CoreWeave (CRWV)


Market Price (9/25/2026): $91.28 | Market Cap: $50.3 BilSector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)


Market Price (9/25/2026): $91.28
Market Cap: $50.3 Bil
Sector: Information Technology
Industry: Systems Software

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

0

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

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

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 -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 93%

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

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%

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

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 115%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 91%, CFO LTM is 6.9 Bil
2 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 -231 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.0%
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 93%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%
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 -7.9%
8 Key risks
CRWV key risks include [1] a precarious financial position due to high leverage and capital-intensive expansion, Show more.

CRWV in ETFs

Weight = CRWV's share of each fund

VTI0.04%
ITOT0.04%
QQQ0.16%
QQQM0.16%
IWB0.04%
VUG0.10%
VO0.31%
ARKW3.5%
+20 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/24/2026

CoreWeave (CRWV) stock has lost about 20% since 5/31/2026 because of the following key factors:

1. Mounting Debt and Soaring Interest Expenses Undermine Profitability.

CoreWeave reported a significant net loss of $626 million in fiscal Q2 2026, a substantial increase from $290 million in fiscal Q2 2025. This was partly driven by soaring interest expenses, which reached $640 million in fiscal Q2 2026, up from $267 million in the prior year. The company's interest expense is projected to rise further to between $860 million and $940 million in fiscal Q3 2026. This heavy debt burden, coupled with increasing costs of capital—evidenced by a recent $2.6 billion debt issuance at approximately 9.875% interest—raises concerns about CoreWeave's long-term financial stability and ability to achieve profitability amidst aggressive expansion.

2. Aggressive Capital Expenditures and Persistent Funding Needs.

To meet booming demand for AI infrastructure, CoreWeave incurred substantial capital expenditures of $9.4 billion in fiscal Q2 2026, as part of an ambitious $37 billion annual capex plan. While demonstrating growth, these massive investment requirements mean the company consistently needs to raise additional capital. CoreWeave’s ongoing unprofitability and negative free cash flow necessitate frequent debt or equity issuances, such as the upsized $3.7 billion convertible senior notes offering in September 2026. Such financing activities can lead to potential shareholder dilution and place downward pressure on the stock, reflecting investor apprehension about continuous fundraising.

Show more
Updated on 9/24/2026

CoreWeave (CRWV) stock has lost about 20% since 5/31/2026 because of the following key factors:

1. Mounting Debt and Soaring Interest Expenses Undermine Profitability.

CoreWeave reported a significant net loss of $626 million in fiscal Q2 2026, a substantial increase from $290 million in fiscal Q2 2025. This was partly driven by soaring interest expenses, which reached $640 million in fiscal Q2 2026, up from $267 million in the prior year. The company's interest expense is projected to rise further to between $860 million and $940 million in fiscal Q3 2026. This heavy debt burden, coupled with increasing costs of capital—evidenced by a recent $2.6 billion debt issuance at approximately 9.875% interest—raises concerns about CoreWeave's long-term financial stability and ability to achieve profitability amidst aggressive expansion.

2. Aggressive Capital Expenditures and Persistent Funding Needs.

To meet booming demand for AI infrastructure, CoreWeave incurred substantial capital expenditures of $9.4 billion in fiscal Q2 2026, as part of an ambitious $37 billion annual capex plan. While demonstrating growth, these massive investment requirements mean the company consistently needs to raise additional capital. CoreWeave’s ongoing unprofitability and negative free cash flow necessitate frequent debt or equity issuances, such as the upsized $3.7 billion convertible senior notes offering in September 2026. Such financing activities can lead to potential shareholder dilution and place downward pressure on the stock, reflecting investor apprehension about continuous fundraising.

3. Substantial Insider Selling Signals Lack of Confidence.

Insider selling activity has been a significant factor, with CoreWeave insiders selling a collective $561.5 million worth of stock over the 90 days preceding September 24, 2026. This substantial volume of insider transactions, including CoreWeave's Chief Financial Officer selling 55,764 shares on September 22, 2026, indicates a potential lack of confidence from key executives and can be interpreted negatively by the market, contributing to downward stock price pressure.

4. Downward Revisions to Earnings Estimates Despite Revenue Growth.

Despite reporting robust revenue growth of 112.5% year-over-year in fiscal Q2 2026 and a massive revenue backlog exceeding $104 billion (with an additional $25 billion in new commitments in early fiscal Q3 2026), the Zacks Consensus Estimate for CoreWeave's fiscal year 2026 earnings was revised downward over the 60 days prior to September 18, 2026. This suggests that while top-line growth is strong, analysts and investors may have concerns about the company's path to profitability and its ability to translate revenue into sustainable earnings, contributing to a cautious market sentiment.

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Stock Movement Drivers

Fundamental Drivers

The -17.7% change in CRWV stock from 5/31/2026 to 9/24/2026 was primarily driven by a -29.4% change in the company's P/S Multiple.
(LTM values as of)53120269242026Change
Stock Price ($)109.5390.13-17.7%
Change Contribution By: 
Total Revenues ($ Mil)6,2277,59021.9%
P/S Multiple9.36.5-29.4%
Shares Outstanding (Mil)527551-4.4%
Cumulative Contribution-17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/24/2026
ReturnCorrelation
CRWV-17.7% 
Market (SPY)1.7%45.0%
Sector (XLK)2.1%59.9%

Fundamental Drivers

The 13.3% change in CRWV stock from 2/28/2026 to 9/24/2026 was primarily driven by a 76.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269242026Change
Stock Price ($)79.5690.1313.3%
Change Contribution By: 
Total Revenues ($ Mil)4,3067,59076.3%
P/S Multiple9.26.5-28.9%
Shares Outstanding (Mil)498551-9.6%
Cumulative Contribution13.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/24/2026
ReturnCorrelation
CRWV13.3% 
Market (SPY)12.4%45.8%
Sector (XLK)40.7%57.3%

Fundamental Drivers

The -12.5% change in CRWV stock from 8/31/2025 to 9/24/2026 was primarily driven by a -26.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120259242026Change
Stock Price ($)103.0490.13-12.5%
Change Contribution By: 
Total Revenues ($ Mil)�7,5900.0%
P/S Multiple�6.50.0%
Shares Outstanding (Mil)404551-26.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/24/2026
ReturnCorrelation
CRWV-12.5% 
Market (SPY)20.3%43.7%
Sector (XLK)49.2%56.9%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/24/2026
ReturnCorrelation
CRWV  
Market (SPY)76.8%38.7%
Sector (XLK)126.1%47.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRWV Return----79%21%117%
Peers Return57%-34%93%65%29%3%336%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
CRWV Win Rate----40%44% 
Peers Win Rate65%30%70%67%55%44% 
S&P 500 Win Rate75%42%67%75%67%56% 

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


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMZN, MSFT, GOOGL, NVDA, ORCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/24/2026 (YTD)

How Low Can It Go

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

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

Compare to AMZN, MSFT, GOOGL, NVDA, ORCL

In The Past

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

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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

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

Compare to AMZN, MSFT, GOOGL, NVDA, ORCL

In The Past

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

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CoreWeave (CRWV)

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

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

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

AI Analysis | Feedback

CoreWeave is like:

