Tearsheet

CoreWeave (CRWV)

Market Price (6/17/2026): $117.28 | Market Cap: $61.8 BilSector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)

Market Price (6/17/2026): $117.28
Market Cap: $61.8 Bil
Sector: Information Technology
Industry: Systems Software

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

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 96%, CFO LTM is 6.0 Bil

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -163 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -170%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.0%

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

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 96%, CFO LTM is 6.0 Bil
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10%
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -163 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -170%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.0%
8	Key risks CRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more.

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/17/26	2025	2024	2023	2022
Share Price			$117.28	$71.61	�	�	�
Mkt Cap ($ Bil)			61.8	36.3	-	-	-
+ Debt ($ Bil)			35.1	29.8	10.6	2.0	0.0
- Cash ($ Bil)			2.3	3.2	1.4	0.2	0.0
TEV ($ Bil)			94.7	66.1
Valuation Ratios
P/S	2.5	4.9	9.9	7.1	-	-	-
P/EBIT	—	—	-610.6	2,637.3	-	-	-
P/E	—	—	-38.8	-31.1	-	-	-
P/FCF	—	—	-5.8	-5.0	-	-	-
Sector Ratios (* = sector average)
P/S *			3.4	3.4	3.5	3.0	2.6
P/EBIT *			6.1	4.1	2.0	-0.0	-0.2
P/E *			0.7	-0.0	-0.3	-0.3	-0.5
P/FCF *			10.1	11.4	14.8	12.8	8.0

FYE: 12/31	Forward FYE		Now
	2027	2026	6/17/26
Share Price			$117.28
Mkt Cap ($ Bil)			61.8
+ Debt ($ Bil)			35.1
- Cash ($ Bil)			2.3
TEV ($ Bil)			94.7
Valuation Ratios
P/S	2.5	4.9	9.9
P/EBIT	—	—	-610.6
P/E	—	—	-38.8
P/FCF	—	—	-5.8
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			6.1
P/E *			0.7
P/FCF *			10.1

FYE: 12/31	CRWV [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$6.2 Bil	—
FY 2026 Sales	$12.7 Bil	—
FY 2027 Sales	$24.9 Bil	—
FY 2026 Sales Growth	103.6%	—
FY 2027 Sales Growth	96.6%	7.8%
EARNINGS
LTM Net Income (GAAP) [3]	$-1.6 Bil	—
FY 2026 Net Income (Non-GAAP)	$-1.3 Bil	—
FY 2027 Net Income (Non-GAAP)	$-107.7 Mil	—
FY 2027 Net Income Growth	—	15.3%
FY 2026 EPS (Non-GAAP)	$-3.36	—
FY 2027 EPS (Non-GAAP)	$-0.91	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	4.9	3.3
FY 2027 P/S	2.5	—
FY 2026 P/E	—	20.6
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 6/30/27 (~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).

	CRWV	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	6.2
Rev Chg Q	111.6%	8.8%
Rev Chg LTM	129.9%	7.4%
Rev Chg 3Y Avg	129.9%	5.8%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
CFO LTM ($ Bil)	6.0
Net Inc LTM ($ Bil)	-1.6
Op Mgn LTM	-2.6%	18.4%
CFO/Rev LTM	96.0%	21.3%
Net Inc Mgn	-25.6%	13.0%
VALUATION	VERY HIGH
P/S	9.9	3.3
P/CFO	10.3	15.3
P/FCF	-5.8	19.4
P/E	-38.8	24.2
STABILITY	POOR
Debt/Equity	0.57	0.21
Cash/Assets	0.04	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Remaining Performance Obligations (Contracted Backlog)	$15.1 billion	12312024	Link
Contracted Power	2.2 gigawatts	11042025	Link
Active Power Capacity	470 megawatts	11042025	Link
Number of GPUs	250,000	12312024	Link
Number of Data Centers	32	12312024	Link
Percentage of Revenue from Top 2 Customers	77%	12312024	Link
Percentage of Revenue from Microsoft	62%	12312024	Link
Percentage of Revenue from Long-Term Contracts	96%	3092025	Link
Contracted Revenue Backlog	$30.1 billion	8132025	Link

Price Chart

Upcoming
8/11/2026	Earnings Release	Rev: $2.0 Bil (E) EPS: $-1.05 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/16/2026

CoreWeave (CRWV) stock has gained about 45% since 2/28/2026 because of the following key factors:

1. Exceptional Q1 FY 2026 Financial Performance and Record Backlog. CoreWeave reported robust results for its fiscal first quarter, which ended March 31, 2026. The company's revenue reached $2.08 billion, marking a significant 111.6% year-over-year increase and surpassing Wall Street's consensus of $1.97 billion. This strong top-line growth was accompanied by a record revenue backlog of nearly $100 billion as of March 31, 2026, with Q1 FY 2026 alone contributing over $40 billion in new customer commitments. The company's CEO characterized this as the "strongest bookings quarter in CoreWeave's history," driven by the surging demand for GPU compute power from AI labs, hyperscalers, and enterprise clients.

2. Significant Strategic Customer Commitments and Diversification. A major driver of the stock's positive trend was the announcement of substantial new and expanded customer contracts. In March 2026 (Q1 FY 2026), CoreWeave secured an expanded, long-term agreement with Meta Platforms, Inc. to provide AI cloud capacity through December 2032, valued at approximately $21 billion. This new commitment brought the total contract value between CoreWeave and Meta to $35 billion. Additionally, CoreWeave announced a multi-year strategic collaboration with AI research firm Perplexity in March 2026 to enhance inference workloads. The company also noted improved customer diversification, with revenue from a single customer decreasing from 72% in Q1 FY 2025 to 45% in Q1 FY 2026, and commitments from non-investment grade AI native companies and foundation labs now representing less than 30% of its overall backlog.

3. Substantial Capital Injections and Accelerated Infrastructure Expansion. CoreWeave significantly bolstered its financial position and capacity for growth through key investments and financing deals. In January 2026, NVIDIA invested $2 billion in CoreWeave stock, aiming to accelerate the development of over 5 gigawatts of AI data centers by 2030. Furthermore, CoreWeave secured an $8.5 billion investment-grade rated delayed draw term loan (DDTL 4.0 Facility) in March 2026 (Q1 FY 2026). Following this, in May 2026 (Q2 FY 2026), the company closed another $3.1 billion delayed draw term loan (DDTL 5.0 Facility). These efforts contributed to CoreWeave securing more than $20 billion in debt and equity capital year-to-date to fund its aggressive expansion plans for its AI cloud platform, targeting over 1.7 gigawatts of active power capacity by year-end 2026.

4. Inclusion in the Nasdaq-100 Index. The announcement that CoreWeave was selected for inclusion in the Nasdaq-100 Index, effective before market open on June 22, 2026, provided a significant catalyst for the stock. This inclusion typically leads to mandatory buying by index-tracking funds, thereby generating additional demand for CoreWeave shares independent of immediate fundamental shifts.

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Stock Movement Drivers

Fundamental Drivers

The 47.1% change in CRWV stock from 2/28/2026 to 6/16/2026 was primarily driven by a 44.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282026	6162026	Change
Stock Price ($)	79.56	117.03	47.1%
Change Contribution By:
Total Revenues ($ Mil)	4,306	6,227	44.6%
P/S Multiple	9.2	9.9	7.7%
Shares Outstanding (Mil)	498	527	-5.5%
Cumulative Contribution			47.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/16/2026

	Return	Correlation
CRWV	47.1%
Market (SPY)	9.7%	47.3%
Sector (XLK)	34.5%	47.0%

Fundamental Drivers

The 60.1% change in CRWV stock from 11/30/2025 to 6/16/2026 was primarily driven by a 44.6% change in the company's Total Revenues ($ Mil).

(LTM values as of)	11302025	6162026	Change
Stock Price ($)	73.12	117.03	60.1%
Change Contribution By:
Total Revenues ($ Mil)	4,306	6,227	44.6%
P/S Multiple	8.5	9.9	17.2%
Shares Outstanding (Mil)	498	527	-5.5%
Cumulative Contribution			60.1%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/16/2026

	Return	Correlation
CRWV	60.1%
Market (SPY)	10.4%	46.1%
Sector (XLK)	30.6%	51.2%

Fundamental Drivers

The 5.1% change in CRWV stock from 5/31/2025 to 6/16/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	5312025	6162026	Change
Stock Price ($)	111.31	117.03	5.1%
Change Contribution By:
Total Revenues ($ Mil)	�	6,227	0.0%
P/S Multiple	�	9.9	0.0%
Shares Outstanding (Mil)	404	527	-23.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/16/2026

	Return	Correlation
CRWV	5.1%
Market (SPY)	28.8%	35.4%
Sector (XLK)	62.4%	44.3%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/16/2026

	Return	Correlation
CRWV
Market (SPY)	86.6%	37.9%
Sector (XLK)	131.7%	43.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CRWV Return	-	-	-	-	79%	49%	167%
Peers Return	57%	-34%	93%	65%	29%	4%	340%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	101%
Monthly Win Rates [3]
CRWV Win Rate	-	-	-	-	40%	33%
Peers Win Rate	65%	30%	70%	67%	55%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
CRWV Max Drawdown	-	-	-	-	-	-36%
Peers Max Drawdown	-14%	-45%	-18%	-20%	-33%	-23%
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 6/16/2026 (YTD)

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

Event	XLK	S&P 500
2025 US Tariff Shock
% Loss	-25.7%	-18.8%
% Gain to Breakeven	34.5%	23.1%
Time to Breakeven	65 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-17.0%	-7.8%
% Gain to Breakeven	20.4%	8.5%
Time to Breakeven	92 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-10.0%	-9.5%
% Gain to Breakeven	11.2%	10.5%
Time to Breakeven	15 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.1%	-24.5%
% Gain to Breakeven	49.5%	32.4%
Time to Breakeven	246 days	427 days
2020 COVID-19 Crash
% Loss	-31.2%	-33.7%
% Gain to Breakeven	45.2%	50.9%
Time to Breakeven	78 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.8%	-19.2%
% Gain to Breakeven	31.2%	23.8%
Time to Breakeven	100 days	105 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.

