CoreWeave (CRWV)


Market Price (11/7/2026): $46.52 | Market Cap: $25.7 BilSector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)


Market Price (11/7/2026): $46.52
Market Cap: $25.7 Bil
Sector: Information Technology
Industry: Systems Software

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

0

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

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

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -60%

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

Weak multi-year price returns
2Y Excs Rtn is -18%, 3Y Excs Rtn is -65%

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 13%

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 180%

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 -13%

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

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 115%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 91%, CFO LTM is 6.9 Bil
2 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -60%
3 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).
4 Weak multi-year price returns
2Y Excs Rtn is -18%, 3Y Excs Rtn is -65%
5 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 13%
6 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%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 180%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -180%
9 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 -13%
10 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

VTI0.05%
ITOT0.02%
QQQ0.11%
QQQM0.12%
IWB0.02%
VUG0.11%
VO0.34%
ARKW3.0%
+19 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

CoreWeave (CRWV) stock has lost about 35% since 7/31/2026 because of the following key factors:

1. Elevated Debt Burden and Dilutive Funding Strategies.

CoreWeave maintained a significant total debt load of approximately $35.1 billion as of fiscal Q2 2026, which ended June 30, 2026. This substantial leverage was coupled with aggressive capital expenditure projections ranging from $35 billion to $39 billion for fiscal year 2026, intended for data center expansion. These high financial commitments raised investor concerns regarding the company's financial flexibility. Further adding to these concerns, CoreWeave announced an at-the-market (ATM) offering program on September 17, 2026, allowing for the sale of up to 35,000,000 shares of Class A common stock, indicating potential dilution. This was closely followed by the pricing of an upsized $3.7 billion convertible senior notes offering on September 18, 2026, which, while providing capital, introduced additional debt and the possibility of future share conversion at an initial price of approximately $97.85 per share.

2. Adverse Impact of Political Developments on the Data Center Sector.

The AI data center sector, including CoreWeave, experienced negative sentiment following political developments around the November 2026 midterm elections. The shift, characterized as a "blue wave" that saw Democrats gain control of both the House and Senate, led to "AI data center stocks fall amid policy shift expectations". A specific and significant concern arose from "Texas election results [that] spark fears of a data center moratorium". Given that Texas is a major hub for data centers, and CoreWeave operates a substantial $1.6 billion supercomputer data center in Plano, Texas, a potential moratorium could threaten "27% of US data center power", directly impacting CoreWeave's expansion plans and operational capacity.

Show more
Updated on 11/5/2026

CoreWeave (CRWV) stock has lost about 35% since 7/31/2026 because of the following key factors:

1. Elevated Debt Burden and Dilutive Funding Strategies.

CoreWeave maintained a significant total debt load of approximately $35.1 billion as of fiscal Q2 2026, which ended June 30, 2026. This substantial leverage was coupled with aggressive capital expenditure projections ranging from $35 billion to $39 billion for fiscal year 2026, intended for data center expansion. These high financial commitments raised investor concerns regarding the company's financial flexibility. Further adding to these concerns, CoreWeave announced an at-the-market (ATM) offering program on September 17, 2026, allowing for the sale of up to 35,000,000 shares of Class A common stock, indicating potential dilution. This was closely followed by the pricing of an upsized $3.7 billion convertible senior notes offering on September 18, 2026, which, while providing capital, introduced additional debt and the possibility of future share conversion at an initial price of approximately $97.85 per share.

2. Adverse Impact of Political Developments on the Data Center Sector.

The AI data center sector, including CoreWeave, experienced negative sentiment following political developments around the November 2026 midterm elections. The shift, characterized as a "blue wave" that saw Democrats gain control of both the House and Senate, led to "AI data center stocks fall amid policy shift expectations". A specific and significant concern arose from "Texas election results [that] spark fears of a data center moratorium". Given that Texas is a major hub for data centers, and CoreWeave operates a substantial $1.6 billion supercomputer data center in Plano, Texas, a potential moratorium could threaten "27% of US data center power", directly impacting CoreWeave's expansion plans and operational capacity.

3. Persistent Customer Concentration Risk.

CoreWeave continues to face considerable customer concentration risk, which remained a concern for investors during this period. In fiscal year 2025, approximately 67% of CoreWeave's revenue was derived from Microsoft, with its top two customers collectively accounting for 77% of total sales. Although the company secured new strategic partnerships, including multi-year agreements with Meta Platforms and Anthropic in early 2026, a significant portion of its contracted revenue backlog remains tied to a limited number of clients. This concentration creates a vulnerability where any downturn in demand or disruption in relationships with these key customers could disproportionately affect CoreWeave's financial performance, amplifying investor apprehension, particularly in light of its high debt levels and aggressive capital expenditure plans.

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Stock Movement Drivers

Fundamental Drivers

The -35.3% change in CRWV stock from 7/31/2026 to 11/6/2026 was primarily driven by a -44.5% change in the company's P/S Multiple.
(LTM values as of)731202611062026Change
Stock Price ($)71.7746.40-35.3%
Change Contribution By: 
Total Revenues ($ Mil)6,2277,59021.9%
P/S Multiple6.13.4-44.5%
Shares Outstanding (Mil)527551-4.4%
Cumulative Contribution-35.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/6/2026
ReturnCorrelation
CRWV-35.3% 
Market (SPY)-1.6%48.3%
Sector (XLK)-6.1%65.1%

Fundamental Drivers

The -58.4% change in CRWV stock from 4/30/2026 to 11/6/2026 was primarily driven by a -26.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)430202611062026Change
Stock Price ($)111.6046.40-58.4%
Change Contribution By: 
Total Revenues ($ Mil)�7,5900.0%
P/S Multiple�3.40.0%
Shares Outstanding (Mil)404551-26.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/6/2026
ReturnCorrelation
CRWV-58.4% 
Market (SPY)2.6%46.9%
Sector (XLK)3.4%61.6%

