574.7150,000  Form
    412Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1114202587.57281,250  Form
    413Goldberg, ChenSVP of EngineeringDirectSell1113202590.7913,7401,247,4682,119,425Form
    414Goldberg, ChenSVP of EngineeringDirectSell11072025118.3019,1802,268,9944,387,037Form
    415Intrator, Michael NCEO and PresidentDirectSell11072025113.9732,4553,698,950796,782,189Form
    416Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell11072025113.9750,000  Form
    417Magnetar, Financial LlcFootnotesSell11052025134.947,6881,037,38240,414,737Form
    418Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell11052025127.9314,9581,913,64927,568,163Form
    419Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell11052025127.9414,9581,913,71427,569,095Form
    420Magnetar, Financial LlcFootnotesSell10312025135.65191,33125,953,371115,824,297Form
    421Magnetar, Financial LlcFootnotesSell10312025135.65331,32444,942,83740,631,865Form
    422Magnetar, Financial LlcFootnotesSell10312025134.69216,01029,094,65040,608,056Form
    423Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10312025137.80281,250  Form
    424Magnetar, Financial LlcFootnotesSell10292025138.48464,16964,279,131119,494,743Form
    425Magnetar, Financial LlcFootnotesSell10292025138.48804,514111,412,04641,862,780Form
    426Magnetar, Financial LlcFootnotesSell10292025138.61378,29352,436,174121,757,163Form
    427Magnetar, Financial LlcFootnotesSell10292025138.61435,63760,384,77442,555,036Form
    428Magnetar, Financial LlcFootnotesSell10292025138.61639,67588,666,857226,489,952Form
    429Magnetar, Financial LlcFootnotesSell10292025135.02531,59971,776,50542,183,899Form
    430Intrator, Michael NCEO and PresidentDirectSell10242025118.5832,4553,848,450832,833,900Form
    431Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10242025118.5750,000  Form
    432Magnetar, Financial LlcFootnotesSell10222025136.7344,1816,040,83642,988,364Form
    433Magnetar, Financial LlcFootnotesSell10172025136.6218,3712,509,857123,392,321Form
    434Magnetar, Financial LlcFootnotesSell10172025136.62244,20333,361,92542,975,424Form
    435Magnetar, Financial LlcFootnotesSell10172025143.51303,20643,513,560130,072,258Form
    436Magnetar, Financial LlcFootnotesSell10172025143.51549,08778,800,232187,953,264Form
    437Magnetar, Financial LlcFootnotesSell10172025143.51254,52536,527,25545,283,750Form
    438Magnetar, Financial LlcFootnotesSell10172025143.511,004,073144,096,539322,440,928Form
    439Magnetar, Financial LlcFootnotesSell10172025138.7512,8761,786,505129,349,810Form
    440Magnetar, Financial LlcFootnotesSell10172025138.75495,12268,696,626190,897,374Form
    441Magnetar, Financial LlcFootnotesSell10172025138.76556,23077,184,30544,885,067Form
    442Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10172025138.47154,479  Form
    443Magnetar, Financial LlcFootnotesSell10152025137.1917,7892,440,44944,914,751Form
    444Magnetar, Financial LlcFootnotesSell10152025141.2727,9453,947,818133,552,805Form
    445Magnetar, Financial LlcFootnotesSell10152025141.27369,37952,183,13646,261,129Form
    446Magnetar, Financial LlcFootnotesSell10102025148.74414,54761,658,723274,507,574Form
    447Magnetar, Financial LlcFootnotesSell10102025148.80180,16626,807,87448,943,573Form
    448Magnetar, Financial LlcFootnotesSell10102025148.80208,20730,980,194141,386,800Form
    449Magnetar, Financial LlcFootnotesSell10102025141.16372,70652,611,485135,511,000Form
    450Magnetar, Financial LlcFootnotesSell10102025141.16907,277128,070,41346,851,838Form
    451Magnetar, Financial LlcFootnotesSell10102025139.46691,24396,403,19046,952,211Form
    452Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025139.6615,174  Form
    453Intrator, Michael NCEO and PresidentDirectSell10092025136.7232,4554,437,309964,704,873Form
    454Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025135.4434,8264,716,9712,055,226Form
    455Intrator, Michael NCEO and PresidentDirectSell10092025131.5461,8108,130,424932,403,475Form
    456Venturo, Brian MChief Strategy OfficerDirectSell10082025137.9052,7877,279,09034,297,648Form
    457Magnetar, Financial LlcFootnotesSell10072025137.6363,3188,714,37446,688,058Form
    458Magnetar, Financial LlcFootnotesSell10072025139.27570,46379,447,33347,277,224Form
    459Magnetar, Financial LlcFootnotesSell10072025139.371,149,406160,196,85347,608,907Form
    460Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10032025135.67281,250  Form
    461Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell10032025135.6514,6151,982,50531,259,419Form
    462Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell10032025135.6814,6151,982,99931,267,200Form
    463Magnetar, Financial LlcFootnotesSell10022025138.20149,52420,664,788139,006,921Form
    464Magnetar, Financial LlcFootnotesSell10022025138.22901,524124,605,99947,803,753Form
    465Magnetar, Financial LlcFootnotesSell10022025137.11286,32339,257,74747,955,594Form
    466Magnetar, Financial LlcFootnotesSell10022025139.5599,69113,911,778142,627,160Form
    467Magnetar, Financial LlcFootnotesSell10022025139.55581,48481,145,574223,995,856Form
    468Magnetar, Financial LlcFootnotesSell10022025139.55732,944102,280,89248,956,100Form
    469Venturo, Brian MChief Strategy OfficerDirectSell10022025139.4465,5939,146,28842,042,415Form
    470McBee, BranninChief Development OfficerDirectSell10022025138.59157,90321,884,29025,664,837Form
    471McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell10022025138.10150,000  Form
    472Intrator, Michael NCEO and PresidentDirectSell10022025139.4478,54810,952,733997,028,071Form

    Investor Activity (13F)

    Updated Oct 15, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

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

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

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    Core Cache Last Updated: 10/14/2026