Event	XLK	S&P 500
2025 US Tariff Shock
% Loss	-25.7%	-18.8%
% Gain to Breakeven	34.5%	23.1%
Time to Breakeven	65 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-33.1%	-24.5%
% Gain to Breakeven	49.5%	32.4%
Time to Breakeven	246 days	427 days
2020 COVID-19 Crash
% Loss	-31.2%	-33.7%
% Gain to Breakeven	45.2%	50.9%
Time to Breakeven	78 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-23.8%	-19.2%
% Gain to Breakeven	31.2%	23.8%
Time to Breakeven	100 days	105 days
2008-2009 Global Financial Crisis
% Loss	-51.5%	-53.4%
% Gain to Breakeven	106.2%	114.4%
Time to Breakeven	797 days	1085 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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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:

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.

Interactive Breakdown

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Better Bets vs. CoreWeave (CRWV)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	The Billion-Dollar Customers CoreWeave Stock Bears Overlook	06/13/2026
2	CoreWeave Earnings Notes	05/06/2026
3	CoreWeave Stock 8-Day Winning Spree: Stock Climbs 48%	04/17/2026
4	CoreWeave Stock Surges 47%, With A 7-Day Winning Spree	04/16/2026
5	CoreWeave Stock 6-Day Winning Spree: Stock Climbs 45%	04/15/2026
6	CoreWeave Stock 5-Day Winning Spree: Stock Climbs 36%	04/14/2026
7	CoreWeave Stock (+7.8%): Perplexity AI Deal Eases Capex Fears	03/05/2026
8	CRWV Stock Falls -26% With A 5-day Losing Spree On Earnings Shock	03/04/2026
9	CoreWeave Stock (+12%): CEO Rebuttal Ignites Squeeze + Re-Rate	01/13/2026
10	ARTICLES
11	Is The Market Completely Mispricing CoreWeave Stock?	06/15/2026
12	What’s Happening With CoreWeave Stock?	05/08/2026
13	How Will CoreWeave Stock React To Its Upcoming Earnings?	05/06/2026
14	CoreWeave Stock On Fire: Up 47% With 7-Day Winning Streak	04/16/2026
15	CoreWeave Stock Rockets 45% With 6-Day Winning Streak	04/15/2026

	Title
0	DASHBOARDS
1	The Billion-Dollar Customers CoreWeave Stock Bears Overlook
2	CoreWeave Earnings Notes
3	CoreWeave Stock 8-Day Winning Spree: Stock Climbs 48%
4	CoreWeave Stock Surges 47%, With A 7-Day Winning Spree
5	CoreWeave Stock 6-Day Winning Spree: Stock Climbs 45%
6	CoreWeave Stock 5-Day Winning Spree: Stock Climbs 36%
7	CoreWeave Stock (+7.8%): Perplexity AI Deal Eases Capex Fears
8	CRWV Stock Falls -26% With A 5-day Losing Spree On Earnings Shock
9	CoreWeave Stock (+12%): CEO Rebuttal Ignites Squeeze + Re-Rate
10	ARTICLES
11	Is The Market Completely Mispricing CoreWeave Stock?
12	What’s Happening With CoreWeave Stock?
13	How Will CoreWeave Stock React To Its Upcoming Earnings?
14	CoreWeave Stock On Fire: Up 47% With 7-Day Winning Streak
15	CoreWeave Stock Rockets 45% With 6-Day Winning Streak

Trade Ideas

Select ideas related to CRWV.

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Recent Active Movers

Top Gainers

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FCEL	FuelCell Energy	1.0	12.9%	170.2%
MGNI	Magnite	2.7	10.7%	14.3%
SSRM	SSR Mining	6.5	10.0%	45.2%
CRWV	CoreWeave	61.7	9.7%	63.4%
AKTS	Aktis Oncology	1.1	9.4%	∞%
SHAZ	SharonAI	1.1	9.2%	-17.1%
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PGEN	Precigen	1.7	28.0%	13.6%
AYA	Aya Gold & Silver	3.0	26.2%	46.5%

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SWMR	Swarmer	0.7	-31.4%	33.5%
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PCT	PureCycle Technologies	1.5	-24.1%	-4.7%
FOXA	Fox	22.2	-23.4%	-28.0%
PRCT	PROCEPT BioRobotics	1.2	-23.2%	-29.8%
FOX	Fox	20.3	-21.3%	-25.8%
MH	McGraw Hill	2.0	-20.5%	-37.5%
NMAX	Newsmax	1.0	-18.7%	-3.0%
BAND	Bandwidth	1.6	-18.3%	235.1%
DAN	Dana	3.3	-18.0%	27.0%

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NVRI	Enviri	1.7	287.5%	319.3%
APPS	Digital Turbine	1.1	122.7%	88.0%
AMC	AMC Entertainment	1.3	94.5%	59.6%
TWST	Twist Bioscience	5.2	72.8%	167.8%
REPL	Replimune	0.8	68.2%	-9.7%
DELL	Dell Technologies	266.7	67.0%	222.4%
VSH	Vishay Intertechnology	8.2	62.3%	319.3%
GENI	Genius Sports	1.9	62.0%	-37.7%
HYLN	Hyliion	1.3	59.1%	303.8%
MRVL	Marvell Technology	239.9	57.5%	228.3%

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ADCT	ADC Therapeutics	0.2	-69.3%	-71.8%
VRRM	Verra Mobility	0.8	-61.7%	-77.6%
FULC	Fulcrum Therapeutics	0.3	-48.3%	-69.4%
CD	Chaince Digital	0.4	-41.3%	-2.0%
PLAB	Photronics	1.8	-39.2%	-4.9%
BTGO	BitGo	0.5	-38.8%	-70.6%
SATL	Satellogic	0.9	-37.6%	228.3%
CELC	Celcuity	4.8	-36.6%	-12.5%
PCT	PureCycle Technologies	1.5	-34.9%	-4.7%
SOC	Sable Offshore	1.4	-34.0%	10.8%

Peer Comparisons

Peers to compare with:

Financials

	CRWV	AMZN	MSFT	GOOGL	NVDA	ORCL	Median
Name	CoreWeave	Amazon.c.	Microsoft	Alphabet	NVIDIA	Oracle
Mkt Price	117.03	246.00	393.83	373.25	207.41	188.33	226.70
Mkt Cap	61.7	2,642.8	2,924.6	4,516.0	5,037.2	541.3	2,783.7
Rev LTM	6,227	742,776	318,273	422,499	253,491	64,077	285,882
Op Inc LTM	-163	85,422	148,957	138,129	162,285	20,678	111,776
FCF LTM	-10,616	-2,472	72,916	64,429	119,076	-24,736	30,978
FCF 3Y Avg	-	21,346	70,952	69,474	76,825	-2,222	69,474
CFO LTM	5,981	148,531	170,141	174,353	125,648	23,514	137,090
CFO 3Y Avg	-	120,527	136,991	138,013	80,777	20,833	120,527

Growth & Margins

	CRWV	AMZN	MSFT	GOOGL	NVDA	ORCL	Median
Name	CoreWeave	Amazon.c.	Microsoft	Alphabet	NVIDIA	Oracle
Rev Chg LTM	129.9%	14.2%	17.9%	17.5%	70.7%	14.9%	17.7%
Rev Chg 3Y Avg	-	12.3%	15.3%	14.1%	121.7%	10.2%	14.1%
Rev Chg Q	111.6%	16.6%	18.3%	21.8%	85.2%	21.7%	21.7%
QoQ Delta Rev Chg LTM	21.4%	3.6%	4.2%	4.9%	17.4%	5.0%	4.9%
Op Inc Chg LTM	-158.0%	19.2%	22.0%	17.5%	88.3%	16.6%	18.3%
Op Inc Chg 3Y Avg	-	108.4%	20.7%	24.3%	376.9%	13.7%	24.3%
Op Mgn LTM	-2.6%	11.5%	46.8%	32.7%	64.0%	32.3%	32.5%
Op Mgn 3Y Avg	-	10.2%	45.6%	31.5%	60.6%	31.2%	31.5%
QoQ Delta Op Mgn LTM	-1.7%	0.3%	0.1%	0.7%	3.6%	0.3%	0.3%
CFO/Rev LTM	96.0%	20.0%	53.5%	41.3%	49.6%	36.7%	45.4%
CFO/Rev 3Y Avg	-	18.1%	49.5%	37.3%	50.5%	36.2%	37.3%
FCF/Rev LTM	-170.5%	-0.3%	22.9%	15.2%	47.0%	-38.6%	7.5%
FCF/Rev 3Y Avg	-	3.5%	26.1%	19.3%	48.3%	-1.6%	19.3%

Valuation

	CRWV	AMZN	MSFT	GOOGL	NVDA	ORCL	Median
Name	CoreWeave	Amazon.c.	Microsoft	Alphabet	NVIDIA	Oracle
Mkt Cap	61.7	2,642.8	2,924.6	4,516.0	5,037.2	541.3	2,783.7
P/S	9.9	3.6	9.2	10.7	19.9	8.4	9.5
P/Op Inc	-379.5	30.9	19.6	32.7	31.0	26.2	28.6
P/EBIT	-609.3	22.4	18.6	23.1	26.5	24.1	22.7
P/E	-38.7	29.1	23.4	28.2	31.6	33.4	28.6
P/CFO	10.3	17.8	17.2	25.9	40.1	23.0	20.4
Total Yield	-2.6%	3.4%	5.2%	3.8%	3.2%	4.0%	3.6%
Dividend Yield	0.0%	0.0%	0.9%	0.2%	0.0%	1.1%	0.1%
FCF Yield 3Y Avg	-	1.1%	2.5%	3.2%	2.4%	0.4%	2.4%
D/E	0.6	0.1	0.0	0.0	0.0	0.3	0.0
Net D/E	0.5	0.0	-0.0	-0.0	-0.0	0.2	0.0