Fundamental Drivers

The -65.3% change in CRWV stock from 10/31/2025 to 11/6/2026 was primarily driven by a -26.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202511062026Change
Stock Price ($)133.7146.40-65.3%
Change Contribution By: 
Total Revenues ($ Mil)�7,5900.0%
P/S Multiple�3.40.0%
Shares Outstanding (Mil)404551-26.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/6/2026
ReturnCorrelation
CRWV-65.3% 
Market (SPY)8.7%47.3%
Sector (XLK)10.0%60.3%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/6/2026
ReturnCorrelation
CRWV  
Market (SPY)81.9%39.9%
Sector (XLK)104.5%50.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRWV Return----79%-35%16%
Peers Return57%-34%93%65%29%-5%301%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
CRWV Win Rate----40%36% 
Peers Win Rate65%30%70%67%55%47% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
CRWV Max Drawdown------68% 
Peers Max Drawdown-14%-45%-18%-20%-33%-31% 
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 11/6/2026 (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
26%
of 86 industry peers · -56.6% 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 10 3.9%93.2%163.4% FLEX 421% · TTMI 365% · JBL 272%
Technology Distributors 9 45.1%46.2%52.9% AVT 122% · SNX 104% · PLUS 53%
Semiconductor Materials & Equipment 28 29.6%43.7%33.2% AXTI 322% · KLAC 249% · LRCX 245%
Electronic Components 24 13.5%59.8%21.1% CLS 1777% · BELFA 985% · APH 283%
Communications Equipment 36 1.6%74.2%17.8% AAOI 755% · LITE 477% · ANET 415%
Electronic Equipment & Instruments 27 -6.1%28.9%1.7% PI 120% · OSIS 105% · MIR 60%
Semiconductors 55 1.3%33.9%-12.6% MU 869% · NVDA 530% · AVGO 474%
Technology Hardware, Storage & Peripherals 21 10.7%47.3%-20.2% DELL 543% · WDC 531% · SMCI 517%
Internet Services & Infrastructure 6 -0.1%36.9%-26.0% GDDY 57% · VRSN 35% · AKAM -23%
IT Consulting & Other Services 30 -17.8%-1.9%-28.2% APLD 253% · IBM 140% · GIB -8%
Application Software 124 -11.2%-13.4%-54.0% PLTR 517% · FROG 159% · AGYS 143%
Systems Software ← 70 -8.1%10.8%-54.6% ZETA 237% · CRWD 217% · CVLT 133%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Price46.52259.82531.38285.54188.72115.94224.27
Mkt Cap25.62,805.33,946.03,499.64,565.1-3,499.6
Rev LTM7,590797,455346,445471,098302,969-346,445
Op Inc LTM-231104,366163,191156,976197,579-156,976
FCF LTM-13,655-46,89259,95719,747127,006-19,747
FCF 3Y Avg-2,20770,21249,70781,938-59,960
CFO LTM6,911168,300195,878179,551134,360-168,300
CFO 3Y Avg-137,232155,021145,35986,686-141,296

Growth & Margins

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Rev Chg LTM115.3%15.4%17.9%22.2%83.4%-22.2%
Rev Chg 3Y Avg-12.9%16.6%16.7%116.5%-16.7%
Rev Chg Q112.5%12.1%18.8%24.7%105.9%-24.7%
QoQ Delta Rev Chg LTM21.9%2.8%4.4%5.7%19.5%-5.7%
Op Inc Chg LTM-204.2%37.0%20.0%26.5%105.9%-26.5%
Op Inc Chg 3Y Avg-64.1%20.2%26.0%206.3%-45.1%
Op Mgn LTM-3.0%13.1%47.1%33.3%65.2%-33.3%
Op Mgn 3Y Avg-11.3%46.0%32.1%61.7%-39.0%
QoQ Delta Op Mgn LTM-0.4%1.0%0.3%0.2%1.2%-0.3%
CFO/Rev LTM91.1%21.1%56.5%38.1%44.3%-44.3%
CFO/Rev 3Y Avg-19.4%51.5%36.1%47.2%-41.6%
FCF/Rev LTM-179.9%-5.9%17.3%4.2%41.9%-4.2%
FCF/Rev 3Y Avg-0.9%24.1%13.2%44.7%-18.7%

Valuation

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Cap25.62,805.33,946.03,499.64,565.1-3,499.6
P/S3.43.511.47.415.1-7.4
P/Op Inc-111.126.924.222.323.1-23.1
P/EBIT-518.215.721.812.019.8-15.7
P/E-13.320.827.714.823.7-20.8
P/CFO3.716.720.119.534.0-19.5
Total Yield-7.5%4.8%4.3%7.1%4.4%-4.4%
Dividend Yield0.0%0.0%0.7%0.3%0.2%-0.2%
FCF Yield 3Y Avg-0.3%2.0%1.9%2.0%-1.9%
D/E2.00.10.00.00.0-0.0
Net D/E1.80.1-0.0-0.0-0.0--0.0

Returns

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
1M Rtn-47.4%-0.0%0.3%-18.5%-20.5%-18.9%-18.7%
3M Rtn-48.7%-5.3%6.5%-19.4%-15.6%-20.8%-17.5%
6M Rtn-59.2%-4.7%28.5%-28.7%-12.1%-40.4%-20.4%
12M Rtn-56.5%6.9%7.8%0.5%0.6%-51.8%0.6%
3Y Rtn16.3%82.1%50.8%120.1%311.9%10.2%66.5%
1M Excs Rtn-42.0%3.3%2.7%-17.0%-17.1%-13.3%-15.1%
3M Excs Rtn-46.4%-5.7%6.0%-19.2%-12.3%-22.1%-15.8%
6M Excs Rtn-63.2%-8.6%24.6%-32.6%-16.1%-44.3%-24.3%
12M Excs Rtn-72.5%-9.3%-7.5%-12.5%-16.4%-66.2%-14.4%
3Y Excs Rtn-65.3%8.1%-24.4%46.3%264.9%-67.7%-8.2%

