CoreWeave (CRWV)
Market Price (4/6/2026): $82.0 | Market Cap: $41.6 BilSector: Information Technology | Industry: Systems Software
CoreWeave (CRWV)
Market Price (4/6/2026): $82.0Market Cap: $41.6 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 168% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 60%, CFO LTM is 3.1 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49% Megatrend and thematic driversMegatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS). | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 64% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 2,979x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -141% 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 -6.7% High stock price volatilityVol 12M is 112% 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 168% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 60%, CFO LTM is 3.1 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS). |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 64% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 2,979x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -141% |
| 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 -6.7% |
| High stock price volatilityVol 12M is 112% |
| Key risksCRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more. |
Qualitative Assessment
AI Analysis | Feedback
CoreWeave (CRWV) stock has gained about 15% since 12/31/2025 because of the following key factors:
1. CoreWeave secured a landmark $8.5 billion investment-grade financing facility.
On March 31, 2026, CoreWeave closed an $8.5 billion delayed-draw term loan facility. This financing was rated A3 by Moody's and A-low by DBRS, making it the first investment-grade rated loan backed by high-performance computing (HPC) infrastructure and an associated customer contract. This development is expected to lower CoreWeave's cost of capital and supports its aggressive plans for AI infrastructure expansion. The announcement reportedly led to a 12% stock surge on the last trading day.
2. The company demonstrated a robust revenue backlog signaling strong future demand.
As of December 31, 2025, CoreWeave reported a substantial contracted revenue backlog of $66.8 billion, which nearly doubled from $55.6 billion in Q3 2025. This backlog includes significant commitments, such as $22.4 billion from OpenAI and $14.2 billion from Meta, providing strong revenue visibility through 2026 and beyond. Management anticipates 2026 revenue to reach between $12 billion and $13 billion.
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1. CoreWeave secured a landmark $8.5 billion investment-grade financing facility.
On March 31, 2026, CoreWeave closed an $8.5 billion delayed-draw term loan facility. This financing was rated A3 by Moody's and A-low by DBRS, making it the first investment-grade rated loan backed by high-performance computing (HPC) infrastructure and an associated customer contract. This development is expected to lower CoreWeave's cost of capital and supports its aggressive plans for AI infrastructure expansion. The announcement reportedly led to a 12% stock surge on the last trading day.
2. The company demonstrated a robust revenue backlog signaling strong future demand.
As of December 31, 2025, CoreWeave reported a substantial contracted revenue backlog of $66.8 billion, which nearly doubled from $55.6 billion in Q3 2025. This backlog includes significant commitments, such as $22.4 billion from OpenAI and $14.2 billion from Meta, providing strong revenue visibility through 2026 and beyond. Management anticipates 2026 revenue to reach between $12 billion and $13 billion.