Returns

	CRWV	AMZN	MSFT	GOOGL	NVDA	ORCL	Median
Name	CoreWeave	Amazon.c.	Microsoft	Alphabet	NVIDIA	Oracle
1M Rtn	9.1%	-6.9%	-6.5%	-5.9%	-7.8%	-2.4%	-6.2%
3M Rtn	42.5%	14.3%	-1.2%	20.1%	14.1%	22.2%	17.2%
6M Rtn	68.4%	10.5%	-17.0%	21.9%	16.8%	0.4%	13.7%
12M Rtn	-26.2%	13.8%	-17.1%	111.8%	43.5%	-9.9%	2.0%
3Y Rtn	192.6%	96.0%	17.8%	204.8%	386.8%	55.5%	144.3%
1M Excs Rtn	7.7%	-8.3%	-7.8%	-7.3%	-9.2%	-3.8%	-7.6%
3M Excs Rtn	30.7%	2.5%	-13.0%	8.3%	2.3%	10.3%	5.4%
6M Excs Rtn	38.9%	-1.3%	-27.4%	10.8%	8.6%	-10.3%	3.7%
12M Excs Rtn	-46.2%	-9.7%	-42.1%	88.6%	20.6%	-37.3%	-23.5%
3Y Excs Rtn	117.8%	24.6%	-51.4%	133.3%	361.3%	2.9%	71.2%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	5/8/2026	3/2/2026	3/31/2025	3/2/2026	3/31/2025
Key Financials
Total Revenue	6,227	5,131	1,915	229	16
Gross Profit	4,321	3,678	1,422	160	4
EBITDA	3,057	2,468	480	-427	-14
Operating Income	-163	-46	324	-14	-23
Net Income	-1,592	-1,167	-863	-594	-31
EPS	-3.11	-2.75	-2.02	-1.47	-0.08
Growth Rates
Total Revenue Growth	129.9%	167.9%	736.2%	1346.6%	-
EBITDA Growth	235.3%	414.2%	212.4%	-2977.0%	-
Operating Income Growth	-158.0%	-114.2%	2414.3%	38.8%	-
Net Income Growth	-51.8%	-35.2%	-45.3%	-1812.7%	-
Margins
Gross Margin	69.4%	71.7%	74.3%	69.9%	23.4%
EBITDA Margin	49.1%	48.1%	25.1%	-186.5%	-87.7%
Operating Income Margin	-2.6%	-0.9%	16.9%	-6.1%	-144.5%
Net Income Margin	-25.6%	-22.7%	-45.1%	-259.4%	-196.2%
Cash & Debt
Total Cash	2,266	3,161	1,361	220	�
Total Debt	35,147	29,822	10,620	2,000	0
Net Debt / (Cash)	32,881	26,661	9,259	1,780	�
Cash Flows & CapEx
Net Cash from Operations	5,981	3,058	2,749	1,833	1
Total CapEx	-16,597	-10,309	-8,702	-2,943	-72
Free Cash from Operations	-10,616	-7,251	-5,953	-1,110	-71
Returns to Shareholders
Dividends	0	29	58	-0	-0
Share Repurchases	-0	-0	1	-0	-0

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023
Filing Date	5/8/2026	3/2/2026	11/13/2025	8/13/2025	5/15/2025	3/31/2025	2/11/2025	8/13/2025	5/15/2025	3/2/2026
Key Financials Quarterly
Total Revenue	2,078	1,572	1,365	1,213	982	747	584	395	189	116
Ebitda	1,027	741	704	584	438	485	40	-52	6	-86
Operating Income	-144	-90	52	19	-27	112	117	78	17	-1
Net Income	-740	-452	-110	-291	-315	-51	-360	-323	-129	-171
EPS	-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 TTM	6,227	5,131	4,306	3,526	2,708	1,915	1,284	-	-	-
Ebitda TTM	3,057	2,468	2,212	1,548	912	480	-91	-	-	-
Operating Income TTM	-163	-46	156	222	280	324	210	-	-	-
Net Income TTM	-1,592	-1,167	-767	-1,016	-1,049	-863	-983	-	-	-
Growth Rates Quarterly
Total Revenue Growth	111.6%	110.4%	133.7%	206.7%	420.4%	543.7%	-	-	-	-
EBITDA Growth	134.5%	52.8%	1649.6%	1231.2%	6833.7%	667.1%	-	-	-	-
Operating Income Growth	-433.3%	-179.8%	-55.7%	-75.3%	-260.3%	8322.3%	-	-	-	-
Net Income Growth	-134.9%	-787.1%	69.4%	10.1%	-143.7%	70.2%	-	-	-	-
Margins Quarterly
EBITDA Margin	49.4%	47.2%	51.6%	48.2%	44.6%	64.9%	6.9%	-13.1%	3.3%	-73.7%
Operating Income Margin	-6.9%	-5.7%	3.8%	1.6%	-2.7%	15.0%	20.1%	19.7%	8.9%	-1.2%
Net Income Margin	-35.6%	-28.7%	-8.1%	-24.0%	-32.1%	-6.8%	-61.6%	-81.7%	-68.5%	-147.2%
Cash & Debt
Total Cash	2,266	3,161	1,942	1,153	1,276	1,361	1,356	-	-	220
Total Debt	35,147	29,822	18,808	14,562	11,897	10,620	6,278	0	0	2,000
Net Debt / (Cash)	32,881	26,661	16,866	13,410	10,620	9,259	4,921	-	-	1,780
Cash Flows Quarterly
FCF from Operations	2,984	1,559	1,689	-251	61	187	641	-118	2,039	44
Cash Flows TTM
FCF from Operations TTM	5,981	3,058	1,686	638	771	2,749	2,606	-	-	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-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%	-0.1%	0.7%	1.1%	1.8%	3.1%	3.5%	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single Segment	5,131	1,915	229	16
Total	5,131	1,915	229	16

Price Behavior

Price Behavior

Market Price	$117.03
Market Cap ($ Bil)	61.7
First Trading Date	03/28/2025
Distance from 52W High	-36.3%
	50 Days	200 Days
DMA Price	$110.19	$88.36
DMA Trend	indeterminate	up
Distance from DMA	6.2%	32.4%
	3M	1YR
Volatility	86.6%	94.4%
Downside Capture	290.28	352.34
Upside Capture	300.99	223.12
Correlation (SPY)	49.7%	36.9%

CRWV Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	3.36	2.25	2.77	3.50	2.95	0.48
Up Beta	-0.41	0.35	2.31	2.76	2.52	-0.74
Down Beta	2.23	7.77	3.59	2.89	2.90	-0.79
Up Capture	284%	305%	373%	836%	571%	250%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	12	26	38	66	124	148
Down Capture	743%	336%	232%	264%	200%	105%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	8	15	25	58	125	144

[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	-24.5%	94.9%	0.13	-
Sector ETF (XLK)	57.1%	23.0%	1.89	45.7%
Equity (SPY)	27.2%	12.4%	1.66	36.7%
Gold (GLD)	25.8%	27.4%	0.82	16.4%
Commodities (DBC)	23.3%	18.9%	0.98	3.2%
Real Estate (VNQ)	13.6%	13.5%	0.69	-0.6%
Bitcoin (BTCUSD)	-37.7%	42.4%	-1.00	33.8%

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
CRWV	22.7%	114.1%	1.26	-
Sector ETF (XLK)	22.6%	25.2%	0.79	44.0%
Equity (SPY)	13.8%	17.1%	0.63	38.1%
Gold (GLD)	17.6%	18.2%	0.78	7.7%
Commodities (DBC)	7.8%	19.4%	0.30	10.2%
Real Estate (VNQ)	2.5%	18.8%	0.04	11.1%
Bitcoin (BTCUSD)	12.1%	54.2%	0.42	33.6%

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
CRWV	10.8%	114.1%	1.26	-
Sector ETF (XLK)	25.1%	24.7%	0.92	44.0%
Equity (SPY)	15.4%	18.0%	0.73	38.1%
Gold (GLD)	12.8%	16.1%	0.66	7.7%
Commodities (DBC)	6.2%	18.0%	0.27	10.2%
Real Estate (VNQ)	5.6%	20.7%	0.23	11.1%
Bitcoin (BTCUSD)	60.7%	66.8%	1.00	33.6%

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

Short Interest

Short Interest: As Of Date	5292026
Short Interest: Shares Quantity	54.6 Mil
Short Interest: % Change Since 5152026	6.1%
Average Daily Volume	26.1 Mil
Days-to-Cover Short Interest	2.1 days
Basic Shares Quantity	527.0 Mil
Short % of Basic Shares	10.4%

Returns Analyses

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Earnings Returns History

Updated 6/10/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/7/2026	-11.4%	-11.4%	-20.5%
2/26/2026	-18.5%	-23.4%	-23.4%
11/10/2025	-16.3%	-28.7%	-17.3%
8/12/2025	-20.8%	-37.6%	-24.2%
5/14/2025	-2.5%	59.2%	118.2%
SUMMARY STATS
# Positive	0	1	1
# Negative	5	4	4
Median Positive		59.2%	118.2%
Median Negative	-16.3%	-26.0%	-22.0%
Max Positive		59.2%	118.2%
Max Negative	-20.8%	-37.6%	-24.2%

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/7/2026	-11.4%	-11.4%	-20.5%
2/26/2026	-18.5%	-23.4%	-23.4%
11/10/2025	-16.3%	-28.7%	-17.3%
8/12/2025	-20.8%	-37.6%	-24.2%
5/14/2025	-2.5%	59.2%	118.2%
SUMMARY STATS
# Positive	0	1	1
# Negative	5	4	4
Median Positive		59.2%	118.2%
Median Negative	-16.3%	-26.0%	-22.0%
Max Positive		59.2%	118.2%
Max Negative	-20.8%	-37.6%	-24.2%

SEC Filings

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Report Date	Filing Date	Filing
03/31/2026	05/08/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/13/2025	10-Q
06/30/2025	08/13/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/31/2025	424B4
09/30/2024	02/11/2025	DRS/A

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Report Date	Filing Date	Filing
03/31/2026	05/08/2026	10-Q
12/31/2025	03/02/2026	10-K
09/30/2025	11/13/2025	10-Q
06/30/2025	08/13/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/31/2025	424B4
09/30/2024	02/11/2025	DRS/A

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

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Prior: Q4 2025 Earnings Reported 2/26/2026