Comparison Analyses

null

Financials

Segment Financials

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


Price Behavior

Price Behavior
Market Price$46.40 
Market Cap ($ Bil)25.6 
First Trading Date03/28/2025 
Distance from 52W High-66.4% 
   50 Days200 Days
DMA Price$75.56$90.17
DMA Trenddowndown
Distance from DMA-38.6%-48.5%
 3M1YR
Volatility93.9%98.3%
Downside Capture598.31455.37
Upside Capture250.73292.65
Correlation (S&P 500)38.5%47.0%
CRWV Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta7.144.335.053.923.700.71
Up Beta-5.66-0.783.184.323.750.05
Down Beta6.078.317.513.463.450.11
Up Capture546%283%547%416%820%667%
Bmk +ve Days12182862130427
Stock +ve Days9202853114190
Down Capture800%428%411%285%188%112%
Bmk -ve Days10253664121325
Stock -ve Days13233673137209

[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-59.6%98.3%-0.48-
Sector ETF (XLK)12.1%28.4%0.3960.1%
Equity (SPY)9.5%13.6%0.4047.1%
Gold (GLD)1.6%28.7%0.0522.0%
Commodities (DBC)38.4%21.2%1.422.0%
Real Estate (VNQ)11.3%14.2%0.51-7.0%
Bitcoin (BTCUSD)-26.9%43.6%-0.6035.1%

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
CRWV2.0%111.3%0.55-
Sector ETF (XLK)16.2%26.4%0.5550.3%
Equity (SPY)11.3%17.3%0.4840.1%
Gold (GLD)17.5%19.1%0.7410.8%
Commodities (DBC)8.1%19.6%0.307.8%
Real Estate (VNQ)1.3%18.9%-0.044.9%
Bitcoin (BTCUSD)4.1%51.6%0.2630.1%

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
CRWV1.0%111.3%0.55-
Sector ETF (XLK)22.6%25.3%0.8250.3%
Equity (SPY)15.0%18.0%0.7040.1%
Gold (GLD)11.9%16.5%0.5910.8%
Commodities (DBC)7.5%18.1%0.337.8%
Real Estate (VNQ)5.9%20.7%0.244.9%
Bitcoin (BTCUSD)60.1%66.3%1.0030.1%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity69.8 Mil
Short Interest: % Change Since 930202616.4%
Average Daily Volume41.8 Mil
Days-to-Cover Short Interest1.7 days
Basic Shares Quantity551.0 Mil
Short % of Basic Shares12.7%