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

AI Analysis | Feedback

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

AI Analysis | Feedback

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

AI Analysis | Feedback

NVIDIA Corporation (NVDA)

AI Analysis | Feedback

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

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

Nitin Agrawal, Chief Financial Officer

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

Brannin McBee, Chief Development Officer, Co-founder

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

Brian Venturo, Chief Strategy Officer, Co-founder

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

Sachin Jain, Chief Operating Officer

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

AI Analysis | Feedback

The key risks to CoreWeave's business include:

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

AI Analysis | Feedback

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

AI Analysis | Feedback

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

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for CoreWeave (CRWV)

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

AI Analysis | Feedback

Share Issuance

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

Inbound Investments

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

Outbound Investments

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

Capital Expenditures

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

Peer Outperformance in Systems Software

null
Share of Systems Software constituents that CRWV has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
35%
of 93 industry peers · -32.4% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is CRWV's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 64.1%190.1%274.2% TTMI 913% · FLEX 704% · SANM 465%
Semiconductor Materials & Equipment 28 96.9%90.8%107.3% AXTI 783% · AEHR 516% · KLAC 432%
Technology Distributors 9 39.9%78.0%100.0% CLMB 408% · AVT 204% · SNX 148%
Communications Equipment 36 11.4%85.9%68.7% AAOI 1295% · FEIM 1006% · LITE 973%
Electronic Components 26 43.7%74.3%62.9% CLS 3849% · BELFA 1387% · COHR 373%
Semiconductors 55 28.1%40.5%38.8% POET 1803% · MU 1396% · NVDA 922%
Technology Hardware, Storage & Peripherals 20 19.0%111.2%34.5% STX 1113% · DELL 1028% · SMCI 1013%
Internet Services & Infrastructure 6 1.1%49.4%30.8% DOCN 72% · GDDY 42% · VRSN 36%
Electronic Equipment & Instruments 26 -16.5%13.2%-12.7% PI 188% · OSIS 114% · KEYS 100%
IT Consulting & Other Services 30 -28.4%-18.9%-39.2% CHRN 574900% · APLD 1162% · TSSI 826%
Application Software 124 -30.6%-13.8%-48.0% VIDA 139900% · INLX 4910% · PLTR 574%
Systems Software ← 74 -19.3%10.9%-58.4% QNC 613% · ZETA 393% · PANW 377%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Price90.13249.38497.93342.36224.58139.54236.98
Mkt Cap49.72,685.63,697.64,160.05,432.6-3,697.6
Rev LTM7,590775,680331,839445,867302,969-331,839
Op Inc LTM-23193,712155,237147,628197,579-147,628
FCF LTM-13,655-11,62566,98753,273127,006-53,273
FCF 3Y Avg-16,73270,89060,26381,938-65,576
CFO LTM6,911161,403182,935185,675134,360-161,403
CFO 3Y Avg-130,164145,882141,48186,686-135,822

Growth & Margins

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

Valuation

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Cap49.72,685.63,697.64,160.05,432.6-3,697.6
P/S6.53.511.19.317.9-9.3
P/Op Inc-215.228.723.828.227.5-27.5
P/EBIT-1,004.015.021.913.823.6-15.0
P/E-25.819.927.617.028.2-19.9
P/CFO7.216.620.222.440.4-20.2
Total Yield-3.9%5.0%4.3%6.1%3.7%-4.3%
Dividend Yield0.0%0.0%0.7%0.2%0.1%-0.1%
FCF Yield 3Y Avg-0.8%2.2%2.4%2.0%-2.1%
D/E1.00.10.00.00.0-0.0
Net D/E0.90.0-0.0-0.0-0.0--0.0

Returns

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
1M Rtn2.4%-4.5%1.3%-1.3%5.5%-3.6%0.0%
3M Rtn-8.7%9.9%41.4%-0.3%14.9%-8.2%4.8%
6M Rtn12.0%20.2%36.6%22.0%31.4%-1.6%21.1%
12M Rtn-32.4%13.2%-1.6%38.9%27.2%-54.2%5.8%
3Y Rtn125.3%90.0%60.5%163.6%433.5%33.5%107.6%
1M Excs Rtn2.0%-4.8%0.9%-1.6%5.2%-4.0%-0.3%
3M Excs Rtn-13.4%5.1%36.7%-5.0%10.2%-12.9%0.1%
6M Excs Rtn-14.0%0.9%17.9%1.0%9.1%-20.6%0.9%
12M Excs Rtn-46.9%-2.7%-17.1%20.7%10.4%-70.8%-9.9%
3Y Excs Rtn52.0%7.8%-18.3%77.0%344.2%-45.2%29.9%

Comparison Analyses

null

Financials

Segment Financials

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


Price Behavior

Price Behavior
Market Price$90.13 
Market Cap ($ Bil)49.7 
First Trading Date03/28/2025 
Distance from 52W High-37.0% 
   50 Days200 Days
DMA Price$85.47$97.40
DMA Trendindeterminatedown
Distance from DMA5.5%-7.5%
 3M1YR
Volatility105.0%95.4%
Downside Capture388.61400.49
Upside Capture262.89286.73
Correlation (SPY)45.5%44.8%
CRWV Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta6.485.843.913.333.43-0.15
Up Beta5.8810.755.923.803.291.18
Down Beta3.704.141.732.552.540.76
Up Capture818%428%415%528%1088%503%
Bmk +ve Days10213268138427
Stock +ve Days8142260117170
Down Capture632%394%339%244%193%110%
Bmk -ve Days11213259113324
Stock -ve Days13284267134186

[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-31.2%95.2%0.03-
Sector ETF (XLK)39.7%26.4%1.2357.1%
Equity (SPY)16.7%13.0%0.9244.8%
Gold (GLD)13.1%29.3%0.4219.8%
Commodities (DBC)45.1%20.7%1.71-0.8%
Real Estate (VNQ)3.7%13.7%0.01-6.2%
Bitcoin (BTCUSD)-24.8%44.8%-0.5134.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CRWV
CRWV16.5%111.9%0.96-
Sector ETF (XLK)20.7%26.0%0.7148.0%
Equity (SPY)12.9%17.2%0.5738.9%
Gold (GLD)19.0%18.8%0.829.8%
Commodities (DBC)10.6%19.6%0.426.6%
Real Estate (VNQ)0.7%18.9%-0.076.8%
Bitcoin (BTCUSD)12.0%52.6%0.4129.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CRWV
CRWV7.9%111.9%0.96-
Sector ETF (XLK)24.9%25.0%0.9048.0%
Equity (SPY)15.5%17.9%0.7338.9%
Gold (GLD)12.0%16.4%0.609.8%
Commodities (DBC)8.5%18.1%0.396.6%
Real Estate (VNQ)4.8%20.7%0.196.8%
Bitcoin (BTCUSD)63.7%66.2%1.0329.4%

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

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity55.6 Mil
Short Interest: % Change Since 8152026-5.6%
Average Daily Volume20.9 Mil
Days-to-Cover Short Interest2.7 days
Basic Shares Quantity551.0 Mil
Short % of Basic Shares10.1%