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Insider Activity

Updated 6/16/2026

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	6122026	93.35	63,891	5,964,512	23,544,002	Form
2	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	6122026	96.89	61,539			Form
3	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	6122026	96.89	15,385			Form
4	Intrator, Michael N	CEO and President	Direct	Sell	6112026	98.88	200,000	19,776,902	363,580,058	Form
5	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	6112026	98.88	107,692			Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	6122026	93.35	63,891	5,964,512	23,544,002	Form
2	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	6122026	96.89	61,539			Form
3	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	6122026	96.89	15,385			Form
4	Intrator, Michael N	CEO and President	Direct	Sell	6112026	98.88	200,000	19,776,902	363,580,058	Form
5	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	6112026	98.88	107,692			Form
6	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	6102026	101.84	3,000			Form
7	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	6102026	101.84	40,000			Form
8	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	6102026	101.84	12,500			Form
9	McBee, Brannin	Chief Development Officer	Direct	Sell	6102026	101.84	144,000	14,664,710	26,361,038	Form
10	McBee, Brannin	Chief Development Officer	Spouse	Sell	6102026	101.84	25,000			Form
11	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	6102026	101.84	25,000			Form
12	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	6102026	101.83	500	50,916	5,448,056	Form
13	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	6052026	112.51	15,385			Form
14	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	6052026	112.51	54,474	6,128,667	19,644,158	Form
15	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	6052026	112.51	61,539			Form
16	Intrator, Michael N	CEO and President	Direct	Sell	6042026	122.38	200,000	24,475,694	474,438,684	Form
17	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	6042026	122.38	107,692			Form
18	Magnetar, Financial Llc		Footnotes	Sell	6032026	130.56	112,111	14,636,919	31,584,443	Form
19	Jain, Sachin	Chief Operating Officer	Direct	Sell	6032026	120.00	3,798	455,760	15,315,480	Form
20	Cogen, Jack D		CW Holding 987 LLC	Sell	6022026	106.97	271,153	29,004,694	938,074,701	Form
21	Jain, Sachin	Chief Operating Officer	Direct	Sell	5292026	110.00	898	98,780	14,456,970	Form
22	Cogen, Jack D		CW Holding 987 LLC	Sell	5292026	106.32	642,307	68,291,181	961,236,440	Form
23	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	5292026	102.33	61,539			Form
24	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	5292026	102.33	15,385			Form
25	McVeety, Kristen J	GC and Secretary	Direct	Sell	5292026	101.87	2,246	228,792	12,398,680	Form
26	Cogen, Jack D		CW Holding 987 LLC	Sell	5292026	103.77	100,000	10,377,000	1,004,819,023	Form
27	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	5292026	102.17	5,508	562,758	19,797,793	Form
28	Intrator, Michael N	CEO and President	Direct	Sell	5282026	106.74	200,000	21,348,107	435,161,420	Form
29	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	5282026	106.74	107,693			Form
30	Cogen, Jack D		Birch Br Trust LLC	Sell	5282026	107.80	110,000			Form
31	Cogen, Jack D		Chestnut Br Trust LLC	Sell	5282026	107.80	110,000			Form
32	Cogen, Jack D		Maple Br Trust LLC	Sell	5282026	107.80	110,000			Form
33	Cogen, Jack D		Willow Br Trust LLC	Sell	5282026	107.80	110,000			Form
34	Cogen, Jack D		CW Holding 987 LLC	Sell	5282026	107.80	546,540	58,915,543	1,054,595,764	Form
35	Boone, Karen		Direct	Sell	5282026	108.23	1,060	114,724	790,079	Form
36	Boone, Karen		The Boone Family Trust, dated August 6, 2015	Sell	5282026	107.45	10,520			Form
37	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	5222026	99.82	5,887	587,640	22,866,666	Form
38	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	5222026	101.09	61,539			Form
39	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	5222026	101.09	15,385			Form
40	McVeety, Kristen J	GC and Secretary	Direct	Sell	5222026	99.82	3,833	382,610	12,373,787	Form
41	McBee, Brannin	Chief Development Officer	Direct	Sell	5222026	99.82	3,683	367,637	31,751,345	Form
42	Jain, Sachin	Chief Operating Officer	Direct	Sell	5222026	99.82	6,377	636,552	13,208,682	Form
43	Intrator, Michael N	CEO and President	Direct	Sell	5222026	99.82	13,129	1,310,537	426,911,673	Form
44	Goldberg, Chen	EVP, Product & Engineering	Direct	Sell	5222026	100.34	14,168	1,421,586	6,512,828	Form
45	Baker, Jeff	Principal Accounting Officer	Direct	Sell	5222026	99.82	1,320	131,762	111,699	Form
46	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	5222026	99.82	10,062	1,004,389	19,892,030	Form
47	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	5202026	101.24	300,000			Form
48	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	5202026	101.24	75,000			Form
49	Intrator, Michael N	CEO and President	Direct	Sell	5142026	105.67	200,000	21,133,902	471,972,967	Form
50	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	5142026	105.67	107,693			Form
51	Jain, Sachin	Chief Operating Officer	Direct	Sell	5122026	118.61	14,750	1,749,560	14,596,432	Form
52	Magnetar, Financial Llc		Footnotes	Sell	5082026	129.91	159,168	20,677,149	87,621,445	Form
53	Magnetar, Financial Llc		Footnotes	Sell	5082026	129.91	587,010	76,257,073	31,489,088	Form
54	Magnetar, Financial Llc		Footnotes	Sell	5082026	136.71	797,884	109,080,683	93,625,613	Form
55	Magnetar, Financial Llc		Footnotes	Sell	5082026	136.73	1,202,656	164,441,061	33,573,757	Form
56	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	5082026	136.70	61,539			Form
57	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	5082026	136.70	15,385			Form
58	Jain, Sachin	Chief Operating Officer	Direct	Sell	5082026	131.13	7,335	961,839	13,646,437	Form
59	Magnetar, Financial Llc		Footnotes	Sell	5062026	127.68	349,437	44,614,576	90,634,732	Form
60	Magnetar, Financial Llc		Footnotes	Sell	5062026	127.68	978,764	124,964,223	32,323,234	Form
61	Magnetar, Financial Llc		Footnotes	Sell	5062026	127.29	420,227	53,489,502	92,446,501	Form
62	Magnetar, Financial Llc		Footnotes	Sell	5062026	127.29	1,155,164	147,037,492	32,861,205	Form
63	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	5062026	126.78	300,000			Form
64	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	5062026	126.78	75,000			Form
65	Magnetar, Financial Llc		Footnotes	Sell	5012026	119.91	209,157	25,080,696	89,411,877	Form
66	Magnetar, Financial Llc		Footnotes	Sell	5012026	119.91	1,284,876	154,073,682	31,664,418	Form
67	Magnetar, Financial Llc		Footnotes	Sell	5012026	117.84	6,564	773,502	31,758,587	Form
68	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	5012026	113.24	61,539			Form
69	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	5012026	113.24	15,385			Form
70	Baker, Jeff	Principal Accounting Officer	Direct	Sell	5012026	107.87	6,760	729,201	4,587,603	Form
71	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	4292026	109.03	300,000			Form
72	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	4292026	109.03	75,000			Form
73	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	4292026	109.03	33,350			Form
74	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	4292026	109.03	12,500			Form
75	McBee, Brannin	Chief Development Officer	Direct	Sell	4292026	109.03	200,000	21,806,775	34,207,416	Form
76	McBee, Brannin	Chief Development Officer	Spouse	Sell	4292026	109.03	33,350			Form
77	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	4292026	109.03	54,150			Form
78	Goldberg, Chen	EVP, Product & Engineering	Direct	Sell	4292026	109.00	4,879	531,823	4,803,415	Form
79	Intrator, Michael N	CEO and President	Direct	Sell	4232026	116.42	200,000	23,284,896	589,864,740	Form
80	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	4232026	116.42	107,693			Form
81	Magnetar, Financial Llc		Footnotes	Sell	4222026	118.26	323,452	38,251,434	33,052,369	Form
82	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	4222026	115.93	900,000			Form
83	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	4222026	115.93	225,000			Form
84	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	4222026	115.94	33,330			Form
85	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	4222026	115.94	12,500			Form
86	McBee, Brannin	Chief Development Officer	Direct	Sell	4222026	115.93	200,000	23,186,393	36,371,567	Form
87	McBee, Brannin	Chief Development Officer	Spouse	Sell	4222026	115.94	33,330			Form
88	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	4222026	115.94	54,170			Form
89	Magnetar, Financial Llc		Footnotes	Sell	4222026	117.33	319,835	37,526,241	32,930,776	Form
90	Intrator, Michael N	CEO and President	Direct	Sell	4162026	116.94	200,000	23,388,190	615,869,621	Form
91	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	4162026	116.94	107,693			Form
92	Jain, Sachin	Chief Operating Officer	Direct	Sell	4142026	105.00	7,335	770,183	12,112,506	Form
93	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	4102026	89.22	61,747	5,508,948	19,947,375	Form
94	Jain, Sachin	Chief Operating Officer	Direct	Sell	4102026	92.00	3,953	363,676	11,287,572	Form
95	Intrator, Michael N	CEO and President	Direct	Sell	4102026	89.22	62,399	5,567,083	487,707,555	Form
96	Goldberg, Chen	EVP, Product & Engineering	Direct	Sell	4102026	92.00	9,757	897,644	4,503,032	Form
97	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	4102026	92.00	14	1,288	17,470,064	Form
98	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	4082026	80.86	900,000			Form
99	Venturo, Brian M	Chief Strategy Officer	Venturo Family GST Exempt Trust dated June 30, 2023	Sell	4082026	80.86	225,000			Form
100	McBee, Brannin	Chief Development Officer	Direct	Sell	4082026	81.25	100,000	8,124,961	25,490,604	Form
101	McBee, Brannin	Chief Development Officer	Spouse	Sell	4082026	81.25	16,665			Form
102	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	4082026	81.25	16,665			Form
103	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	4082026	81.25	27,085			Form
104	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	4082026	81.25	6,250			Form
105	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	4022026	74.05	65,005	4,813,620	21,128,464	Form
106	McVeety, Kristen J	GC and Secretary	Direct	Sell	4022026	74.05	11	815	8,893,257	Form
107	McBee, Brannin	Chief Development Officer	Direct	Sell	4022026	74.05	56,031	4,149,096	23,231,855	Form
108	Intrator, Michael N	CEO and President	Direct	Sell	4022026	74.05	77,939	5,771,383	424,225,045	Form
109	Goldberg, Chen	EVP, Product & Engineering	Direct	Sell	4022026	74.05	16	1,185	4,346,957	Form
110	Baker, Jeff	Principal Accounting Officer	Direct	Sell	4022026	74.05	16	1,185	2,724,225	Form
111	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	4022026	74.05	16	1,185	14,062,539	Form
112	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	4012026	69.22	16,665			Form
113	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	4012026	69.22	6,250			Form
114	McBee, Brannin	Chief Development Officer	Direct	Sell	4012026	69.22	100,000	6,922,413	17,213,550	Form
115	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	4012026	69.22	27,085			Form
116	McBee, Brannin	Chief Development Officer	Spouse	Sell	4012026	69.22	16,665			Form
117	Intrator, Michael N	CEO and President	Direct	Sell	3272026	87.34	32,456	2,834,835	494,934,602	Form
118	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	3272026	87.34	50,000			Form
119	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	3252026	82.53	16,665			Form
120	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	3252026	82.53	6,250			Form
121	McBee, Brannin	Chief Development Officer	Direct	Sell	3252026	82.53	100,000	8,252,779	20,521,690	Form
122	McBee, Brannin	Chief Development Officer	Spouse	Sell	3252026	82.53	16,665			Form
123	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	3252026	82.53	27,085			Form
124	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	3202026	83.65	281,250			Form
125	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	3182026	84.44	16,665			Form
126	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	3182026	84.44	6,250			Form
127	McBee, Brannin	Chief Development Officer	Direct	Sell	3182026	84.44	100,000	8,444,230	20,997,759	Form