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 11/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Goldberg, ChenEVP, Product & EngineeringDirectSell1106202646.5019,904925,5053,168,821Form
2Baker, JeffPrincipal Accounting OfficerDirectSell1030202661.166,670407,947866,657Form
3Jones, JonathanChief Revenue OfficerDirectSell1014202677.4221,5691,669,868417,448Form
4Agrawal, NitinChief Financial OfficerDirectSell1014202680.1322,5791,809,2608,815,686Form
5Jones, JonathanChief Revenue OfficerDirectSell1014202680.3615,8111,270,6512,166,721Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Goldberg, ChenEVP, Product & EngineeringDirectSell1106202646.5019,904925,5053,168,821Form
2Baker, JeffPrincipal Accounting OfficerDirectSell1030202661.166,670407,947866,657Form
3Jones, JonathanChief Revenue OfficerDirectSell1014202677.4221,5691,669,868417,448Form
4Agrawal, NitinChief Financial OfficerDirectSell1014202680.1322,5791,809,2608,815,686Form
5Jones, JonathanChief Revenue OfficerDirectSell1014202680.3615,8111,270,6512,166,721Form
6Agrawal, NitinChief Financial OfficerDirectSell1008202688.60326611,748,006Form
7Venturo, Brian MChief Strategy OfficerDirectSell1002202687.6965,6165,753,86726,528,505Form
8McVeety, Kristen JGC and SecretaryDirectSell1002202687.69543810,813,580Form
9McBee, BranninChief Development OfficerDirectSell1002202687.6956,5314,957,20334,398,946Form
10Jain, SachinChief Operating OfficerDirectSell1002202687.69435113,775,661Form
11Intrator, Michael NCEO and PresidentDirectSell1002202687.6978,5526,888,22548,136,110Form
12Goldberg, ChenEVP, Product & EngineeringDirectSell1002202687.6954384,432,993Form
13Baker, JeffPrincipal Accounting OfficerDirectSell1002202687.695438731,335Form
14Agrawal, NitinChief Financial OfficerDirectSell1002202687.69543811,627,606Form
15Intrator, Michael NCEO and PresidentDirectSell1001202686.65200,00017,330,16042,210,118Form
16Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1001202686.65107,692  Form
17Intrator, Michael NCEO and PresidentDirectSell924202686.82200,00017,363,70859,655,538Form
18Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell924202686.82107,692  Form
19Agrawal, NitinChief Financial OfficerDirectSell924202686.8355,7644,841,82311,512,919Form
20Intrator, Michael NCEO and PresidentDirectSell917202681.91200,00016,382,68172,667,758Form
21Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell917202681.91107,692  Form
22Agrawal, NitinChief Financial OfficerDirectSell915202683.7066,5765,572,34515,765,545Form
23McVeety, Kristen JGC and SecretaryDirectSell910202693.9497,5009,158,76611,583,538Form
24Intrator, Michael NCEO and PresidentDirectSell9102026100.08200,00020,016,467108,802,410Form
25Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9102026100.08107,692  Form
26Goldberg, ChenEVP, Product & EngineeringDirectSell910202695.9122,4242,150,7154,848,316Form
27McVeety, Kristen JGC and SecretaryDirectSell903202681.63156,00012,734,12910,065,921Form
28Intrator, Michael NCEO and PresidentDirectSell903202681.66200,00016,332,810105,112,170Form
29Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell903202681.66107,692  Form
30McVeety, Kristen JGC and SecretaryDirectSell828202688.032,100184,85510,854,745Form
31Intrator, Michael NCEO and PresidentDirectSell827202688.60200,00017,720,946131,766,662Form
32Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell827202688.60107,692  Form
33Agrawal, NitinChief Financial OfficerDirectSell827202688.645,509488,31311,753,205Form
34McBee, BranninChief Development OfficerCanis Major SM TrustSell826202685.5150042,7564,104,562Form
35McBee, BranninChief Development OfficerDirectSell826202685.51144,00012,314,11028,022,382Form
36McBee, BranninChief Development OfficerSpouseSell826202685.5125,000  Form
37McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell826202685.5125,000  Form
38McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell826202685.513,000  Form
39McBee, BranninChief Development OfficerCanis Major 2025 GRATSell826202685.5140,000  Form
40McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell826202685.5112,500  Form
41Intrator, Michael NCEO and PresidentDirectSell820202695.72200,00019,143,027160,496,573Form
42Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell820202695.72107,692  Form
43McBee, BranninChief Development OfficerCanis Major SM TrustSell8192026106.1050053,0485,145,673Form
44McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell8192026106.093,000  Form
45McBee, BranninChief Development OfficerCanis Major 2025 GRATSell8192026106.0840,000  Form
46McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell8192026106.0812,500  Form
47McBee, BranninChief Development OfficerDirectSell8192026106.08144,00015,275,99734,292,811Form
48McBee, BranninChief Development OfficerSpouseSell8192026106.0825,000  Form
49McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell8192026106.0825,000  Form
50Goldberg, ChenEVP, Product & EngineeringDirectSell8192026106.116,397678,7916,883,303Form
51Magnetar, Financial LlcFootnotesSell8142026108.75307,13133,401,61024,013,888Form
52Magnetar, Financial LlcFootnotesSell8142026111.271,921,259213,781,34724,725,637Form
53Magnetar, Financial LlcFootnotesSell8142026107.832,147,871231,601,95524,841,664Form
54Jain, SachinChief Operating OfficerDirectSell8142026110.00111016,256,240Form
55Intrator, Michael NCEO and PresidentDirectSell813202689.18200,00017,836,297167,377,150Form
56Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell813202689.18107,692  Form
57McBee, BranninChief Development OfficerCanis Major 2025 GRATSell812202689.7340,000  Form
58McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell812202689.7312,500  Form
59McBee, BranninChief Development OfficerCanis Major SM TrustSell812202689.6950044,8474,395,039Form
60McBee, BranninChief Development OfficerDirectSell812202689.73144,00012,920,87329,005,834Form
61McBee, BranninChief Development OfficerSpouseSell812202689.7325,000  Form
62McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell812202689.7325,000  Form
63McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell812202689.723,000  Form
64Jain, SachinChief Operating OfficerDirectSell811202692.0913,6081,253,16113,609,521Form
65McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell805202683.6810,036  Form
66McBee, BranninChief Development OfficerCanis Major SM TrustSell805202682.5750041,2834,086,968Form
67McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell805202684.102,100  Form
68McBee, BranninChief Development OfficerCanis Major 2025 GRATSell805202682.3740,000  Form
69McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell805202677.012,464189,756772,886Form
70McBee, BranninChief Development OfficerSpouseSell805202685.427,316  Form
71McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell805202682.3725,000  Form
72McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell805202678.4590070,607164,750Form
73McBee, BranninChief Development OfficerDirectSell805202682.37144,00011,861,03026,626,611Form
74McBee, BranninChief Development OfficerSpouseSell805202681.0917,6841,433,940593,232Form
75McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell729202671.0412,500  Form
76McBee, BranninChief Development OfficerCanis Major SM TrustSell729202671.0150035,5043,550,394Form
77McBee, BranninChief Development OfficerDirectSell729202671.04144,00010,229,51422,964,052Form
78McBee, BranninChief Development OfficerSpouseSell729202671.0425,000  Form
79McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell729202671.0425,000  Form
80McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell729202671.033,000  Form
81McBee, BranninChief Development OfficerCanis Major 2025 GRATSell729202671.0440,000  Form
82McBee, BranninChief Development OfficerCanis Major 2025 GRATSell722202675.1340,000  Form
83McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell722202675.1312,500  Form
84McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell722202675.123,000  Form
85McBee, BranninChief Development OfficerDirectSell722202675.13144,00010,819,05924,287,509Form
86McBee, BranninChief Development OfficerSpouseSell722202675.1425,000  Form
87McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell722202675.1325,000  Form
88McBee, BranninChief Development OfficerCanis Major SM TrustSell722202675.0450037,5213,789,603Form
89McBee, BranninChief Development OfficerCanis Major 2025 GRATSell715202684.6440,000  Form
90McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell715202684.6412,500  Form
91McBee, BranninChief Development OfficerCanis Major SM TrustSell715202684.6050042,3004,314,650Form
92McBee, BranninChief Development OfficerDirectSell715202684.64144,00012,188,75527,362,317Form
93McBee, BranninChief Development OfficerSpouseSell715202684.6525,000  Form
94McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell715202684.6425,000  Form
95McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell715202684.643,000  Form
96Agrawal, NitinChief Financial OfficerDirectSell715202684.7465,0555,512,78610,907,443Form
97Intrator, Michael NCEO and PresidentDirectSell709202686.9461,7975,372,646250,110,970Form
98Agrawal, NitinChief Financial OfficerDirectSell709202682.98324916,079,118Form
99Intrator, Michael NCEO and PresidentDirectSell709202682.65200,00016,529,869242,874,360Form
100Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell709202682.65107,692  Form
101McVeety, Kristen JGC and SecretaryDirectSell708202685.89221,89010,452,718Form
102McBee, BranninChief Development OfficerCanis Major 2025 GRATSell708202686.1340,000  Form
103McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell708202686.1312,500  Form
104McBee, BranninChief Development OfficerCanis Major SM TrustSell708202686.1250043,0624,435,427Form
105McBee, BranninChief Development OfficerDirectSell708202686.13144,00012,402,66027,842,506Form
106McBee, BranninChief Development OfficerSpouseSell708202686.1325,000  Form
107McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell708202686.1325,000  Form
108McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell708202686.133,000  Form
109Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell702202686.9961,532  Form
110Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell702202686.9915,380  Form
111Venturo, Brian MChief Strategy OfficerDirectSell702202695.6965,4936,267,02522,571,644Form
112McVeety, Kristen JGC and SecretaryDirectSell702202695.69438311,647,195Form
113Jain, SachinChief Operating OfficerDirectSell702202695.69328712,213,202Form
114Intrator, Michael NCEO and PresidentDirectSell702202697.43278,56027,140,545305,799,977Form
115Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell702202698.12107,692  Form
116Goldberg, ChenEVP, Product & EngineeringDirectSell702202695.6943835,681,211Form
117Baker, JeffPrincipal Accounting OfficerDirectSell702202695.694383107,364Form
118Agrawal, NitinChief Financial OfficerDirectSell702202695.69438318,542,234Form
119McBee, BranninChief Development OfficerDirectSell701202695.6956,7075,426,29330,933,036Form
120McBee, BranninChief Development OfficerCanis Major SM TrustSell701202694.3250047,1594,904,485Form
121McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell701202694.323,000  Form
122McBee, BranninChief Development OfficerCanis Major 2025 GRATSell701202694.3240,000  Form
123McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell701202694.3212,500  Form
124McBee, BranninChief Development OfficerDirectSell701202694.32144,00013,582,71124,416,055Form
125McBee, BranninChief Development OfficerSpouseSell701202694.3225,000  Form
126McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell701202694.3225,000  Form
127Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6262026101.3261,539  Form
128Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6262026101.3215,385  Form
129Intrator, Michael NCEO and PresidentDirectSell6252026106.81200,00021,362,822350,010,084Form
130Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6252026106.81107,692  Form
131McBee, BranninChief Development OfficerCanis Major SM TrustSell6242026111.2750055,6335,841,430Form
132McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6242026111.2840,000  Form
133McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6242026111.2812,500  Form
134McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6242026111.2825,000  Form
135McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6242026111.273,000  Form
136McBee, BranninChief Development OfficerDirectSell6242026111.28144,00016,023,68328,803,905Form
137McBee, BranninChief Development OfficerSpouseSell6242026111.2825,000  Form
138Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6182026118.4861,539  Form
139Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6182026118.4815,385  Form
140Intrator, Michael NCEO and PresidentDirectSell6182026116.65200,00023,330,521405,579,518Form
141Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6182026116.65107,692  Form
142Agrawal, NitinChief Financial OfficerDirectSell6182026116.7058,4296,818,58422,612,810Form
143McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6172026107.3040,000  Form
144McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6172026107.3012,500  Form
145McBee, BranninChief Development OfficerDirectSell6172026107.30144,00015,450,60727,773,753Form
146McBee, BranninChief Development OfficerSpouseSell6172026107.3025,000  Form
147McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6172026107.3025,000  Form
148McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6172026107.303,000  Form
149McBee, BranninChief Development OfficerCanis Major SM TrustSell6172026107.2950053,6465,686,497Form
150Goldberg, ChenEVP, Product & EngineeringDirectSell6172026107.295,541594,4726,369,355Form
151Agrawal, NitinChief Financial OfficerDirectSell612202693.3563,8915,964,51223,544,002Form
152Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell612202696.8961,539  Form
153Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell612202696.8915,385  Form
154Intrator, Michael NCEO and PresidentDirectSell611202698.88200,00019,776,902363,580,058Form
155Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell611202698.88107,692  Form
156McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6102026101.843,000  Form
157McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6102026101.8440,000  Form
158McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6102026101.8412,500  Form
159McBee, BranninChief Development OfficerDirectSell6102026101.84144,00014,664,71026,361,038Form
160McBee, BranninChief Development OfficerSpouseSell6102026101.8425,000  Form
161McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6102026101.8425,000  Form
162McBee, BranninChief Development OfficerCanis Major SM TrustSell6102026101.8350050,9165,448,056Form
163Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6052026112.5115,385  Form
164Venturo, Brian MChief Strategy OfficerDirectSell6052026112.5154,4746,128,66719,644,158Form
165Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6052026112.5161,539  Form
166Intrator, Michael NCEO and PresidentDirectSell6042026122.38200,00024,475,694474,438,684Form
167Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6042026122.38107,692  Form
168Magnetar, Financial LlcFootnotesSell6032026130.56112,11114,636,91931,584,443Form
169Jain, SachinChief Operating OfficerDirectSell6032026120.003,798455,76015,315,480Form
170Cogen, Jack D CW Holding 987 LLCSell6022026106.97271,15329,004,694938,074,701Form
171Jain, SachinChief Operating OfficerDirectSell5292026110.0089898,78014,456,970Form
172Cogen, Jack D CW Holding 987 LLCSell5292026106.32642,30768,291,181961,236,440Form
173Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5292026102.3361,539  Form
174Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5292026102.3315,385  Form
175McVeety, Kristen JGC and SecretaryDirectSell5292026101.872,246228,79212,398,680Form
176Cogen, Jack D CW Holding 987 LLCSell5292026103.77100,00010,377,0001,004,819,023Form
177Agrawal, NitinChief Financial OfficerDirectSell5292026102.175,508562,75819,797,793Form
178Intrator, Michael NCEO and PresidentDirectSell5282026106.74200,00021,348,107435,161,420Form
179Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5282026106.74107,693  Form
180Cogen, Jack D Birch Br Trust LLCSell5282026107.80110,000  Form
181Cogen, Jack D Chestnut Br Trust LLCSell5282026107.80110,000  Form
182Cogen, Jack D Maple Br Trust LLCSell5282026107.80110,000  Form
183Cogen, Jack D Willow Br Trust LLCSell5282026107.80110,000  Form
184Cogen, Jack D CW Holding 987 LLCSell5282026107.80546,54058,915,5431,054,595,764Form
185Boone, Karen DirectSell5282026108.231,060114,724790,079Form
186Boone, Karen The Boone Family Trust, dated August 6, 2015Sell5282026107.4510,520  Form
187Venturo, Brian MChief Strategy OfficerDirectSell522202699.825,887587,64022,866,666Form
188Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5222026101.0961,539  Form
189Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5222026101.0915,385  Form
190McVeety, Kristen JGC and SecretaryDirectSell522202699.823,833382,61012,373,787Form
191McBee, BranninChief Development OfficerDirectSell522202699.823,683367,63731,751,345Form
192Jain, SachinChief Operating OfficerDirectSell522202699.826,377636,55213,208,682Form
193Intrator, Michael NCEO and PresidentDirectSell522202699.8213,1291,310,537426,911,673Form
194Goldberg, ChenEVP, Product & EngineeringDirectSell5222026100.3414,1681,421,5866,512,828Form
195Baker, JeffPrincipal Accounting OfficerDirectSell522202699.821,320131,762111,699Form
196Agrawal, NitinChief Financial OfficerDirectSell522202699.8210,0621,004,38919,892,030Form
197Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5202026101.24300,000  Form
198Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5202026101.2475,000  Form
199Intrator, Michael NCEO and PresidentDirectSell5142026105.67200,00021,133,902471,972,967Form
200Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5142026105.67107,693  Form
201Jain, SachinChief Operating OfficerDirectSell5122026118.6114,7501,749,56014,596,432Form
202Magnetar, Financial LlcFootnotesSell5082026129.91159,16820,677,14987,621,445Form
203Magnetar, Financial LlcFootnotesSell5082026129.91587,01076,257,07331,489,088Form
204Magnetar, Financial LlcFootnotesSell5082026136.71797,884109,080,68393,625,613Form
205Magnetar, Financial LlcFootnotesSell5082026136.731,202,656164,441,06133,573,757Form
206Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5082026136.7061,539  Form
207Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5082026136.7015,385  Form
208Jain, SachinChief Operating OfficerDirectSell5082026131.137,335961,83913,646,437Form
209Magnetar, Financial LlcFootnotesSell5062026127.68349,43744,614,57690,634,732Form
210Magnetar, Financial LlcFootnotesSell5062026127.68978,764124,964,22332,323,234Form
211Magnetar, Financial LlcFootnotesSell5062026127.29420,22753,489,50292,446,501Form
212Magnetar, Financial LlcFootnotesSell5062026127.291,155,164147,037,49232,861,205Form
213Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5062026126.78300,000  Form
214Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5062026126.7875,000  Form
215Magnetar, Financial LlcFootnotesSell5012026119.91209,15725,080,69689,411,877Form
216Magnetar, Financial LlcFootnotesSell5012026119.911,284,876154,073,68231,664,418Form
217Magnetar, Financial LlcFootnotesSell5012026117.846,564773,50231,758,587Form
218Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5012026113.2461,539  Form
219Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5012026113.2415,385  Form
220Baker, JeffPrincipal Accounting OfficerDirectSell5012026107.876,760729,2014,587,603Form
221Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4292026109.03300,000  Form
222Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4292026109.0375,000  Form
223McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4292026109.0333,350  Form
224McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4292026109.0312,500  Form
225McBee, BranninChief Development OfficerDirectSell4292026109.03200,00021,806,77534,207,416Form
226McBee, BranninChief Development OfficerSpouseSell4292026109.0333,350  Form
227McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4292026109.0354,150  Form
228Goldberg, ChenEVP, Product & EngineeringDirectSell4292026109.004,879531,8234,803,415Form
229Intrator, Michael NCEO and PresidentDirectSell4232026116.42200,00023,284,896589,864,740Form
230Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4232026116.42107,693  Form
231Magnetar, Financial LlcFootnotesSell4222026118.26323,45238,251,43433,052,369Form
232Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4222026115.93900,000  Form
233Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4222026115.93225,000  Form
234McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4222026115.9433,330  Form
235McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4222026115.9412,500  Form
236McBee, BranninChief Development OfficerDirectSell4222026115.93200,00023,186,39336,371,567Form
237McBee, BranninChief Development OfficerSpouseSell4222026115.9433,330  Form
238McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4222026115.9454,170  Form
239Magnetar, Financial LlcFootnotesSell4222026117.33319,83537,526,24132,930,776Form
240Intrator, Michael NCEO and PresidentDirectSell4162026116.94200,00023,388,190615,869,621Form
241Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4162026116.94107,693  Form
242Jain, SachinChief Operating OfficerDirectSell4142026105.007,335770,18312,112,506Form
243Venturo, Brian MChief Strategy OfficerDirectSell410202689.2261,7475,508,94819,947,375Form
244Jain, SachinChief Operating OfficerDirectSell410202692.003,953363,67611,287,572Form
245Intrator, Michael NCEO and PresidentDirectSell410202689.2262,3995,567,083487,707,555Form
246Goldberg, ChenEVP, Product & EngineeringDirectSell410202692.009,757897,6444,503,032Form
247Agrawal, NitinChief Financial OfficerDirectSell410202692.00141,28817,470,064Form
248Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell408202680.86900,000  Form
249Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell408202680.86225,000  Form
250McBee, BranninChief Development OfficerDirectSell408202681.25100,0008,124,96125,490,604Form
251McBee, BranninChief Development OfficerSpouseSell408202681.2516,665  Form
252McBee, BranninChief Development OfficerCanis Major 2025 GRATSell408202681.2516,665  Form
253McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell408202681.2527,085  Form
254McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell408202681.256,250  Form
255Venturo, Brian MChief Strategy OfficerDirectSell402202674.0565,0054,813,62021,128,464Form