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Stock Movement Drivers
Fundamental Drivers
The 14.8% change in CRWV stock from 12/31/2025 to 4/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.61 | 82.24 | 14.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,306 | � | 0.0% |
| P/S Multiple | 8.3 | � | 0.0% |
| Shares Outstanding (Mil) | 498 | 404 | 23.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CRWV | 14.8% | |
| Market (SPY) | -5.4% | 44.9% |
| Sector (XLK) | -5.5% | 62.2% |
Fundamental Drivers
The -39.9% change in CRWV stock from 9/30/2025 to 4/5/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 136.85 | 82.24 | -39.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | � | 0.0% |
| Net Income Margin (%) | � | � | 0.0% |
| P/E Multiple | � | � | 0.0% |
| Shares Outstanding (Mil) | 404 | 404 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CRWV | -39.9% | |
| Market (SPY) | -2.9% | 43.7% |
| Sector (XLK) | -3.4% | 61.3% |
Fundamental Drivers
The 121.8% change in CRWV stock from 3/31/2025 to 4/5/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.08 | 82.24 | 121.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,915 | � | 0.0% |
| P/S Multiple | 9.0 | � | 0.0% |
| Shares Outstanding (Mil) | 464 | 404 | 15.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CRWV | 121.8% | |
| Market (SPY) | 16.3% | 37.1% |
| Sector (XLK) | 32.3% | 45.8% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CRWV | ||
| Market (SPY) | 63.3% | 36.8% |
| Sector (XLK) | 83.6% | 45.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRWV Return | - | - | - | - | 79% | 10% | 96% |
| Peers Return | 57% | -34% | 93% | 65% | 29% | -14% | 265% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| CRWV Win Rate | - | - | - | - | 40% | 50% | |
| Peers Win Rate | 65% | 30% | 70% | 67% | 55% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CRWV Max Drawdown | - | - | - | - | -11% | -3% | |
| Peers Max Drawdown | -7% | -44% | -3% | -4% | -24% | -19% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/2/2026 (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 AMZN, MSFT, GOOGL, NVDA, ORCL
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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About CoreWeave (CRWV)
CoreWeave powers the creation and delivery of the intelligence that drives innovation. We are the AI Hyperscaler™ driving the AI revolution(1). Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”), Mistral AI SAS (“Mistral”), NVIDIA Corporation (“NVIDIA”), and OpenAI OpCo, LLC (“OpenAI”). We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization. According to IDC, AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030. The generalized cloud infrastructure that drove the cloud revolution beginning in the 2000s was built to host websites, databases, and SaaS apps that have fundamentally different needs than the high performance requirements of AI. As workloads and technologies evolve, so too must the infrastructure and cloud software and services that power them. We believe we are at the start of a new cloud era that will drive the AI revolution. The opportunity for a purpose-built AI cloud platform, including the infrastructure and integrated software, is massive. Based on market research from Bloomberg Intelligence, total spending on AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will reach approximately $399 billion by 2028. For AI to reach its full potential, it needs a purpose-built AI cloud platform with infrastructure and managed cloud services that are delivered in an efficient, automated, and highly performant way. Enter CoreWeave, the AI Hyperscaler™. We purpose-built our CoreWeave Cloud Platform to be the infrastructure and application platform for AI. Our platform manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. Through our proprietary software capabilities, we enable our customers to achieve substantially higher total system performance and more favorable uptime relative to other AI offerings within existing infrastructure cloud environments and unlock speed at scale. By delivering more compute cycles to AI workloads and thereby reducing the time required to train models, our capabilities can significantly accelerate the time to solution for customers in the ongoing hyper-competitive race to build the next bleeding-edge AI models. For example, in June 2023, our NVIDIA H100 Tensor Core GPU training cluster completed the MLPerf benchmark test (which benchmarks how quickly a system can train a model from scratch) in eleven minutes—a record and 29 times faster than the next best competitor at the time of the benchmark test. These efficiencies also extend from training to inference use cases, as our CoreWeave Cloud Platform significantly improves both run-time efficiency for inference workloads and enables overall higher AI application uptime. These performance gains help to ensure lower performance-adjusted costs and a superior end-user experience. The supercomputers we build to power our platform are optimized to support many types of AI workloads, and they are augmented by our suite of cloud services to deliver meaningful time and cost savings to customers through our orchestration, automation, and monitoring capabilities. Our multidisciplinary, customer-centric team has a proven ability to conceptualize, design, and implement solutions to solve the most complex engineering challenges in the pursuit of furthering AI. We hire individuals who help