128	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	3182026	84.44	27,085			Form
129	McBee, Brannin	Chief Development Officer	Spouse	Sell	3182026	84.44	16,665			Form
130	Intrator, Michael N	CEO and President	Direct	Sell	3132026	81.41	32,455	2,642,137	463,947,772	Form
131	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	3132026	81.41	50,000			Form
132	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	3132026	79.68	63,157	5,032,350	18,194,769	Form
133	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	3112026	72.61	18,750			Form
134	McBee, Brannin	Chief Development Officer	Direct	Sell	3112026	72.61	300,000	21,782,817	18,055,342	Form
135	McBee, Brannin	Chief Development Officer	Spouse	Sell	3112026	72.61	49,995			Form
136	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	3112026	72.61	81,255			Form
137	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	3112026	72.61	49,995			Form
138	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	3052026	73.20	3,920	286,935	12,383,956	Form
139	McVeety, Kristen J	GC and Secretary	Direct	Sell	2272026	97.92	2,671	261,555	11,758,603	Form
140	Intrator, Michael N	CEO and President	Direct	Sell	2272026	99.95	32,456	3,243,823	572,827,461	Form
141	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	2272026	99.95	50,000			Form
142	McVeety, Kristen J	GC and Secretary	Direct	Sell	2242026	90.83	1,677	152,326	11,149,661	Form
143	Goldberg, Chen	EVP, Product & Engineering	Direct	Sell	2242026	90.84	18,950	1,721,333	5,331,047	Form
144	Baker, Jeff	Principal Accounting Officer	Direct	Sell	2242026	90.83	2,374	215,642	3,749,211	Form
145	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	2242026	90.84	5,383	488,980	15,724,480	Form
146	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	2192026	91.73	25,000			Form
147	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	2192026	91.73	8,315			Form
148	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	2192026	91.81	3,000			Form
149	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	2192026	91.81	1,000			Form
150	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	2192026	91.81	1,000			Form
151	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	2192026	91.81	500	45,906	4,957,900	Form
152	McBee, Brannin	Chief Development Officer	Direct	Sell	2192026	91.73	102,830	9,432,386	22,809,442	Form
153	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	2192026	91.73	25,000			Form
154	Intrator, Michael N	CEO and President	Direct	Sell	2132026	93.63	32,455	3,038,833	539,683,701	Form
155	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	2132026	93.63	50,000			Form
156	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	2112026	95.95	25,000			Form
157	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	2112026	95.95	8,335			Form
158	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	2112026	95.81	3,000			Form
159	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	2112026	95.81	1,000			Form
160	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	2112026	95.81	1,000			Form
161	McBee, Brannin	Chief Development Officer	Direct	Sell	2112026	95.95	102,830	9,866,210	23,858,517	Form
162	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	2112026	95.95	25,000			Form
163	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	2112026	95.81	500	47,907	5,221,837	Form
164	Goldberg, Chen	SVP of Engineering	Direct	Sell	2062026	79.69	17,985	1,433,291	3,415,592	Form
165	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	2062026	85.00	281,250			Form
166	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	2042026	90.53	1,000			Form
167	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	2042026	90.53	1,000			Form
168	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	2042026	90.43	25,000			Form
169	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	2042026	90.43	8,335			Form
170	McBee, Brannin	Chief Development Officer	Direct	Sell	2042026	90.43	102,830	9,298,596	22,485,909	Form
171	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	2042026	90.43	25,000			Form
172	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	2042026	90.53	3,000			Form
173	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	2042026	90.53	500	45,266	4,979,241	Form
174	Baker, Jeff	Principal Accounting Officer	Direct	Sell	1302026	103.78	5,143	533,760	4,079,115	Form
175	Intrator, Michael N	CEO and President	Direct	Sell	1302026	106.08	32,456	3,443,055	614,895,769	Form
176	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	1302026	106.08	50,000			Form
177	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	1282026	101.45	25,000			Form
178	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	1282026	101.45	8,335			Form
179	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	1282026	101.49	1,000			Form
180	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	1282026	101.49	1,000			Form
181	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	1282026	101.45	25,000			Form
182	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	1282026	101.49	500	50,745	5,632,668	Form
183	McBee, Brannin	Chief Development Officer	Direct	Sell	1282026	101.45	102,830	10,432,315	25,227,475	Form
184	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	1282026	101.49	3,000			Form
185	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	1222026	95.29	1,000			Form
186	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	1222026	95.29	1,000			Form
187	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	1222026	95.29	25,000			Form
188	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	1222026	95.29	8,335			Form
189	McBee, Brannin	Chief Development Officer	Direct	Sell	1222026	95.29	102,835	9,799,593	23,696,271	Form
190	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	1222026	95.29	25,000			Form
191	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	1222026	95.29	3,000			Form
192	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	1222026	95.29	500	47,645	5,336,268	Form
193	Intrator, Michael N	CEO and President	Direct	Sell	1162026	89.39	32,455	2,901,244	521,050,978	Form
194	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	1162026	89.39	50,000			Form
195	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	1142026	88.78	8,335			Form
196	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	1142026	88.62	500	44,309	5,006,913	Form
197	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	1142026	88.78	25,000			Form
198	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	1142026	88.62	1,000			Form
199	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	1142026	88.78	25,000			Form
200	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	1142026	88.62	1,000			Form
201	McBee, Brannin	Chief Development Officer	Direct	Sell	1142026	88.78	102,835	9,129,573	22,076,105	Form
202	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	1142026	88.62	3,000			Form
203	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	1022026	72.57	65,940	4,785,363	20,033,571	Form
204	McBee, Brannin	Chief Development Officer	Direct	Sell	1022026	72.57	57,636	4,182,723	18,045,886	Form
205	Intrator, Michael N	CEO and President	Direct	Sell	1022026	72.39	111,427	8,065,759	428,714,980	Form
206	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	1022026	71.94	50,000			Form
207	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	12312025	75.63	25,000			Form
208	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	12312025	75.63	8,335			Form
209	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	12312025	75.57	500	37,785	4,345,261	Form
210	McBee, Brannin	Chief Development Officer	Direct	Sell	12312025	75.63	102,835	7,777,064	14,004,614	Form
211	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	12312025	75.63	25,000			Form
212	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	12312025	75.57	3,000			Form
213	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	12312025	75.57	1,000			Form
214	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	12312025	75.57	1,000			Form
215	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	12292025	79.36	281,250			Form
216	McBee, Brannin	Chief Development Officer	Direct	Sell	12232025	85.30	102,835	8,771,435	15,795,236	Form
217	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	12232025	85.30	25,000			Form
218	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	12232025	85.28	3,000			Form
219	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	12232025	85.42	1,000			Form
220	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	12232025	85.43	1,000			Form
221	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	12232025	85.29	25,000			Form
222	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	12232025	85.32	8,335			Form
223	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	12232025	85.41	500	42,703	4,953,490	Form
224	Intrator, Michael N	CEO and President	Direct	Sell	12192025	65.47	32,455	2,124,980	385,887,391	Form
225	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	12192025	65.47	50,000			Form
226	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	12182025	69.18	36,317	2,512,275	11,557,625	Form
227	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	12172025	73.68	500	36,839	4,310,215	Form
228	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	12172025	73.68	1,000			Form
229	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	12172025	73.68	1,000			Form
230	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	12172025	73.57	25,000			Form
231	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	12172025	73.57	8,335			Form
232	McBee, Brannin	Chief Development Officer	Direct	Sell	12172025	73.57	102,835	7,565,929	13,624,411	Form
233	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	12172025	73.57	25,000			Form
234	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	12172025	73.68	3,000			Form
235	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	12122025	82.58	66,467	5,488,532	16,795,155	Form
236	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	12122025	87.75	281,250			Form
237	McBee, Brannin	Chief Development Officer	Direct	Sell	12102025	83.80	102,835	8,617,923	15,518,797	Form
238	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	12102025	83.80	25,000			Form
239	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	12102025	83.77	3,000			Form
240	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	12102025	83.77	1,000			Form
241	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	12102025	83.77	1,000			Form
242	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	12102025	83.80	25,000			Form
243	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	12102025	83.80	8,335			Form
244	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	12102025	83.77	500	41,886	4,942,495	Form
245	Intrator, Michael N	CEO and President	Direct	Sell	12052025	76.88	32,455	2,495,277	455,626,979	Form
246	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	12052025	76.88	50,000			Form
247	McVeety, Kristen J	GC and Secretary	Direct	Sell	12052025	74.53	2,116	157,701	5,888	Form
248	McBee, Brannin	Chief Development Officer	Brannin J McBee 2022 Irrevocable Trust	Sell	12042025	78.61	25,000			Form
249	McBee, Brannin	Chief Development Officer	Canis Minor 2025 Family Trust LLC	Sell	12042025	78.61	1,000			Form
250	McBee, Brannin	Chief Development Officer	Canis Minor 2025 GRAT	Sell	12042025	78.61	8,335			Form
251	McBee, Brannin	Chief Development Officer	Canis Major 2024 Irrevocable Trust LLC	Sell	12042025	78.61	3,000			Form
252	McBee, Brannin	Chief Development Officer	Canis Major 2025 Family Trust LLC	Sell	12042025	78.61	1,000			Form
253	McBee, Brannin	Chief Development Officer	Canis Major 2025 GRAT	Sell	12042025	78.61	25,000			Form
254	McBee, Brannin	Chief Development Officer	Canis Major SM Trust	Sell	12042025	78.61	500	39,306	4,677,443	Form
255	McBee, Brannin	Chief Development Officer	Direct	Sell	12042025	78.61	102,835	8,083,826	14,557,018	Form
256	Venturo, Brian M	Chief Strategy Officer	YOLO APV Trust	Sell	12032025	74.95	32,807	2,459,041	13,692,660	Form
257	Venturo, Brian M	Chief Strategy Officer	YOLO ECV Trust	Sell	12032025	74.94	32,799	2,458,006	13,690,836	Form
258	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	11282025	74.44	281,250			Form
259	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	11282025	70.27	3,640	255,768	10,365,551	Form