256McVeety, Kristen JGC and SecretaryDirectSell402202674.05118158,893,257Form
257McBee, BranninChief Development OfficerDirectSell402202674.0556,0314,149,09623,231,855Form
258Intrator, Michael NCEO and PresidentDirectSell402202674.0577,9395,771,383424,225,045Form
259Goldberg, ChenEVP, Product & EngineeringDirectSell402202674.05161,1854,346,957Form
260Baker, JeffPrincipal Accounting OfficerDirectSell402202674.05161,1852,724,225Form
261Agrawal, NitinChief Financial OfficerDirectSell402202674.05161,18514,062,539Form
262McBee, BranninChief Development OfficerCanis Major 2025 GRATSell401202669.2216,665  Form
263McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell401202669.226,250  Form
264McBee, BranninChief Development OfficerDirectSell401202669.22100,0006,922,41317,213,550Form
265McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell401202669.2227,085  Form
266McBee, BranninChief Development OfficerSpouseSell401202669.2216,665  Form
267Intrator, Michael NCEO and PresidentDirectSell327202687.3432,4562,834,835494,934,602Form
268Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell327202687.3450,000  Form
269McBee, BranninChief Development OfficerCanis Major 2025 GRATSell325202682.5316,665  Form
270McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell325202682.536,250  Form
271McBee, BranninChief Development OfficerDirectSell325202682.53100,0008,252,77920,521,690Form
272McBee, BranninChief Development OfficerSpouseSell325202682.5316,665  Form
273McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell325202682.5327,085  Form
274Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell320202683.65281,250  Form
275McBee, BranninChief Development OfficerCanis Major 2025 GRATSell318202684.4416,665  Form
276McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell318202684.446,250  Form
277McBee, BranninChief Development OfficerDirectSell318202684.44100,0008,444,23020,997,759Form
278McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell318202684.4427,085  Form
279McBee, BranninChief Development OfficerSpouseSell318202684.4416,665  Form
280Intrator, Michael NCEO and PresidentDirectSell313202681.4132,4552,642,137463,947,772Form
281Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell313202681.4150,000  Form
282Agrawal, NitinChief Financial OfficerDirectSell313202679.6863,1575,032,35018,194,769Form
283McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell311202672.6118,750  Form
284McBee, BranninChief Development OfficerDirectSell311202672.61300,00021,782,81718,055,342Form
285McBee, BranninChief Development OfficerSpouseSell311202672.6149,995  Form
286McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell311202672.6181,255  Form
287McBee, BranninChief Development OfficerCanis Major 2025 GRATSell311202672.6149,995  Form
288Agrawal, NitinChief Financial OfficerDirectSell305202673.203,920286,93512,383,956Form
289McVeety, Kristen JGC and SecretaryDirectSell227202697.922,671261,55511,758,603Form
290Intrator, Michael NCEO and PresidentDirectSell227202699.9532,4563,243,823572,827,461Form
291Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell227202699.9550,000  Form
292McVeety, Kristen JGC and SecretaryDirectSell224202690.831,677152,32611,149,661Form
293Goldberg, ChenEVP, Product & EngineeringDirectSell224202690.8418,9501,721,3335,331,047Form
294Baker, JeffPrincipal Accounting OfficerDirectSell224202690.832,374215,6423,749,211Form
295Agrawal, NitinChief Financial OfficerDirectSell224202690.845,383488,98015,724,480Form
296McBee, BranninChief Development OfficerCanis Major 2025 GRATSell219202691.7325,000  Form
297McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell219202691.738,315  Form
298McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell219202691.813,000  Form
299McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell219202691.811,000  Form
300McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell219202691.811,000  Form
301McBee, BranninChief Development OfficerCanis Major SM TrustSell219202691.8150045,9064,957,900Form
302McBee, BranninChief Development OfficerDirectSell219202691.73102,8309,432,38622,809,442Form
303McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell219202691.7325,000  Form
304Intrator, Michael NCEO and PresidentDirectSell213202693.6332,4553,038,833539,683,701Form
305Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell213202693.6350,000  Form
306McBee, BranninChief Development OfficerCanis Major 2025 GRATSell211202695.9525,000  Form
307McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell211202695.958,335  Form
308McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell211202695.813,000  Form
309McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell211202695.811,000  Form
310McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell211202695.811,000  Form
311McBee, BranninChief Development OfficerDirectSell211202695.95102,8309,866,21023,858,517Form
312McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell211202695.9525,000  Form
313McBee, BranninChief Development OfficerCanis Major SM TrustSell211202695.8150047,9075,221,837Form
314Goldberg, ChenSVP of EngineeringDirectSell206202679.6917,9851,433,2913,415,592Form
315Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell206202685.00281,250  Form
316McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell204202690.531,000  Form
317McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell204202690.531,000  Form
318McBee, BranninChief Development OfficerCanis Major 2025 GRATSell204202690.4325,000  Form
319McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell204202690.438,335  Form
320McBee, BranninChief Development OfficerDirectSell204202690.43102,8309,298,59622,485,909Form
321McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell204202690.4325,000  Form
322McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell204202690.533,000  Form
323McBee, BranninChief Development OfficerCanis Major SM TrustSell204202690.5350045,2664,979,241Form
324Baker, JeffPrincipal Accounting OfficerDirectSell1302026103.785,143533,7604,079,115Form
325Intrator, Michael NCEO and PresidentDirectSell1302026106.0832,4563,443,055614,895,769Form
326Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1302026106.0850,000  Form
327McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1282026101.4525,000  Form
328McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1282026101.458,335  Form
329McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1282026101.491,000  Form
330McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1282026101.491,000  Form
331McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1282026101.4525,000  Form
332McBee, BranninChief Development OfficerCanis Major SM TrustSell1282026101.4950050,7455,632,668Form
333McBee, BranninChief Development OfficerDirectSell1282026101.45102,83010,432,31525,227,475Form
334McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1282026101.493,000  Form
335McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell122202695.291,000  Form
336McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell122202695.291,000  Form
337McBee, BranninChief Development OfficerCanis Major 2025 GRATSell122202695.2925,000  Form
338McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell122202695.298,335  Form
339McBee, BranninChief Development OfficerDirectSell122202695.29102,8359,799,59323,696,271Form
340McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell122202695.2925,000  Form
341McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell122202695.293,000  Form