contribute to and maintain a culture centered around solving the most complex AI infrastructure scaling, performance, and reliability challenges. Customers utilize our platform through a set of cloud services comprising Infrastructure Services, Managed Software Services, and Application Software Services, all augmented by our Mission Control and Observability software. Our comprehensive and integrated cloud services work together as a suite to deliver state-of-the-art compute, networking, and storage. These services enable the provisioning of infrastructure, the orchestration of workloads, and the proactive monitoring of our customers’ training and inference environments to increase performance and minimize interruptions. Our CoreWeave Cloud Platform is hosted in our distributed network of active purpose-built data centers that are interconnected using low latency connections to major metropolitan areas, and incorporate state-of-the-art data center networking equipment, enhanced access to power and, where appropriate, the latest liquid cooling technologies. As of December 31, 2024, our 32 data centers were running more than 250,000 GPUs in total, and were supported by more than 360 MW of active power. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years. We benefit from robust collaborations with leading chipmakers, original equipment manufacturers (“OEMs”), and software providers to supply us with infrastructure components and other products. We have a proven track record of rapidly expanding our power capacity to support the growth of our data center footprint along with our collection of managed cloud services. We deploy a sophisticated financing strategy and have efficiently financed the development of additional compute capacity through the use of asset-backed debt, having raised total commitments of $12.9 billion in debt through December 31, 2024 to support the development of our platform. Our customers include some of the world’s leading AI labs and AI enterprises—the builders and integrators of AI—who depend on our platform for their core products and most promising innovations. We deliver significant benefits to our customers in terms of overall performance, time to market, and reduced cost of ownership, which results in our customers making large, long-term initial commitments and expanding those commitments with us over time. The vast majority of our revenue today is from multi-year committed contracts, whereby a customer purchases access to our platform over the contract term on a take-or-pay basis. We also sell access to our platform on an on-demand basis through a pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining performance obligations reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein. Our ability to abstract away the complexity our customers would face in assembling, managing, and deploying this infrastructure themselves establishes us as a critical partner and leads to long-term, durable relationships that have the potential to expand over time. As evidence of this, three of our top five committed contract customers by total contract value (“TCV”) as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value. Our deep relationships with customers are a competitive advantage, and our first-to-market track record with highly performant technology gives customers confidence in choosing CoreWeave. (1) Based on our exclusive focus on AI cloud computing at the scale and with the capabilities of our platform, solutions, and services as compared to competing hyperscalers and our customer relationships with leading AI labs and AI enterprises, which position us to be among the first to experience and solve the challenges facing the AI cloud computing industry at scale. We were formed in September 2017 as a Delaware limited liability company under the name The Atlantic Crypto Corporation LLC and converted to a Delaware corporation in September 2018 under the name Atlantic Crypto Corporation. In December 2019, we changed our name to “CoreWeave, Inc.” Our principal executive offices are located in Livingston, NJ 07039.
AI Analysis | Feedback
CoreWeave is like:
- AWS or Microsoft Azure, but purpose-built and highly optimized solely for AI workloads.
- A specialized, AI-dedicated version of a major cloud provider, such as Google Cloud, focused on delivering high-performance computing power for artificial intelligence.
AI Analysis | Feedback
* **AI Cloud Platform:** A comprehensive, purpose-built cloud platform offering integrated infrastructure and software services optimized for AI development, training, and inference. * **AI Infrastructure Services:** Provides state-of-the-art compute (GPUs), networking, and storage specifically engineered for high-performance AI workloads. * **AI Managed Software Services:** Offers tools for orchestrating, automating, and managing complex AI workloads and environments. * **AI Application Software Services:** Supports the deployment and delivery of advanced AI models and applications for various use cases. * **Mission Control and Observability Software:** Integrated monitoring and management tools that ensure optimal performance and reliability for AI training and inference.AI Analysis | Feedback
CoreWeave (CRWV) sells primarily to other companies. Its major customers include: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:
- 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.
- 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.