260	McVeety, Kristen J	GC and Secretary	Direct	Sell	11212025	82.55	2,231	184,169	181,197	Form
261	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	11212025	82.55	5,841	482,175	12,478,175	Form
262	Intrator, Michael N	CEO and President	Direct	Sell	11212025	74.71	32,455	2,424,654	445,156,227	Form
263	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	11212025	74.71	50,000			Form
264	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	11142025	87.57	281,250			Form
265	Goldberg, Chen	SVP of Engineering	Direct	Sell	11132025	90.79	13,740	1,247,468	2,119,425	Form
266	Goldberg, Chen	SVP of Engineering	Direct	Sell	11072025	118.30	19,180	2,268,994	4,387,037	Form
267	Intrator, Michael N	CEO and President	Direct	Sell	11072025	113.97	32,455	3,698,950	796,782,189	Form
268	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	11072025	113.97	50,000			Form
269	Magnetar, Financial Llc		Footnotes	Sell	11052025	134.94	7,688	1,037,382	40,414,737	Form
270	Venturo, Brian M	Chief Strategy Officer	YOLO APV Trust	Sell	11052025	127.93	14,958	1,913,649	27,568,163	Form
271	Venturo, Brian M	Chief Strategy Officer	YOLO ECV Trust	Sell	11052025	127.94	14,958	1,913,714	27,569,095	Form
272	Magnetar, Financial Llc		Footnotes	Sell	10312025	135.65	191,331	25,953,371	115,824,297	Form
273	Magnetar, Financial Llc		Footnotes	Sell	10312025	135.65	331,324	44,942,837	40,631,865	Form
274	Magnetar, Financial Llc		Footnotes	Sell	10312025	134.69	216,010	29,094,650	40,608,056	Form
275	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	10312025	137.80	281,250			Form
276	Magnetar, Financial Llc		Footnotes	Sell	10292025	138.48	464,169	64,279,131	119,494,743	Form
277	Magnetar, Financial Llc		Footnotes	Sell	10292025	138.48	804,514	111,412,046	41,862,780	Form
278	Magnetar, Financial Llc		Footnotes	Sell	10292025	138.61	378,293	52,436,174	121,757,163	Form
279	Magnetar, Financial Llc		Footnotes	Sell	10292025	138.61	435,637	60,384,774	42,555,036	Form
280	Magnetar, Financial Llc		Footnotes	Sell	10292025	138.61	639,675	88,666,857	226,489,952	Form
281	Magnetar, Financial Llc		Footnotes	Sell	10292025	135.02	531,599	71,776,505	42,183,899	Form
282	Intrator, Michael N	CEO and President	Direct	Sell	10242025	118.58	32,455	3,848,450	832,833,900	Form
283	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	10242025	118.57	50,000			Form
284	Magnetar, Financial Llc		Footnotes	Sell	10222025	136.73	44,181	6,040,836	42,988,364	Form
285	Magnetar, Financial Llc		Footnotes	Sell	10172025	136.62	18,371	2,509,857	123,392,321	Form
286	Magnetar, Financial Llc		Footnotes	Sell	10172025	136.62	244,203	33,361,925	42,975,424	Form
287	Magnetar, Financial Llc		Footnotes	Sell	10172025	143.51	303,206	43,513,560	130,072,258	Form
288	Magnetar, Financial Llc		Footnotes	Sell	10172025	143.51	549,087	78,800,232	187,953,264	Form
289	Magnetar, Financial Llc		Footnotes	Sell	10172025	143.51	254,525	36,527,255	45,283,750	Form
290	Magnetar, Financial Llc		Footnotes	Sell	10172025	143.51	1,004,073	144,096,539	322,440,928	Form
291	Magnetar, Financial Llc		Footnotes	Sell	10172025	138.75	12,876	1,786,505	129,349,810	Form
292	Magnetar, Financial Llc		Footnotes	Sell	10172025	138.75	495,122	68,696,626	190,897,374	Form
293	Magnetar, Financial Llc		Footnotes	Sell	10172025	138.76	556,230	77,184,305	44,885,067	Form
294	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	10172025	138.47	154,479			Form
295	Magnetar, Financial Llc		Footnotes	Sell	10152025	137.19	17,789	2,440,449	44,914,751	Form
296	Magnetar, Financial Llc		Footnotes	Sell	10152025	141.27	27,945	3,947,818	133,552,805	Form
297	Magnetar, Financial Llc		Footnotes	Sell	10152025	141.27	369,379	52,183,136	46,261,129	Form
298	Magnetar, Financial Llc		Footnotes	Sell	10102025	148.74	414,547	61,658,723	274,507,574	Form
299	Magnetar, Financial Llc		Footnotes	Sell	10102025	148.80	180,166	26,807,874	48,943,573	Form
300	Magnetar, Financial Llc		Footnotes	Sell	10102025	148.80	208,207	30,980,194	141,386,800	Form
301	Magnetar, Financial Llc		Footnotes	Sell	10102025	141.16	372,706	52,611,485	135,511,000	Form
302	Magnetar, Financial Llc		Footnotes	Sell	10102025	141.16	907,277	128,070,413	46,851,838	Form
303	Magnetar, Financial Llc		Footnotes	Sell	10102025	139.46	691,243	96,403,190	46,952,211	Form
304	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	10092025	139.66	15,174			Form
305	Intrator, Michael N	CEO and President	Direct	Sell	10092025	136.72	32,455	4,437,309	964,704,873	Form
306	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	10092025	135.44	34,826	4,716,971	2,055,226	Form
307	Intrator, Michael N	CEO and President	Direct	Sell	10092025	131.54	61,810	8,130,424	932,403,475	Form
308	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	10082025	137.90	52,787	7,279,090	34,297,648	Form
309	Magnetar, Financial Llc		Footnotes	Sell	10072025	137.63	63,318	8,714,374	46,688,058	Form
310	Magnetar, Financial Llc		Footnotes	Sell	10072025	139.27	570,463	79,447,333	47,277,224	Form
311	Magnetar, Financial Llc		Footnotes	Sell	10072025	139.37	1,149,406	160,196,853	47,608,907	Form
312	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	10032025	135.67	281,250			Form
313	Venturo, Brian M	Chief Strategy Officer	YOLO APV Trust	Sell	10032025	135.65	14,615	1,982,505	31,259,419	Form
314	Venturo, Brian M	Chief Strategy Officer	YOLO ECV Trust	Sell	10032025	135.68	14,615	1,982,999	31,267,200	Form
315	Magnetar, Financial Llc		Footnotes	Sell	10022025	138.20	149,524	20,664,788	139,006,921	Form
316	Magnetar, Financial Llc		Footnotes	Sell	10022025	138.22	901,524	124,605,999	47,803,753	Form
317	Magnetar, Financial Llc		Footnotes	Sell	10022025	137.11	286,323	39,257,747	47,955,594	Form
318	Magnetar, Financial Llc		Footnotes	Sell	10022025	139.55	99,691	13,911,778	142,627,160	Form
319	Magnetar, Financial Llc		Footnotes	Sell	10022025	139.55	581,484	81,145,574	223,995,856	Form
320	Magnetar, Financial Llc		Footnotes	Sell	10022025	139.55	732,944	102,280,892	48,956,100	Form
321	Venturo, Brian M	Chief Strategy Officer	Direct	Sell	10022025	139.44	65,593	9,146,288	42,042,415	Form
322	McBee, Brannin	Chief Development Officer	Direct	Sell	10022025	138.59	157,903	21,884,290	25,664,837	Form
323	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	10022025	138.10	150,000			Form
324	Intrator, Michael N	CEO and President	Direct	Sell	10022025	139.44	78,548	10,952,733	997,028,071	Form
325	Magnetar, Financial Llc		Footnotes	Sell	9262025	136.38	185,627	25,315,999	141,744,470	Form
326	Magnetar, Financial Llc		Footnotes	Sell	9262025	136.38	1,113,847	151,907,029	48,561,010	Form
327	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	9262025	130.14	50,000			Form
328	Intrator, Michael N	CEO and President	Direct	Sell	9262025	130.14	32,455	4,223,680	922,483,919	Form
329	McBee, Brannin	Chief Development Officer	Direct	Sell	9252025	131.83	250,000	32,957,016	16,078,410	Form
330	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	9252025	131.83	375,000			Form
331	McVeety, Kristen J	GC and Secretary	Jackfruit 2024 GRAT	Sell	9242025	126.86	95,000			Form
332	Magnetar, Financial Llc		Footnotes	Sell	9222025	132.42	734,110	97,213,538	47,791,701	Form
333	Magnetar, Financial Llc		Footnotes	Sell	9222025	125.60	197,336	24,784,570	133,653,886	Form
334	Magnetar, Financial Llc		Footnotes	Sell	9222025	125.60	1,151,054	144,567,443	215,100,235	Form
335	Magnetar, Financial Llc		Footnotes	Sell	9222025	125.60	1,451,063	182,251,141	45,671,459	Form
336	Magnetar, Financial Llc		Footnotes	Sell	9222025	120.62	176,512	21,290,912	132,481,624	Form
337	Magnetar, Financial Llc		Footnotes	Sell	9222025	120.62	1,059,358	127,780,725	45,118,975	Form
338	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	9192025	118.68	281,250			Form
339	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	9182025	118.18	38,422	4,540,529	17,204,895	Form
340	McBee, Brannin	Chief Development Officer	Direct	Sell	9182025	118.17	250,000	29,542,570	14,412,638	Form
341	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	9182025	118.17	375,000			Form
342	Magnetar, Financial Llc		Footnotes	Sell	9172025	120.09	211,835	25,440,318	133,716,742	Form
343	Magnetar, Financial Llc		Footnotes	Sell	9172025	120.10	1,271,277	152,675,759	45,474,252	Form
344	Magnetar, Financial Llc		Footnotes	Sell	9172025	122.42	76,388	9,351,084	138,517,058	Form
345	Magnetar, Financial Llc		Footnotes	Sell	9172025	122.39	185,713	22,728,816	47,017,085	Form
346	Magnetar, Financial Llc		Footnotes	Sell	9172025	119.93	535,055	64,167,745	46,188,952	Form
347	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	9152025	115.29	63,230	7,289,774	21,214,476	Form
348	Intrator, Michael N	CEO and President	Direct	Sell	9122025	118.33	32,455	3,840,275	842,585,583	Form
349	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	9122025	118.33	50,000			Form
350	Magnetar, Financial Llc		Footnotes	Sell	9112025	118.05	204,416	24,130,361	45,699,255	Form
351	Magnetar, Financial Llc		Footnotes	Sell	9112025	118.42	811,800	96,131,741	45,933,636	Form
352	Magnetar, Financial Llc		Footnotes	Sell	9112025	103.84	573,457	59,547,775	40,592,406	Form
353	McBee, Brannin	Chief Development Officer	Direct	Sell	9112025	99.47	250,000	24,866,813	12,131,523	Form
354	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	9112025	99.47	375,000			Form
355	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	9042025	90.62	281,250			Form
356	Venturo, Brian M	Chief Strategy Officer	YOLO APV Trust	Sell	9042025	93.16	19,410	1,808,187	22,829,082	Form
357	Venturo, Brian M	Chief Strategy Officer	YOLO ECV Trust	Sell	9042025	93.16	19,410	1,808,189	22,829,110	Form
358	McBee, Brannin	Chief Development Officer	Direct	Sell	9042025	93.17	250,000	23,292,322	11,363,392	Form
359	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	9042025	93.17	375,000			Form
360	Goldberg, Chen	SVP of Engineering	Direct	Sell	9042025	93.17	56,294	5,244,849	1,748,221	Form
361	Cogen, Jack D		CW Holding 987 LLC	Sell	9042025	94.69	1,112,004	105,297,507	1,167,517,510	Form
362	Magnetar, Financial Llc		Footnotes	Sell	9022025	102.38	80,820	8,274,518	40,240,860	Form
363	Magnetar, Financial Llc		Footnotes	Sell	8292025	103.17	915,339	94,435,463	40,574,981	Form
364	Intrator, Michael N	CEO and President	Direct	Sell	8292025	95.65	32,455	3,104,307	684,212,903	Form
365	Intrator, Michael N	CEO and President	Omnadora Capital LLC	Sell	8292025	95.65	50,000			Form
366	McVeety, Kristen J	GC and Secretary	Direct	Sell	8292025	95.21	311,796			Form
367	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	8282025	92.06	3,512	323,309	11,498,087	Form
368	McBee, Brannin	Chief Development Officer	Direct	Sell	8282025	91.99	250,000	22,996,928	11,219,281	Form
369	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	8282025	91.99	375,000			Form
370	Magnetar, Financial Llc		Footnotes	Sell	8252025	98.19	20,733	2,035,773	38,854,176	Form
371	Venturo, Brian M	Chief Strategy Officer	YOLO APV Trust	Sell	8222025	88.10	21,531	1,896,825	23,299,030	Form
372	Venturo, Brian M	Chief Strategy Officer	YOLO ECV Trust	Sell	8222025	88.10	21,531	1,896,825	23,299,032	Form
373	Venturo, Brian M	Chief Strategy Officer	West Clay Capital LLC	Sell	8222025	88.10	281,250			Form
374	Agrawal, Nitin	Chief Financial Officer	Direct	Sell	8222025	89.99	6,010	540,859	11,556,194	Form
375	McVeety, Kristen J	GC and Secretary	Direct	Sell	8222025	89.97	2,292	206,215	376,351	Form
376	McBee, Brannin	Chief Development Officer	Direct	Sell	8212025	91.71	250,000	22,926,473	11,184,909	Form
377	McBee, Brannin	Chief Development Officer	Brannin J. McBee 2022 Irrevocable Trust	Sell	8212025	91.71	375,000			Form
378	Magnetar, Financial Llc		Footnotes	Sell	8192025	100.78	549,682	55,398,351	39,880,359	Form
379	Magnetar, Financial Llc		Footnotes	Sell	8192025	100.15	915,382	91,675,507	39,835,364	Form
380	Cogen, Jack D		CW Holding 987 LLC	Sell	8182025	100.20	1,000,000	100,201,139	1,346,871,641	Form
381	Cogen, Jack D		CW Holding 987 LLC	Sell	8182025	90.55	2,556,000	231,445,800	1,307,694,124	Form
382	Cogen, Jack D		Birch Tree Trust LLC	Sell	8182025	90.55	111,000	10,051,050	59,237,810	Form
383	Cogen, Jack D		Chestnut Tree Trust LLC	Sell	8182025	90.55	111,000	10,051,050	59,237,810	Form
384	Cogen, Jack D		Maple Tree Trust LLC	Sell	8182025	90.55	111,000	10,051,050	59,237,810	Form
385	Cogen, Jack D		Willow Tree Trust LLC	Sell	8182025	90.55	111,000	10,051,050	59,237,810	Form