Earnings Returns History

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

SEC Filings

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

Insider Activity

Updated 9/24/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Intrator, Michael NCEO and PresidentDirectSell924202686.82200,00017,363,70859,655,538Form
2Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell924202686.82107,692  Form
3Agrawal, NitinChief Financial OfficerDirectSell924202686.8355,7644,841,82311,512,919Form
4Intrator, Michael NCEO and PresidentDirectSell917202681.91200,00016,382,68172,667,758Form
5Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell917202681.91107,692  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Intrator, Michael NCEO and PresidentDirectSell924202686.82200,00017,363,70859,655,538Form
2Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell924202686.82107,692  Form
3Agrawal, NitinChief Financial OfficerDirectSell924202686.8355,7644,841,82311,512,919Form
4Intrator, Michael NCEO and PresidentDirectSell917202681.91200,00016,382,68172,667,758Form
5Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell917202681.91107,692  Form
6Agrawal, NitinChief Financial OfficerDirectSell915202683.7066,5765,572,34515,765,545Form
7McVeety, Kristen JGC and SecretaryDirectSell910202693.9497,5009,158,76611,583,538Form
8Intrator, Michael NCEO and PresidentDirectSell9102026100.08200,00020,016,467108,802,410Form
9Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9102026100.08107,692  Form
10Goldberg, ChenEVP, Product & EngineeringDirectSell910202695.9122,4242,150,7154,848,316Form
11McVeety, Kristen JGC and SecretaryDirectSell903202681.63156,00012,734,12910,065,921Form
12Intrator, Michael NCEO and PresidentDirectSell903202681.66200,00016,332,810105,112,170Form
13Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell903202681.66107,692  Form
14McVeety, Kristen JGC and SecretaryDirectSell828202688.032,100184,85510,854,745Form
15Intrator, Michael NCEO and PresidentDirectSell827202688.60200,00017,720,946131,766,662Form
16Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell827202688.60107,692  Form
17Agrawal, NitinChief Financial OfficerDirectSell827202688.645,509488,31311,753,205Form
18McBee, BranninChief Development OfficerCanis Major SM TrustSell826202685.5150042,7564,104,562Form
19McBee, BranninChief Development OfficerDirectSell826202685.51144,00012,314,11028,022,382Form
20McBee, BranninChief Development OfficerSpouseSell826202685.5125,000  Form
21McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell826202685.5125,000  Form
22McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell826202685.513,000  Form
23McBee, BranninChief Development OfficerCanis Major 2025 GRATSell826202685.5140,000  Form
24McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell826202685.5112,500  Form
25Intrator, Michael NCEO and PresidentDirectSell820202695.72200,00019,143,027160,496,573Form
26Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell820202695.72107,692  Form
27McBee, BranninChief Development OfficerCanis Major SM TrustSell8192026106.1050053,0485,145,673Form
28McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell8192026106.093,000  Form
29McBee, BranninChief Development OfficerCanis Major 2025 GRATSell8192026106.0840,000  Form
30McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell8192026106.0812,500  Form
31McBee, BranninChief Development OfficerDirectSell8192026106.08144,00015,275,99734,292,811Form
32McBee, BranninChief Development OfficerSpouseSell8192026106.0825,000  Form
33McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell8192026106.0825,000  Form
34Goldberg, ChenEVP, Product & EngineeringDirectSell8192026106.116,397678,7916,883,303Form
35Magnetar, Financial LlcFootnotesSell8142026108.75307,13133,401,61024,013,888Form
36Magnetar, Financial LlcFootnotesSell8142026111.271,921,259213,781,34724,725,637Form
37Magnetar, Financial LlcFootnotesSell8142026107.832,147,871231,601,95524,841,664Form
38Jain, SachinChief Operating OfficerDirectSell8142026110.00111016,256,240Form
39Intrator, Michael NCEO and PresidentDirectSell813202689.18200,00017,836,297167,377,150Form
40Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell813202689.18107,692  Form
41McBee, BranninChief Development OfficerCanis Major 2025 GRATSell812202689.7340,000  Form
42McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell812202689.7312,500  Form
43McBee, BranninChief Development OfficerCanis Major SM TrustSell812202689.6950044,8474,395,039Form
44McBee, BranninChief Development OfficerDirectSell812202689.73144,00012,920,87329,005,834Form
45McBee, BranninChief Development OfficerSpouseSell812202689.7325,000  Form
46McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell812202689.7325,000  Form
47McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell812202689.723,000  Form
48Jain, SachinChief Operating OfficerDirectSell811202692.0913,6081,253,16113,609,521Form
49McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell805202683.6810,036  Form
50McBee, BranninChief Development OfficerCanis Major SM TrustSell805202682.5750041,2834,086,968Form
51McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell805202684.102,100  Form
52McBee, BranninChief Development OfficerCanis Major 2025 GRATSell805202682.3740,000  Form
53McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell805202677.012,464189,756772,886Form
54McBee, BranninChief Development OfficerSpouseSell805202685.427,316  Form
55McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell805202682.3725,000  Form
56McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell805202678.4590070,607164,750Form
57McBee, BranninChief Development OfficerDirectSell805202682.37144,00011,861,03026,626,611Form
58McBee, BranninChief Development OfficerSpouseSell805202681.0917,6841,433,940593,232Form
59McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell729202671.0412,500  Form
60McBee, BranninChief Development OfficerCanis Major SM TrustSell729202671.0150035,5043,550,394Form
61McBee, BranninChief Development OfficerDirectSell729202671.04144,00010,229,51422,964,052Form
62McBee, BranninChief Development OfficerSpouseSell729202671.0425,000  Form
63McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell729202671.0425,000  Form
64McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell729202671.033,000  Form
65McBee, BranninChief Development OfficerCanis Major 2025 GRATSell729202671.0440,000  Form
66McBee, BranninChief Development OfficerCanis Major 2025 GRATSell722202675.1340,000  Form
67McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell722202675.1312,500  Form
68McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell722202675.123,000  Form
69McBee, BranninChief Development OfficerDirectSell722202675.13144,00010,819,05924,287,509Form
70McBee, BranninChief Development OfficerSpouseSell722202675.1425,000  Form
71McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell722202675.1325,000  Form
72McBee, BranninChief Development OfficerCanis Major SM TrustSell722202675.0450037,5213,789,603Form
73McBee, BranninChief Development OfficerCanis Major 2025 GRATSell715202684.6440,000  Form
74McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell715202684.6412,500  Form
75McBee, BranninChief Development OfficerCanis Major SM TrustSell715202684.6050042,3004,314,650Form
76McBee, BranninChief Development OfficerDirectSell715202684.64144,00012,188,75527,362,317Form
77McBee, BranninChief Development OfficerSpouseSell715202684.6525,000  Form
78McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell715202684.6425,000  Form
79McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell715202684.643,000  Form
80Agrawal, NitinChief Financial OfficerDirectSell715202684.7465,0555,512,78610,907,443Form
81Intrator, Michael NCEO and PresidentDirectSell709202686.9461,7975,372,646250,110,970Form
82Agrawal, NitinChief Financial OfficerDirectSell709202682.98324916,079,118Form
83Intrator, Michael NCEO and PresidentDirectSell709202682.65200,00016,529,869242,874,360Form
84Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell709202682.65107,692  Form
85McVeety, Kristen JGC and SecretaryDirectSell708202685.89221,89010,452,718Form
86McBee, BranninChief Development OfficerCanis Major 2025 GRATSell708202686.1340,000  Form
87McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell708202686.1312,500  Form
88McBee, BranninChief Development OfficerCanis Major SM TrustSell708202686.1250043,0624,435,427Form
89McBee, BranninChief Development OfficerDirectSell708202686.13144,00012,402,66027,842,506Form
90McBee, BranninChief Development OfficerSpouseSell708202686.1325,000  Form
91McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell708202686.1325,000  Form
92McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell708202686.133,000  Form
93Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell702202686.9961,532  Form
94Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell702202686.9915,380  Form
95Venturo, Brian MChief Strategy OfficerDirectSell702202695.6965,4936,267,02522,571,644Form
96McVeety, Kristen JGC and SecretaryDirectSell702202695.69438311,647,195Form
97Jain, SachinChief Operating OfficerDirectSell702202695.69328712,213,202Form
98Intrator, Michael NCEO and PresidentDirectSell702202697.43278,56027,140,545305,799,977Form
99Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell702202698.12107,692  Form
100Goldberg, ChenEVP, Product & EngineeringDirectSell702202695.6943835,681,211Form
101Baker, JeffPrincipal Accounting OfficerDirectSell702202695.694383107,364Form
102Agrawal, NitinChief Financial OfficerDirectSell702202695.69438318,542,234Form
103McBee, BranninChief Development OfficerDirectSell701202695.6956,7075,426,29330,933,036Form
104McBee, BranninChief Development OfficerCanis Major SM TrustSell701202694.3250047,1594,904,485Form
105McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell701202694.323,000  Form
106McBee, BranninChief Development OfficerCanis Major 2025 GRATSell701202694.3240,000  Form
107McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell701202694.3212,500  Form
108McBee, BranninChief Development OfficerDirectSell701202694.32144,00013,582,71124,416,055Form
109McBee, BranninChief Development OfficerSpouseSell701202694.3225,000  Form
110McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell701202694.3225,000  Form
111Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6262026101.3261,539  Form
112Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6262026101.3215,385  Form
113Intrator, Michael NCEO and PresidentDirectSell6252026106.81200,00021,362,822350,010,084Form
114Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6252026106.81107,692  Form
115McBee, BranninChief Development OfficerCanis Major SM TrustSell6242026111.2750055,6335,841,430Form
116McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6242026111.2840,000  Form
117McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6242026111.2812,500  Form
118McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6242026111.2825,000  Form
119McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6242026111.273,000  Form
120McBee, BranninChief Development OfficerDirectSell6242026111.28144,00016,023,68328,803,905Form
121McBee, BranninChief Development OfficerSpouseSell6242026111.2825,000  Form
122Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6182026118.4861,539  Form
123Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6182026118.4815,385  Form
124Intrator, Michael NCEO and PresidentDirectSell6182026116.65200,00023,330,521405,579,518Form
125Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6182026116.65107,692  Form
126Agrawal, NitinChief Financial OfficerDirectSell6182026116.7058,4296,818,58422,612,810Form
127McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6172026107.3040,000  Form
128McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6172026107.3012,500  Form
129McBee, BranninChief Development OfficerDirectSell6172026107.30144,00015,450,60727,773,753Form
130McBee, BranninChief Development OfficerSpouseSell6172026107.3025,000  Form
131McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6172026107.3025,000  Form
132McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6172026107.303,000  Form
133McBee, BranninChief Development OfficerCanis Major SM TrustSell6172026107.2950053,6465,686,497Form
134Goldberg, ChenEVP, Product & EngineeringDirectSell6172026107.295,541594,4726,369,355Form
135Agrawal, NitinChief Financial OfficerDirectSell612202693.3563,8915,964,51223,544,002Form
136Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell612202696.8961,539  Form
137Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell612202696.8915,385  Form
138Intrator, Michael NCEO and PresidentDirectSell611202698.88200,00019,776,902363,580,058Form
139Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell611202698.88107,692  Form
140McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6102026101.843,000  Form
141McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6102026101.8440,000  Form
142McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6102026101.8412,500  Form
143McBee, BranninChief Development OfficerDirectSell6102026101.84144,00014,664,71026,361,038Form
144McBee, BranninChief Development OfficerSpouseSell6102026101.8425,000  Form
145McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6102026101.8425,000  Form
146McBee, BranninChief Development OfficerCanis Major SM TrustSell6102026101.8350050,9165,448,056Form
147Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6052026112.5115,385  Form
148Venturo, Brian MChief Strategy OfficerDirectSell6052026112.5154,4746,128,66719,644,158Form
149Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6052026112.5161,539  Form
150Intrator, Michael NCEO and PresidentDirectSell6042026122.38200,00024,475,694474,438,684Form
151Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6042026122.38107,692  Form
152Magnetar, Financial LlcFootnotesSell6032026130.56112,11114,636,91931,584,443Form
153Jain, SachinChief Operating OfficerDirectSell6032026120.003,798455,76015,315,480Form
154Cogen, Jack D CW Holding 987 LLCSell6022026106.97271,15329,004,694938,074,701Form
155Jain, SachinChief Operating OfficerDirectSell5292026110.0089898,78014,456,970Form
156Cogen, Jack D CW Holding 987 LLCSell5292026106.32642,30768,291,181961,236,440Form
157Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5292026102.3361,539  Form
158Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5292026102.3315,385  Form
159McVeety, Kristen JGC and SecretaryDirectSell5292026101.872,246228,79212,398,680Form
160Cogen, Jack D CW Holding 987 LLCSell5292026103.77100,00010,377,0001,004,819,023Form
161Agrawal, NitinChief Financial OfficerDirectSell5292026102.175,508562,75819,797,793Form
162Intrator, Michael NCEO and PresidentDirectSell5282026106.74200,00021,348,107435,161,420Form
163Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5282026106.74107,693  Form
164Cogen, Jack D Birch Br Trust LLCSell5282026107.80110,000  Form
165Cogen, Jack D Chestnut Br Trust LLCSell5282026107.80110,000  Form
166Cogen, Jack D Maple Br Trust LLCSell5282026107.80110,000  Form
167Cogen, Jack D Willow Br Trust LLCSell5282026107.80110,000  Form
168Cogen, Jack D CW Holding 987 LLCSell5282026107.80546,54058,915,5431,054,595,764Form
169Boone, Karen DirectSell5282026108.231,060114,724790,079Form
170Boone, Karen The Boone Family Trust, dated August 6, 2015Sell5282026107.4510,520  Form
171Venturo, Brian MChief Strategy OfficerDirectSell522202699.825,887587,64022,866,666Form
172Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5222026101.0961,539  Form
173Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5222026101.0915,385  Form
174McVeety, Kristen JGC and SecretaryDirectSell522202699.823,833382,61012,373,787Form
175McBee, BranninChief Development OfficerDirectSell522202699.823,683367,63731,751,345Form
176Jain, SachinChief Operating OfficerDirectSell522202699.826,377636,55213,208,682Form
177Intrator, Michael NCEO and PresidentDirectSell522202699.8213,1291,310,537426,911,673Form
178Goldberg, ChenEVP, Product & EngineeringDirectSell5222026100.3414,1681,421,5866,512,828Form
179Baker, JeffPrincipal Accounting OfficerDirectSell522202699.821,320131,762111,699Form
180Agrawal, NitinChief Financial OfficerDirectSell522202699.8210,0621,004,38919,892,030Form
181Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5202026101.24300,000  Form
182Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5202026101.2475,000  Form
183Intrator, Michael NCEO and PresidentDirectSell5142026105.67200,00021,133,902471,972,967Form
184Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5142026105.67107,693  Form
185Jain, SachinChief Operating OfficerDirectSell5122026118.6114,7501,749,56014,596,432Form
186Magnetar, Financial LlcFootnotesSell5082026129.91159,16820,677,14987,621,445Form
187Magnetar, Financial LlcFootnotesSell5082026129.91587,01076,257,07331,489,088Form
188Magnetar, Financial LlcFootnotesSell5082026136.71797,884109,080,68393,625,613Form
189Magnetar, Financial LlcFootnotesSell5082026136.731,202,656164,441,06133,573,757Form
190Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5082026136.7061,539  Form
191Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5082026136.7015,385  Form
192Jain, SachinChief Operating OfficerDirectSell5082026131.137,335961,83913,646,437Form
193Magnetar, Financial LlcFootnotesSell5062026127.68349,43744,614,57690,634,732Form
194Magnetar, Financial LlcFootnotesSell5062026127.68978,764124,964,22332,323,234Form
195Magnetar, Financial LlcFootnotesSell5062026127.29420,22753,489,50292,446,501Form