- 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.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 193.58 |
| Mkt Cap | 2,510.9 |
| Rev LTM | 260,696 |
| Op Inc LTM | 104,507 |
| FCF LTM | 40,480 |
| FCF 3Y Avg | 61,517 |
| CFO LTM | 121,116 |
| CFO 3Y Avg | 113,446 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.9% |
| Rev Chg 3Y Avg | 12.5% |
| Rev Chg Q | 19.8% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Mgn LTM | 32.2% |
| Op Mgn 3Y Avg | 31.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 44.2% |
| CFO/Rev 3Y Avg | 36.6% |
| FCF/Rev LTM | 9.6% |
| FCF/Rev 3Y Avg | 20.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2,510.9 |
| P/S | 8.5 |
| P/EBIT | 22.5 |
| P/E | 26.5 |
| P/CFO | 17.6 |
| Total Yield | 3.7% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.1% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.2% |
| 3M Rtn | -6.7% |
| 6M Rtn | -16.5% |
| 12M Rtn | 47.3% |
| 3Y Rtn | 105.6% |
| 1M Excs Rtn | 1.0% |
| 3M Excs Rtn | -3.4% |
| 6M Excs Rtn | -14.6% |
| 12M Excs Rtn | 15.9% |
| 3Y Excs Rtn | 44.9% |
Price Behavior
Price Behavior
| Market Price | $82.24 | |
| Market Cap ($ Bil) | 41.7 | |
| First Trading Date | 03/28/2025 | |
| Distance from 52W High | -55.2% | |
| 50 Days | 200 Days | |
| DMA Price | $54.03 | $52.03 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 52.2% | 58.1% |
| 3M | 1YR | |
| Volatility | 100.9% | 110.1% |
| Downside Capture | 1.76 | 1.83 |
| Upside Capture | 444.02 | 283.67 |
| Correlation (SPY) | 42.2% | 37.3% |
CRWV Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.57 | 3.54 | 3.49 | 3.27 | 2.31 | -0.18 |
| Up Beta | 6.54 | 10.23 | 4.72 | 3.74 | 1.70 | -0.92 |
| Down Beta | 3.23 | 1.21 | 1.75 | 2.16 | 2.16 | 0.16 |
| Up Capture | 342% | 380% | 699% | 490% | 1191% | 145% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 22 | 32 | 58 | 122 | 122 |
| Down Capture | 125% | 264% | 257% | 246% | 164% | 102% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 10 | 20 | 31 | 68 | 129 | 129 |
[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 | 48.9% | 111.9% | 0.87 | - |
| Sector ETF (XLK) | 31.5% | 27.0% | 0.99 | 48.3% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 39.4% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 6.5% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 19.6% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 15.7% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 32.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRWV | |
|---|---|---|---|---|
| CRWV | 14.3% | 119.2% | 1.10 | - |
| Sector ETF (XLK) | 16.3% | 24.7% | 0.59 | 45.9% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 37.0% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 5.3% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 17.6% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 14.3% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 32.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRWV | |
|---|---|---|---|---|
| CRWV | 6.9% | 119.2% | 1.10 | - |
| Sector ETF (XLK) | 21.4% | 24.3% | 0.81 | 45.9% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 37.0% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 5.3% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 17.6% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 14.3% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 32.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | |||
| # Positive | 0 | 1 | 1 |
| # Negative | 4 | 3 | 3 |
| Median Positive | 59.2% | 118.2% | |
| Median Negative | -17.4% | -28.7% | -23.4% |
| Max Positive | 59.2% | 118.2% | |
| Max Negative | -20.8% | -37.6% | -24.2% |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Venturo, Brian M | Chief Strategy Officer | Direct | Sell | 1022026 | 72.57 | 65,940 | 4,785,363 | 20,033,571 | Form |
| 2 | McBee, Brannin | Chief Development Officer | Direct | Sell | 1022026 | 72.57 | 57,636 | 4,182,723 | 18,045,886 | Form |
| 3 | Intrator, Michael N | CEO and President | Direct | Sell | 1022026 | 72.39 | 111,427 | 8,065,759 | 428,714,980 | Form |
| 4 | Intrator, Michael N | CEO and President | Omnadora Capital LLC | Sell | 1022026 | 71.94 | 50,000 | Form | ||
| 5 | McBee, Brannin | Chief Development Officer | Canis Major 2025 GRAT | Sell | 12312025 | 75.63 | 25,000 | Form |
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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