CRWV Trade Sentinel

Stock Conviction

MARKET WEIGHT (Score 5-6)

CONVICTION RATIONALE

CoreWeave represents a rare, pure-play investment in the AI infrastructure buildout with an unparalleled revenue backlog that provides extreme growth visibility. The company's moat in high-performance computing is widening. However, the current valuation appears to fully price in a flawless operational execution, offering a poor risk/reward skew. The significant execution risk associated with its massive capex plan and recent insider selling warrant caution, making it a Market Weight position despite the compelling long-term story.

STOCK ARCHETYPE

Primary: High-Beta Compounder (70%), Secondary: Secular Cyclical (30%)

The company exhibits hyper-growth characteristics (backlog, revenue) fitting a 'High-Beta Compounder'. However, its business model is entirely dependent on massive, front-loaded capital expenditures and servicing a few large customers' capex cycles, which introduces a strong 'Secular Cyclical' element to the thesis.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Backlog Conversion & Execution on Multi-Year AI Infrastructure Contracts

The investment thesis centers on CoreWeave's ability to convert its massive and rapidly growing $99.4 billion revenue backlog into recognized revenue by executing its large-scale data center buildout. This backlog, secured with foundational AI players, provides extreme long-term revenue visibility and de-risks the growth narrative, shifting the company's profile from a speculative high-growth name to a critical infrastructure provider for the AI supercycle.

Mechanism: CoreWeave monetizes by signing multi-year, take-or-pay contracts for dedicated GPU capacity. The company then uses debt and equity to fund the capital expenditure required to build the specialized data centers, profiting from the spread between the contracted revenue and the cost of operations.

Supporting Evidence:

Revenue backlog swelled from $66.8B at the end of FY2025 to $99.4B by the end of Q1 2026.
Secured multi-year, multi-billion dollar commitments from foundational AI customers including Microsoft, Meta, OpenAI, and Anthropic.
Capital expenditure guidance of $31-$35 billion for FY2026 indicates the scale of the build-out to meet contracted demand.
Total contracted power, a leading indicator for data center capacity, exceeds 3.5 GW as of Q1 2026.

PRIMARY RISK

Operational Execution Risk in Servicing ~$100B Backlog Amid Rising Capex

The primary risk is the immense operational challenge of deploying $31-$35 billion in capital in a single year to build out sufficient data center capacity. Failure to execute on time and on budget due to supply constraints, rising component costs, or construction delays could postpone revenue recognition, strain a leveraged balance sheet, and break the hyper-growth narrative currently supporting the stock's premium valuation.

Mechanism: A delay in bringing data centers online means the massive backlog cannot be converted into revenue as quickly as projected. This leads to a miss on revenue expectations while capital expenditures and interest expenses continue to rise, causing a cash crunch and a significant compression of the valuation multiple as growth decelerates.

Supporting Evidence:

Q2 2026 revenue guidance midpoint of $2.53B missed consensus estimates of $2.69B, a potential early sign of execution friction.
FY2026 capital expenditure guidance was increased from a $30B floor to a $31B floor, citing higher component costs.
Aggressive insider selling by multiple co-founders and executives, totaling over $1 billion in early 2026, raises questions about leadership's conviction in the long-term execution plan.
Extreme customer concentration (67% of FY2025 revenue from Microsoft) makes any delays or renegotiations with this key partner a critical threat.

Key KPI Watchlist

KPI	Threshold	Rationale
Revenue Backlog	>$20B sequential growth per quarter	This is the primary leading indicator of future growth and market share capture. Continued acceleration validates the thesis that CoreWeave is the preferred provider for large-scale AI workloads.
Capital Expenditure vs. Guidance	Stays within the $31B - $35B range	Demonstrates operational control and cost discipline. A significant increase beyond the guided range would signal execution problems and pressure the balance sheet, triggering the Anti-Alpha thesis.
Quarterly Revenue vs. Guidance	Meeting or exceeding consensus estimates	After the Q2 '26 guidance miss, the market is highly sensitive to the company's ability to forecast and convert backlog into recognized revenue. Consistent beats are required to maintain confidence.

Core Investment Debate

The Execution Gauntlet: Translating a $99.4B Backlog into Profitable Growth

BULL VIEW

The massive, de-risked backlog from AI titans provides unprecedented revenue visibility, making near-term execution hurdles and cash burn a necessary investment for market dominance.

CORE TENSION

Can CoreWeave operationally deliver on its massive backlog and capex plan without fatal delays or cost overruns, justifying its premium valuation?

PREVAILING SENTIMENT

NEUTRAL

Q2 2026 revenue guidance of $2.53B missed consensus of $2.69B, while FY26 capex floor was raised by $1B, suggesting costs are rising faster than near-term revenue can be realized.