196Magnetar, Financial LlcFootnotesSell5062026127.291,155,164147,037,49232,861,205Form
197Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5062026126.78300,000  Form
198Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5062026126.7875,000  Form
199Magnetar, Financial LlcFootnotesSell5012026119.91209,15725,080,69689,411,877Form
200Magnetar, Financial LlcFootnotesSell5012026119.911,284,876154,073,68231,664,418Form
201Magnetar, Financial LlcFootnotesSell5012026117.846,564773,50231,758,587Form
202Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5012026113.2461,539  Form
203Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5012026113.2415,385  Form
204Baker, JeffPrincipal Accounting OfficerDirectSell5012026107.876,760729,2014,587,603Form
205Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4292026109.03300,000  Form
206Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4292026109.0375,000  Form
207McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4292026109.0333,350  Form
208McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4292026109.0312,500  Form
209McBee, BranninChief Development OfficerDirectSell4292026109.03200,00021,806,77534,207,416Form
210McBee, BranninChief Development OfficerSpouseSell4292026109.0333,350  Form
211McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4292026109.0354,150  Form
212Goldberg, ChenEVP, Product & EngineeringDirectSell4292026109.004,879531,8234,803,415Form
213Intrator, Michael NCEO and PresidentDirectSell4232026116.42200,00023,284,896589,864,740Form
214Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4232026116.42107,693  Form
215Magnetar, Financial LlcFootnotesSell4222026118.26323,45238,251,43433,052,369Form
216Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4222026115.93900,000  Form
217Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4222026115.93225,000  Form
218McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4222026115.9433,330  Form
219McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4222026115.9412,500  Form
220McBee, BranninChief Development OfficerDirectSell4222026115.93200,00023,186,39336,371,567Form
221McBee, BranninChief Development OfficerSpouseSell4222026115.9433,330  Form
222McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4222026115.9454,170  Form
223Magnetar, Financial LlcFootnotesSell4222026117.33319,83537,526,24132,930,776Form
224Intrator, Michael NCEO and PresidentDirectSell4162026116.94200,00023,388,190615,869,621Form
225Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4162026116.94107,693  Form
226Jain, SachinChief Operating OfficerDirectSell4142026105.007,335770,18312,112,506Form
227Venturo, Brian MChief Strategy OfficerDirectSell410202689.2261,7475,508,94819,947,375Form
228Jain, SachinChief Operating OfficerDirectSell410202692.003,953363,67611,287,572Form
229Intrator, Michael NCEO and PresidentDirectSell410202689.2262,3995,567,083487,707,555Form
230Goldberg, ChenEVP, Product & EngineeringDirectSell410202692.009,757897,6444,503,032Form
231Agrawal, NitinChief Financial OfficerDirectSell410202692.00141,28817,470,064Form
232Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell408202680.86900,000  Form
233Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell408202680.86225,000  Form
234McBee, BranninChief Development OfficerDirectSell408202681.25100,0008,124,96125,490,604Form
235McBee, BranninChief Development OfficerSpouseSell408202681.2516,665  Form
236McBee, BranninChief Development OfficerCanis Major 2025 GRATSell408202681.2516,665  Form
237McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell408202681.2527,085  Form
238McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell408202681.256,250  Form
239Venturo, Brian MChief Strategy OfficerDirectSell402202674.0565,0054,813,62021,128,464Form
240McVeety, Kristen JGC and SecretaryDirectSell402202674.05118158,893,257Form
241McBee, BranninChief Development OfficerDirectSell402202674.0556,0314,149,09623,231,855Form
242Intrator, Michael NCEO and PresidentDirectSell402202674.0577,9395,771,383424,225,045Form
243Goldberg, ChenEVP, Product & EngineeringDirectSell402202674.05161,1854,346,957Form
244Baker, JeffPrincipal Accounting OfficerDirectSell402202674.05161,1852,724,225Form
245Agrawal, NitinChief Financial OfficerDirectSell402202674.05161,18514,062,539Form
246McBee, BranninChief Development OfficerCanis Major 2025 GRATSell401202669.2216,665  Form
247McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell401202669.226,250  Form
248McBee, BranninChief Development OfficerDirectSell401202669.22100,0006,922,41317,213,550Form
249McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell401202669.2227,085  Form
250McBee, BranninChief Development OfficerSpouseSell401202669.2216,665  Form
251Intrator, Michael NCEO and PresidentDirectSell327202687.3432,4562,834,835494,934,602Form
252Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell327202687.3450,000  Form
253McBee, BranninChief Development OfficerCanis Major 2025 GRATSell325202682.5316,665  Form
254McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell325202682.536,250  Form
255McBee, BranninChief Development OfficerDirectSell325202682.53100,0008,252,77920,521,690Form
256McBee, BranninChief Development OfficerSpouseSell325202682.5316,665  Form
257McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell325202682.5327,085  Form
258Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell320202683.65281,250  Form
259McBee, BranninChief Development OfficerCanis Major 2025 GRATSell318202684.4416,665  Form
260McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell318202684.446,250  Form
261McBee, BranninChief Development OfficerDirectSell318202684.44100,0008,444,23020,997,759Form
262McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell318202684.4427,085  Form
263McBee, BranninChief Development OfficerSpouseSell318202684.4416,665  Form
264Intrator, Michael NCEO and PresidentDirectSell313202681.4132,4552,642,137463,947,772Form
265Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell313202681.4150,000  Form
266Agrawal, NitinChief Financial OfficerDirectSell313202679.6863,1575,032,35018,194,769Form
267McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell311202672.6118,750  Form
268McBee, BranninChief Development OfficerDirectSell311202672.61300,00021,782,81718,055,342Form
269McBee, BranninChief Development OfficerSpouseSell311202672.6149,995  Form
270McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell311202672.6181,255  Form
271McBee, BranninChief Development OfficerCanis Major 2025 GRATSell311202672.6149,995  Form
272Agrawal, NitinChief Financial OfficerDirectSell305202673.203,920286,93512,383,956Form
273McVeety, Kristen JGC and SecretaryDirectSell227202697.922,671261,55511,758,603Form
274Intrator, Michael NCEO and PresidentDirectSell227202699.9532,4563,243,823572,827,461Form
275Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell227202699.9550,000  Form
276McVeety, Kristen JGC and SecretaryDirectSell224202690.831,677152,32611,149,661Form
277Goldberg, ChenEVP, Product & EngineeringDirectSell224202690.8418,9501,721,3335,331,047Form
278Baker, JeffPrincipal Accounting OfficerDirectSell224202690.832,374215,6423,749,211Form
279Agrawal, NitinChief Financial OfficerDirectSell224202690.845,383488,98015,724,480Form
280McBee, BranninChief Development OfficerCanis Major 2025 GRATSell219202691.7325,000  Form
281McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell219202691.738,315  Form
282McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell219202691.813,000  Form
283McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell219202691.811,000  Form
284McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell219202691.811,000  Form
285McBee, BranninChief Development OfficerCanis Major SM TrustSell219202691.8150045,9064,957,900Form
286McBee, BranninChief Development OfficerDirectSell219202691.73102,8309,432,38622,809,442Form
287McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell219202691.7325,000  Form
288Intrator, Michael NCEO and PresidentDirectSell213202693.6332,4553,038,833539,683,701Form
289Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell213202693.6350,000  Form
290McBee, BranninChief Development OfficerCanis Major 2025 GRATSell211202695.9525,000  Form
291McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell211202695.958,335  Form
292McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell211202695.813,000  Form
293McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell211202695.811,000  Form
294McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell211202695.811,000  Form
295McBee, BranninChief Development OfficerDirectSell211202695.95102,8309,866,21023,858,517Form
296McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell211202695.9525,000  Form