342McBee, BranninChief Development OfficerCanis Major SM TrustSell122202695.2950047,6455,336,268Form
343Intrator, Michael NCEO and PresidentDirectSell116202689.3932,4552,901,244521,050,978Form
344Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell116202689.3950,000  Form
345McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell114202688.788,335  Form
346McBee, BranninChief Development OfficerCanis Major SM TrustSell114202688.6250044,3095,006,913Form
347McBee, BranninChief Development OfficerCanis Major 2025 GRATSell114202688.7825,000  Form
348McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell114202688.621,000  Form
349McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell114202688.7825,000  Form
350McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell114202688.621,000  Form
351McBee, BranninChief Development OfficerDirectSell114202688.78102,8359,129,57322,076,105Form
352McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell114202688.623,000  Form
353Venturo, Brian MChief Strategy OfficerDirectSell102202672.5765,9404,785,36320,033,571Form
354McBee, BranninChief Development OfficerDirectSell102202672.5757,6364,182,72318,045,886Form
355Intrator, Michael NCEO and PresidentDirectSell102202672.39111,4278,065,759428,714,980Form
356Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell102202671.9450,000  Form
357McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1231202575.6325,000  Form
358McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1231202575.638,335  Form
359McBee, BranninChief Development OfficerCanis Major SM TrustSell1231202575.5750037,7854,345,261Form
360McBee, BranninChief Development OfficerDirectSell1231202575.63102,8357,777,06414,004,614Form
361McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1231202575.6325,000  Form
362McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1231202575.573,000  Form
363McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1231202575.571,000  Form
364McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1231202575.571,000  Form
365Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1229202579.36281,250  Form
366McBee, BranninChief Development OfficerDirectSell1223202585.30102,8358,771,43515,795,236Form
367McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1223202585.3025,000  Form
368McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1223202585.283,000  Form
369McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1223202585.421,000  Form
370McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1223202585.431,000  Form
371McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1223202585.2925,000  Form
372McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1223202585.328,335  Form
373McBee, BranninChief Development OfficerCanis Major SM TrustSell1223202585.4150042,7034,953,490Form
374Intrator, Michael NCEO and PresidentDirectSell1219202565.4732,4552,124,980385,887,391Form
375Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1219202565.4750,000  Form
376Agrawal, NitinChief Financial OfficerDirectSell1218202569.1836,3172,512,27511,557,625Form
377McBee, BranninChief Development OfficerCanis Major SM TrustSell1217202573.6850036,8394,310,215Form
378McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1217202573.681,000  Form
379McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1217202573.681,000  Form
380McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1217202573.5725,000  Form
381McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1217202573.578,335  Form
382McBee, BranninChief Development OfficerDirectSell1217202573.57102,8357,565,92913,624,411Form
383McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1217202573.5725,000  Form
384McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1217202573.683,000  Form
385Agrawal, NitinChief Financial OfficerDirectSell1212202582.5866,4675,488,53216,795,155Form
386Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1212202587.75281,250  Form
387McBee, BranninChief Development OfficerDirectSell1210202583.80102,8358,617,92315,518,797Form
388McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1210202583.8025,000  Form
389McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1210202583.773,000  Form
390McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1210202583.771,000  Form
391McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1210202583.771,000  Form
392McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1210202583.8025,000  Form
393McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1210202583.808,335  Form
394McBee, BranninChief Development OfficerCanis Major SM TrustSell1210202583.7750041,8864,942,495Form
395Intrator, Michael NCEO and PresidentDirectSell1205202576.8832,4552,495,277455,626,979Form
396Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1205202576.8850,000  Form
397McVeety, Kristen JGC and SecretaryDirectSell1205202574.532,116157,7015,888Form
398McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1204202578.6125,000  Form
399McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1204202578.611,000  Form
400McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1204202578.618,335  Form
401McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1204202578.613,000  Form
402McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1204202578.611,000  Form
403McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1204202578.6125,000  Form
404McBee, BranninChief Development OfficerCanis Major SM TrustSell1204202578.6150039,3064,677,443Form
405McBee, BranninChief Development OfficerDirectSell1204202578.61102,8358,083,82614,557,018Form
406Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell1203202574.9532,8072,459,04113,692,660Form
407Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell1203202574.9432,7992,458,00613,690,836Form
408Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1128202574.44281,250  Form
409Agrawal, NitinChief Financial OfficerDirectSell1128202570.273,640255,76810,365,551Form
410McVeety, Kristen JGC and SecretaryDirectSell1121202582.552,231184,169181,197Form
411Agrawal, NitinChief Financial OfficerDirectSell1121202582.555,841482,17512,478,175Form
412Intrator, Michael NCEO and PresidentDirectSell1121202574.7132,4552,424,654445,156,227Form
413Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1121202574.7150,000  Form
414Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1114202587.57281,250  Form
415Goldberg, ChenSVP of EngineeringDirectSell1113202590.7913,7401,247,4682,119,425Form
416Goldberg, ChenSVP of EngineeringDirectSell11072025118.3019,1802,268,9944,387,037Form
417Intrator, Michael NCEO and PresidentDirectSell11072025113.9732,4553,698,950796,782,189Form
418Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell11072025113.9750,000  Form
419Magnetar, Financial LlcFootnotesSell11052025134.947,6881,037,38240,414,737Form
420Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell11052025127.9314,9581,913,64927,568,163Form
421Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell11052025127.9414,9581,913,71427,569,095Form
422Magnetar, Financial LlcFootnotesSell10312025135.65191,33125,953,371115,824,297Form
423Magnetar, Financial LlcFootnotesSell10312025135.65331,32444,942,83740,631,865Form
424Magnetar, Financial LlcFootnotesSell10312025134.69216,01029,094,65040,608,056Form
425Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10312025137.80281,250  Form

Investor Activity (13F)

Updated Nov 7, 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: 11/6/2026