BEAR VIEW

The Q2 guidance miss, rising capex, and heavy insider selling are early warnings of execution failure. The company will burn cash faster than it recognizes revenue, breaking the growth story.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
Early August 2026	Q2 2026 Earnings Call Watch: Quarterly Revenue vs. Guidance. Must meet or beat the $2.45B-$2.6B range after the prior Q1 miss. Also watch for any further increase to the $31B-$35B Capex plan.
Early November 2026	Q3 2026 Earnings Call Watch: Sequential Revenue Backlog Growth. Watch for growth >$15B from Q2's figure to show continued commercial momentum beyond the initial large deals.
Late July 2026	Anchor Customer Earnings Call (Microsoft) Watch: Commentary on AI Capex ROI and efficiency. Any mention of 'optimizing' GPU spend or 'digesting' recent investments is a direct threat.
Next 3-6 Months	Competitor Architectural Update (Meta/AMD) Watch: Specific timeline from Meta on deploying its custom AMD Instinct GPUs. A concrete date for transitioning internal workloads away from third-party clouds.

Key Events in Last 6 Months

Date	Event	Stock Impact
Dec 15, 2025	Termination of Core Scientific Merger Details: The company terminated a planned merger with data center provider Core Scientific, creating uncertainty around its infrastructure expansion plans. The stock plummeted -7.9% on the news.	-7.94% $78.59 -> $72.35
Jan 12, 2026	NVIDIA Partnership Expansion Details: NVIDIA announced a new $2B equity investment to help CoreWeave build out large-scale AI data centers, signaling strong partner confidence. The stock surged 12.2% on the news.	12.22% $80.14 -> $89.93
Feb 26, 2026	Q4 2025 Earnings Report Details: Company reported FY2025 revenue of $5.1B and a year-end backlog of $66.8B. The stock reaction was muted (-0.4%) as the market awaited future guidance.	-0.39% $98.01 -> $97.63
Mar 5, 2026	New Partnership with Meta Details: Details of expanded multi-billion dollar commitment from Meta emerged. Despite the positive news, the stock crashed -5.9% amid broader market weakness and concerns about customer concentration.	-5.89% $79.50 -> $74.82
Apr 1, 2026	Insider Selling Disclosures Details: Filings revealed over $1B in collective stock sales by CEO Michael Intrator and co-founders Brian Venturo and Brannin McBee in early 2026. Stock saw a modest 1.3% gain, suggesting the market was focused elsewhere.	1.25% $77.47 -> $78.44
May 7, 2026	Q1 2026 Earnings & Guidance Details: Reported Q1 revenue of $2.08B and backlog surging to $99.4B. However, stock plummeted -6.6% as Q2 revenue guidance midpoint ($2.53B) missed consensus ($2.69B) and capex guidance increased.	-6.62% $137.98 -> $128.84

Risk Management

Position Sizing

4% - 6%

NORMAL

Stock is in an Explosive Volatility regime (7.6x S&P). While fundamentals are strong (widening moat, high visibility), the Neutral sentiment and extreme valuation force a cap on sizing to manage drawdown risk.

Diversification Alternatives

IREN

INDUSTRY

Unlike CRWV's concentrated customer base, IREN just signed a massive $3.4B deal directly with NVIDIA, diversifying its revenue and validating its operational capabilities at scale.

Core Thesis: A vertically integrated AI Cloud provider with its own data centers in renewable-rich regions, potentially offering a more sustainable and cost-effective long-term model.

ANET

SECTOR

Profitable, established market leader in data center networking. Offers exposure to the same AI infrastructure buildout with a much lower-risk financial profile compared to CRWV's cash burn.

Core Thesis: The dominant provider of high-speed ethernet switching, a critical component for all AI data centers. A picks-and-shovels play on the entire sector's growth, not just one operator.

How Is The Market Pricing CRWV?

CoreWeave is rapidly transitioning from a niche GPU rental service to a foundational, large-scale AI infrastructure provider, driven by a massive $99.4 billion revenue backlog from major AI players and hyperscalers.

Filter all news through the lens of backlog conversion: is the company building data center capacity fast enough to turn its massive order book into recognized revenue?

What will confirm the thesis

New multi-billion dollar, multi-year contracts with top-tier AI labs (e.g., Meta, Anthropic, OpenAI); securing new large-scale power contracts (>400 MW); accelerated data center build-out announcements; securing additional investment-grade debt to fund capex.

What will damage the thesis

Slowdown in data center construction; delays in securing power; rising component costs or interest rates that threaten capex plans; evidence that major customers like Microsoft are successfully building their own equivalent capacity, reducing reliance on CoreWeave.

Noise: Real but irrelevant to thesis

Quarterly fluctuations in on-demand GPU pricing; short-term stock volatility related to IPO lock-up expirations; benchmark wins or losses against smaller specialized cloud competitors.

Repricing Catalyst

The primary catalyst is the market's recognition of CoreWeave's ~$99.4 billion revenue backlog (as of March 31, 2026), which provides extreme long-term revenue visibility. This backlog, composed of multi-year contracts with customers like Meta, Microsoft, OpenAI, and Anthropic, shifts the valuation narrative from a high-growth tech company to a critical infrastructure provider with utility-like demand certainty.

What CRWV Makes & Who Pays

TTM figures based on Q1 2026 Earnings Press Release, May 7 2026

Specialized GPU Cloud Infrastructure

$8.3B TTM (100% of Total) · 85% Margin

What It Is

Cloud access to large-scale clusters of the latest NVIDIA GPUs (e.g., H100, B200, next-gen Rubin) optimized for AI/ML workloads, delivered via bare-metal servers with Kubernetes-native orchestration and high-performance InfiniBand networking.

Who Pays & How

Hyperscalers and AI labs like Microsoft (~67% of FY2025 revenue), Meta (up to ~$35.2B total commitment), OpenAI (~$22.4B total commitment), Anthropic, Mistral AI, and Jane Street pay for guaranteed access to massive GPU capacity which is scarce and purpose-built for AI workloads, providing better performance-per-dollar than general-purpose clouds.

Primarily multi-year, take-or-pay contracts for reserved capacity ('Reserved Instances'), constituting ~96% of revenue. Also offers on-demand, usage-based hourly rentals ('GPU-as-a-Service').

Competition

Hyperscalers (AWS, Microsoft Azure, Google Cloud) offering their own GPU instances.

Vastly greater financial resources, broader service portfolios, and established enterprise relationships.

CoreWeave's moat is its singular focus on purpose-built, high-performance AI infrastructure, providing superior performance-per-dollar, and its privileged relationship with NVIDIA, granting early access to the newest, most powerful GPUs.

CRWV Evolution: Price Return by Era

2017–2020 · Crypto Origins

From Ethereum Mining to a Strategic Pivot Private Company

Founded as Atlantic Crypto in 2017, the company initially focused on mining Ethereum. As the AI market began to accelerate, the leadership team recognized their expertise in operating large GPU fleets was transferable and made a strategic pivot toward cloud computing for AI workloads.

2021–2024 · The AI Infrastructure Buildout

Capitalizing on the Generative AI Boom Private Company

Amid the generative AI explosion, CoreWeave established itself as a key infrastructure player by securing early, large allocations of scarce NVIDIA GPUs. The company raised significant debt and equity, including from NVIDIA itself, to rapidly expand its data center footprint from 3 to 32 facilities, growing revenue from $229M in 2023 to $1.9B in 2024.

2025–Present · Hyperscale Transformation

Securing the Future with Massive Backlog +80% (YTD as of May 7, 2026)

CoreWeave went public in March 2025 and transitioned its business model to focus on securing massive, multi-year contracts with the largest AI players. Revenue grew to $5.1B in FY2025, and by Q1 2026, it had amassed a revenue backlog of nearly $100 billion, cementing its role as a foundational infrastructure provider for the AI industry and planning a massive $30B+ capex spend for 2026.

Market Appears To Be Cautiously Supportive

Price structure is strongly bullish. The regime, trend, and proximity to highs all point towards intact institutional trend. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum are strongly confirming. The institutional accumulation is evident and momentum is accelerating. Earnings history is a strong counter-signal. The market has consistently rejected the narrative. This is not noise, but institutional disagreement. NOTE: Structure and earnings history are contradicting each other. The price trend says one thing, and the market reaction to catalysts says another. Treat this with caution and weigh the most recent earnings event heavily.

① Structure

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

-4

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

4 / 12

1 Price Structure & Trend Trending Up · Golden Cross ▾

2 Momentum Accelerating ▾

3 Relative Strength vs. SPY Strong Outperformance ▾

4 Institutional Footprint & Volume Mild Accumulation ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Flat ▾

7 Earnings Reaction History Consistent Pressure ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	+4
② Vol / Mom	+4
③ Catalyst	-4

ℹ Bull Pillars: 2 · Bear Pillars: 1 · Combined Score: 4 → Market Appears To Be Cautiously Supportive

CoreWeave — Investor Video Playlist

Products & Services

CoreWeave Sandboxes Demo: RL, Agent Tool Use, and Model Evaluation

CoreWeave · 2026-05-14

Leadership

CoreWeave CEO Mike Intrator: We are very confident in our revenue for 2026

CNBC Television · 2026-05-08

Leadership

CoreWeave's Q1 Earnings Were 'Transformational,' CEO Says

Bloomberg Television · 2026-05-08

Investor / Analyst

$CRWV CoreWeave Q1 2026 Earnings Conference Call

EARNMOAR · 2026-05-08

Products & Services

SUNK: Production-Ready AI Training at Massive Scale

CoreWeave · 2026-03-04

Investor / Analyst

CoreWeave Inc. Q4 FY25 Earnings Call | $CRWV | 🔴 WATCH LIVE

Benzinga · 2026-02-26

Leadership

Brian Venturo at CES 2026

CoreWeave · 2026-02-25

Products & Services

The AI Data Center Behind CoreWeave: The Essential Cloud for AI

CoreWeave · 2026-02-20

Industry Resources

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Core Cache Last Updated: 6/16/2026

CoreWeave (CRWV)

Market Price (6/17/2026): $117.28 | Market Cap: $61.8 BilSector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)

Market Price (6/17/2026): $117.28Market Cap: $61.8 BilSector: Information TechnologyIndustry: Systems Software

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

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MARKET WEIGHT (Score 5-6)

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

The Execution Gauntlet: Translating a $99.4B Backlog into Profitable Growth

BULL VIEW

Market Price (6/17/2026): $117.28
Market Cap: $61.8 Bil
Sector: Information Technology
Industry: Systems Software