297McBee, BranninChief Development OfficerCanis Major SM TrustSell211202695.8150047,9075,221,837Form
298Goldberg, ChenSVP of EngineeringDirectSell206202679.6917,9851,433,2913,415,592Form
299Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell206202685.00281,250  Form
300McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell204202690.531,000  Form
301McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell204202690.531,000  Form
302McBee, BranninChief Development OfficerCanis Major 2025 GRATSell204202690.4325,000  Form
303McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell204202690.438,335  Form
304McBee, BranninChief Development OfficerDirectSell204202690.43102,8309,298,59622,485,909Form
305McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell204202690.4325,000  Form
306McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell204202690.533,000  Form
307McBee, BranninChief Development OfficerCanis Major SM TrustSell204202690.5350045,2664,979,241Form
308Baker, JeffPrincipal Accounting OfficerDirectSell1302026103.785,143533,7604,079,115Form
309Intrator, Michael NCEO and PresidentDirectSell1302026106.0832,4563,443,055614,895,769Form
310Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1302026106.0850,000  Form
311McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1282026101.4525,000  Form
312McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1282026101.458,335  Form
313McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1282026101.491,000  Form
314McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1282026101.491,000  Form
315McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1282026101.4525,000  Form
316McBee, BranninChief Development OfficerCanis Major SM TrustSell1282026101.4950050,7455,632,668Form
317McBee, BranninChief Development OfficerDirectSell1282026101.45102,83010,432,31525,227,475Form
318McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1282026101.493,000  Form
319McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell122202695.291,000  Form
320McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell122202695.291,000  Form
321McBee, BranninChief Development OfficerCanis Major 2025 GRATSell122202695.2925,000  Form
322McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell122202695.298,335  Form
323McBee, BranninChief Development OfficerDirectSell122202695.29102,8359,799,59323,696,271Form
324McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell122202695.2925,000  Form
325McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell122202695.293,000  Form
326McBee, BranninChief Development OfficerCanis Major SM TrustSell122202695.2950047,6455,336,268Form
327Intrator, Michael NCEO and PresidentDirectSell116202689.3932,4552,901,244521,050,978Form
328Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell116202689.3950,000  Form
329McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell114202688.788,335  Form
330McBee, BranninChief Development OfficerCanis Major SM TrustSell114202688.6250044,3095,006,913Form
331McBee, BranninChief Development OfficerCanis Major 2025 GRATSell114202688.7825,000  Form
332McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell114202688.621,000  Form
333McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell114202688.7825,000  Form
334McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell114202688.621,000  Form
335McBee, BranninChief Development OfficerDirectSell114202688.78102,8359,129,57322,076,105Form
336McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell114202688.623,000  Form
337Venturo, Brian MChief Strategy OfficerDirectSell102202672.5765,9404,785,36320,033,571Form
338McBee, BranninChief Development OfficerDirectSell102202672.5757,6364,182,72318,045,886Form
339Intrator, Michael NCEO and PresidentDirectSell102202672.39111,4278,065,759428,714,980Form
340Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell102202671.9450,000  Form
341McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1231202575.6325,000  Form
342McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1231202575.638,335  Form
343McBee, BranninChief Development OfficerCanis Major SM TrustSell1231202575.5750037,7854,345,261Form
344McBee, BranninChief Development OfficerDirectSell1231202575.63102,8357,777,06414,004,614Form
345McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1231202575.6325,000  Form
346McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1231202575.573,000  Form
347McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1231202575.571,000  Form
348McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1231202575.571,000  Form
349Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1229202579.36281,250  Form
350McBee, BranninChief Development OfficerDirectSell1223202585.30102,8358,771,43515,795,236Form
351McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1223202585.3025,000  Form
352McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1223202585.283,000  Form
353McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1223202585.421,000  Form
354McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1223202585.431,000  Form
355McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1223202585.2925,000  Form
356McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1223202585.328,335  Form
357McBee, BranninChief Development OfficerCanis Major SM TrustSell1223202585.4150042,7034,953,490Form
358Intrator, Michael NCEO and PresidentDirectSell1219202565.4732,4552,124,980385,887,391Form
359Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1219202565.4750,000  Form
360Agrawal, NitinChief Financial OfficerDirectSell1218202569.1836,3172,512,27511,557,625Form
361McBee, BranninChief Development OfficerCanis Major SM TrustSell1217202573.6850036,8394,310,215Form
362McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1217202573.681,000  Form
363McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1217202573.681,000  Form
364McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1217202573.5725,000  Form
365McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1217202573.578,335  Form
366McBee, BranninChief Development OfficerDirectSell1217202573.57102,8357,565,92913,624,411Form
367McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1217202573.5725,000  Form
368McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1217202573.683,000  Form
369Agrawal, NitinChief Financial OfficerDirectSell1212202582.5866,4675,488,53216,795,155Form
370Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1212202587.75281,250  Form
371McBee, BranninChief Development OfficerDirectSell1210202583.80102,8358,617,92315,518,797Form
372McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1210202583.8025,000  Form
373McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1210202583.773,000  Form
374McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1210202583.771,000  Form
375McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1210202583.771,000  Form
376McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1210202583.8025,000  Form
377McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1210202583.808,335  Form
378McBee, BranninChief Development OfficerCanis Major SM TrustSell1210202583.7750041,8864,942,495Form
379Intrator, Michael NCEO and PresidentDirectSell1205202576.8832,4552,495,277455,626,979Form
380Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1205202576.8850,000  Form
381McVeety, Kristen JGC and SecretaryDirectSell1205202574.532,116157,7015,888Form
382McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1204202578.6125,000  Form
383McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1204202578.611,000  Form
384McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1204202578.618,335  Form
385McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1204202578.613,000  Form
386McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1204202578.611,000  Form
387McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1204202578.6125,000  Form
388McBee, BranninChief Development OfficerCanis Major SM TrustSell1204202578.6150039,3064,677,443Form
389McBee, BranninChief Development OfficerDirectSell1204202578.61102,8358,083,82614,557,018Form
390Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell1203202574.9532,8072,459,04113,692,660Form
391Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell1203202574.9432,7992,458,00613,690,836Form
392Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1128202574.44281,250  Form
393Agrawal, NitinChief Financial OfficerDirectSell1128202570.273,640255,76810,365,551Form
394McVeety, Kristen JGC and SecretaryDirectSell1121202582.552,231184,169181,197Form
395Agrawal, NitinChief Financial OfficerDirectSell1121202582.555,841482,17512,478,175Form
396Intrator, Michael NCEO and PresidentDirectSell1121202574.7132,4552,424,654445,156,227Form
397Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1121202574.7150,000  Form
398Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1114202587.57281,250  Form
399Goldberg, ChenSVP of EngineeringDirectSell1113202590.7913,7401,247,4682,119,425Form
400Goldberg, ChenSVP of EngineeringDirectSell11072025118.3019,1802,268,9944,387,037Form
401Intrator, Michael NCEO and PresidentDirectSell11072025113.9732,4553,698,950796,782,189Form
402Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell11072025113.9750,000  Form
403Magnetar, Financial LlcFootnotesSell11052025134.947,6881,037,38240,414,737Form
404Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell11052025127.9314,9581,913,64927,568,163Form
405Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell11052025127.9414,9581,913,71427,569,095Form
406Magnetar, Financial LlcFootnotesSell10312025135.65191,33125,953,371115,824,297Form
407Magnetar, Financial LlcFootnotesSell10312025135.65331,32444,942,83740,631,865Form
408Magnetar, Financial LlcFootnotesSell10312025134.69216,01029,094,65040,608,056Form
409Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10312025137.80281,250  Form
410Magnetar, Financial LlcFootnotesSell10292025138.48464,16964,279,131119,494,743Form
411Magnetar, Financial LlcFootnotesSell10292025138.48804,514111,412,04641,862,780Form
412Magnetar, Financial LlcFootnotesSell10292025138.61378,29352,436,174121,757,163Form
413Magnetar, Financial LlcFootnotesSell10292025138.61435,63760,384,77442,555,036Form
414Magnetar, Financial LlcFootnotesSell10292025138.61639,67588,666,857226,489,952Form
415Magnetar, Financial LlcFootnotesSell10292025135.02531,59971,776,50542,183,899Form
416Intrator, Michael NCEO and PresidentDirectSell10242025118.5832,4553,848,450832,833,900Form
417Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10242025118.5750,000  Form
418Magnetar, Financial LlcFootnotesSell10222025136.7344,1816,040,83642,988,364Form
419Magnetar, Financial LlcFootnotesSell10172025136.6218,3712,509,857123,392,321Form
420Magnetar, Financial LlcFootnotesSell10172025136.62244,20333,361,92542,975,424Form
421Magnetar, Financial LlcFootnotesSell10172025143.51303,20643,513,560130,072,258Form
422Magnetar, Financial LlcFootnotesSell10172025143.51549,08778,800,232187,953,264Form
423Magnetar, Financial LlcFootnotesSell10172025143.51254,52536,527,25545,283,750Form
424Magnetar, Financial LlcFootnotesSell10172025143.511,004,073144,096,539322,440,928Form
425Magnetar, Financial LlcFootnotesSell10172025138.7512,8761,786,505129,349,810Form
426Magnetar, Financial LlcFootnotesSell10172025138.75495,12268,696,626190,897,374Form
427Magnetar, Financial LlcFootnotesSell10172025138.76556,23077,184,30544,885,067Form
428Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10172025138.47154,479  Form
429Magnetar, Financial LlcFootnotesSell10152025137.1917,7892,440,44944,914,751Form
430Magnetar, Financial LlcFootnotesSell10152025141.2727,9453,947,818133,552,805Form
431Magnetar, Financial LlcFootnotesSell10152025141.27369,37952,183,13646,261,129Form
432Magnetar, Financial LlcFootnotesSell10102025148.74414,54761,658,723274,507,574Form
433Magnetar, Financial LlcFootnotesSell10102025148.80180,16626,807,87448,943,573Form
434Magnetar, Financial LlcFootnotesSell10102025148.80208,20730,980,194141,386,800Form
435Magnetar, Financial LlcFootnotesSell10102025141.16372,70652,611,485135,511,000Form
436Magnetar, Financial LlcFootnotesSell10102025141.16907,277128,070,41346,851,838Form
437Magnetar, Financial LlcFootnotesSell10102025139.46691,24396,403,19046,952,211Form
438Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025139.6615,174  Form
439Intrator, Michael NCEO and PresidentDirectSell10092025136.7232,4554,437,309964,704,873Form
440Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025135.4434,8264,716,9712,055,226Form
441Intrator, Michael NCEO and PresidentDirectSell10092025131.5461,8108,130,424932,403,475Form
442Venturo, Brian MChief Strategy OfficerDirectSell10082025137.9052,7877,279,09034,297,648Form
443Magnetar, Financial LlcFootnotesSell10072025137.6363,3188,714,37446,688,058Form
444Magnetar, Financial LlcFootnotesSell10072025139.27570,46379,447,33347,277,224Form
445Magnetar, Financial LlcFootnotesSell10072025139.371,149,406160,196,85347,608,907Form
446Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10032025135.67281,250  Form
447Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell10032025135.6514,6151,982,50531,259,419Form
448Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell10032025135.6814,6151,982,99931,267,200Form
449Magnetar, Financial LlcFootnotesSell10022025138.20149,52420,664,788139,006,921Form
450Magnetar, Financial LlcFootnotesSell10022025138.22901,524124,605,99947,803,753Form
451Magnetar, Financial LlcFootnotesSell10022025137.11286,32339,257,74747,955,594Form
452Magnetar, Financial LlcFootnotesSell10022025139.5599,69113,911,778142,627,160Form
453Magnetar, Financial LlcFootnotesSell10022025139.55581,48481,145,574223,995,856Form
454Magnetar, Financial LlcFootnotesSell10022025139.55732,944102,280,89248,956,100Form
455Venturo, Brian MChief Strategy OfficerDirectSell10022025139.4465,5939,146,28842,042,415Form
456McBee, BranninChief Development OfficerDirectSell10022025138.59157,90321,884,29025,664,837Form
457McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell10022025138.10150,000  Form
458Intrator, Michael NCEO and PresidentDirectSell10022025139.4478,54810,952,733997,028,071Form
459Magnetar, Financial LlcFootnotesSell9262025136.38185,62725,315,999141,744,470Form
460Magnetar, Financial LlcFootnotesSell9262025136.381,113,847151,907,02948,561,010Form
461Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9262025130.1450,000  Form
462Intrator, Michael NCEO and PresidentDirectSell9262025130.1432,4554,223,680922,483,919Form
463McBee, BranninChief Development OfficerDirectSell9252025131.83250,00032,957,01616,078,410Form
464McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9252025131.83375,000  Form
465McVeety, Kristen JGC and SecretaryJackfruit 2024 GRATSell9242025126.8695,000  Form
466Magnetar, Financial LlcFootnotesSell9222025132.42734,11097,213,53847,791,701Form
467Magnetar, Financial LlcFootnotesSell9222025125.60197,33624,784,570133,653,886Form
468Magnetar, Financial LlcFootnotesSell9222025125.601,151,054144,567,443215,100,235Form
469Magnetar, Financial LlcFootnotesSell9222025125.601,451,063182,251,14145,671,459Form
470Magnetar, Financial LlcFootnotesSell9222025120.62176,51221,290,912132,481,624Form
471Magnetar, Financial LlcFootnotesSell9222025120.621,059,358127,780,72545,118,975Form
472Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell9192025118.68281,250  Form
473Agrawal, NitinChief Financial OfficerDirectSell9182025118.1838,4224,540,52917,204,895Form
474McBee, BranninChief Development OfficerDirectSell9182025118.17250,00029,542,57014,412,638Form
475McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9182025118.17375,000  Form
476Magnetar, Financial LlcFootnotesSell9172025120.09211,83525,440,318133,716,742Form
477Magnetar, Financial LlcFootnotesSell9172025120.101,271,277152,675,75945,474,252Form
478Magnetar, Financial LlcFootnotesSell9172025122.4276,3889,351,084138,517,058Form
479Magnetar, Financial LlcFootnotesSell9172025122.39185,71322,728,81647,017,085Form
480Magnetar, Financial LlcFootnotesSell9172025119.93535,05564,167,74546,188,952Form
481Agrawal, NitinChief Financial OfficerDirectSell9152025115.2963,2307,289,77421,214,476Form
482Intrator, Michael NCEO and PresidentDirectSell9122025118.3332,4553,840,275842,585,583Form
483Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9122025118.3350,000  Form
484Magnetar, Financial LlcFootnotesSell9112025118.05204,41624,130,36145,699,255Form
485Magnetar, Financial LlcFootnotesSell9112025118.42811,80096,131,74145,933,636Form
486Magnetar, Financial LlcFootnotesSell9112025103.84573,45759,547,77540,592,406Form
487McBee, BranninChief Development OfficerDirectSell911202599.47250,00024,866,81312,131,523Form
488McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell911202599.47375,000  Form
489Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell904202590.62281,250  Form
490Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell904202593.1619,4101,808,18722,829,082Form
491Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell904202593.1619,4101,808,18922,829,110Form
492McBee, BranninChief Development OfficerDirectSell904202593.17250,00023,292,32211,363,392Form
493McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell904202593.17375,000  Form
494Goldberg, ChenSVP of EngineeringDirectSell904202593.1756,2945,244,8491,748,221Form
495Cogen, Jack DCW Holding 987 LLCSell904202594.691,112,004105,297,5071,167,517,510Form
496Magnetar, Financial LlcFootnotesSell9022025102.3880,8208,274,51840,240,860Form

Investor Activity (13F)

Updated Sep 25, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

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

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Magnetar Financial LLC$4.7 Bil48.2%1754Hold13F
Lavaca Capital LLC$226.5 Mil42.1%277ADD +16.9%13F
Cisco Systems, Inc.$82.4 Mil26.0%3Hold13F
Nvidia Corp$3.7 Bil19.9%7ADD +94.5%13F
Peak6 LLC$527.9 Mil15.3%881ADD +17.6%13F
Panview Capital Ltd$69.5 Mil14.9%12New13F
Situational Awareness Partners LP$556.1 Mil14.4%26New13F
Situational Awareness LP$556.1 Mil14.4%26ADD +17.7%13F
Altimeter Capital Management, LP$348.5 Mil6.1%13ADD +40.0%13F
Kinetic Partners Management, LP$41.1 Mil2.3%49ADD +142.6%13F
MKP Capital Management, L.L.C.$44.9 Mil1.5%19New13F
Infinitum Asset Management, LLC$11.6 Mil1.5%21New13F
Anther Capital Ltd$31.0 Mil0.8%31New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Situational Awareness Partners LP$556.1 Mil14.4%26New13F
Panview Capital Ltd$69.5 Mil14.9%12New13F
MKP Capital Management, L.L.C.$44.9 Mil1.5%19New13F
Anther Capital Ltd$31.0 Mil0.8%31New13F
Infinitum Asset Management, LLC$11.6 Mil1.5%21New13F
Kinetic Partners Management, LP$41.1 Mil2.3%49ADD +142.6%13F
Nvidia Corp$3.7 Bil19.9%7ADD +94.5%13F
Altimeter Capital Management, LP$348.5 Mil6.1%13ADD +40.0%13F
Situational Awareness LP$556.1 Mil14.4%26ADD +17.7%13F
Peak6 LLC$527.9 Mil15.3%881ADD +17.6%13F
Lavaca Capital LLC$226.5 Mil42.1%277ADD +16.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SHANDA ASSET MANAGEMENT HOLDINGS Ltd$28.6 Mil1.4%10Exited13F
H&H International Investment, LLC$21.5 Mil0.1%14Exited13F
Broad Peak Investment Advisers Pte Ltd$15.5 Mil2.8%20Exited13F
Two Seas Capital LP$7.9 Mil0.5%29Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Magnetar Financial LLC$4.7 Bil48.2%1754Hold13F
Nvidia Corp$3.7 Bil19.9%7ADD +94.5%13F
Situational Awareness Partners LP$556.1 Mil14.4%26New13F
Situational Awareness LP$556.1 Mil14.4%26ADD +17.7%13F
Peak6 LLC$527.9 Mil15.3%881ADD +17.6%13F
Altimeter Capital Management, LP$348.5 Mil6.1%13ADD +40.0%13F
Lavaca Capital LLC$226.5 Mil42.1%277ADD +16.9%13F
Cisco Systems, Inc.$82.4 Mil26.0%3Hold13F
Panview Capital Ltd$69.5 Mil14.9%12New13F
MKP Capital Management, L.L.C.$44.9 Mil1.5%19New13F
Kinetic Partners Management, LP$41.1 Mil2.3%49ADD +142.6%13F
Anther Capital Ltd$31.0 Mil0.8%31New13F
Infinitum Asset Management, LLC$11.6 Mil1.5%21New13F
Core Cache Last Updated: 9/24/2026