Tearsheet

CoreWeave (CRWV)


Market Price (7/1/2026): $86.4 | Market Cap: $45.5 BilSector: Information Technology | Industry: Systems Software

CoreWeave (CRWV)


Market Price (7/1/2026): $86.4
Market Cap: $45.5 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 130%

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

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

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

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

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63%

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

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.3%

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

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 130%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 96%, CFO LTM is 6.0 Bil
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Cloud Computing. Themes include Data Centers & Infrastructure, and Infrastructure as a Service (IaaS).
3 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -163 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.6%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 63%
6 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -170%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.3%
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%
QQQ0.19%
QQQM0.19%
VUG0.11%
VO0.31%
ARKW3.5%
ARKK2.4%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

CoreWeave (CRWV) stock has gained about 30% since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Performance and Massive Revenue Backlog.

CoreWeave reported robust financial results for fiscal Q1 2026 (ending March 31, 2026), with revenue reaching nearly $2.1 billion, marking a 111% increase year-over-year. This performance was underpinned by a record revenue backlog of $99.4 billion as of March 31, 2026. Significant contributions to this backlog included a new $21 billion commitment from Meta Platforms and total commitments of $22.4 billion from OpenAI, signaling strong demand and future growth potential in the AI infrastructure market.

2. Substantial Capital Infusions and Strategic Partnerships.

Since fiscal Q1 2026, CoreWeave secured over $20 billion in combined debt and equity capital, crucial for expanding its AI cloud platform. This included a $2 billion Class A common stock investment from NVIDIA in Q1 2026, affirming NVIDIA's confidence in CoreWeave's strategy. Additionally, CoreWeave closed an $8.5 billion investment-grade-rated delayed draw term loan facility (DDTL 4.0) in March 2026, followed by a $3.1 billion DDTL 5.0 facility in May 2026. A $1 billion investment from Jane Street in April 2026, at $109 per share, coupled with a $6 billion cloud agreement, further highlighted strong investor and customer confidence.

Show more
Updated on 7/1/2026

CoreWeave (CRWV) stock has gained about 30% since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Performance and Massive Revenue Backlog.

CoreWeave reported robust financial results for fiscal Q1 2026 (ending March 31, 2026), with revenue reaching nearly $2.1 billion, marking a 111% increase year-over-year. This performance was underpinned by a record revenue backlog of $99.4 billion as of March 31, 2026. Significant contributions to this backlog included a new $21 billion commitment from Meta Platforms and total commitments of $22.4 billion from OpenAI, signaling strong demand and future growth potential in the AI infrastructure market.

2. Substantial Capital Infusions and Strategic Partnerships.

Since fiscal Q1 2026, CoreWeave secured over $20 billion in combined debt and equity capital, crucial for expanding its AI cloud platform. This included a $2 billion Class A common stock investment from NVIDIA in Q1 2026, affirming NVIDIA's confidence in CoreWeave's strategy. Additionally, CoreWeave closed an $8.5 billion investment-grade-rated delayed draw term loan facility (DDTL 4.0) in March 2026, followed by a $3.1 billion DDTL 5.0 facility in May 2026. A $1 billion investment from Jane Street in April 2026, at $109 per share, coupled with a $6 billion cloud agreement, further highlighted strong investor and customer confidence.

3. Rapid Expansion of Purpose-Built AI Infrastructure and Market Leadership.

CoreWeave aggressively expanded its specialized AI infrastructure, surpassing 1 GW of active power in fiscal Q1 2026 and setting a target of over 8 GW by 2030. The company's technological leadership was recognized through its designation as an NVIDIA Exemplar Cloud for inference on NVIDIA GB200 NVL72. Furthermore, a co-location agreement with Conapto in Sweden in June 2026 expanded its European footprint, providing access to advanced NVIDIA Blackwell Architecture and Vera Rubin Platforms to meet the accelerating demand for AI compute from labs and enterprises. This strategic expansion solidified CoreWeave's position as a leading "neocloud" provider in the high-performance GPU compute market.

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Stock Movement Drivers

Fundamental Drivers

The 28.5% change in CRWV stock from 3/31/2026 to 6/30/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120266302026Change
Stock Price ($)77.4799.5428.5%
Change Contribution By: 
Total Revenues ($ Mil)6,2270.0%
P/S Multiple8.40.0%
Shares Outstanding (Mil)404527-23.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 6/30/2026
ReturnCorrelation
CRWV28.5% 
Market (SPY)14.8%38.3%
Sector (XLK)43.4%40.3%

Fundamental Drivers

The 39.0% change in CRWV stock from 12/31/2025 to 6/30/2026 was primarily driven by a 44.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120256302026Change
Stock Price ($)71.6199.5439.0%
Change Contribution By: 
Total Revenues ($ Mil)4,3066,22744.6%
P/S Multiple8.38.41.7%
Shares Outstanding (Mil)498527-5.5%
Cumulative Contribution39.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 6/30/2026
ReturnCorrelation
CRWV39.0% 
Market (SPY)9.8%45.2%
Sector (XLK)32.5%49.3%

Fundamental Drivers

The -39.0% change in CRWV stock from 6/30/2025 to 6/30/2026 was primarily driven by a -23.4% change in the company's Shares Outstanding (Mil).
(LTM values as of)63020256302026Change
Stock Price ($)163.0699.54-39.0%
Change Contribution By: 
Total Revenues ($ Mil)6,2270.0%
P/S Multiple8.40.0%
Shares Outstanding (Mil)404527-23.4%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 6/30/2026
ReturnCorrelation
CRWV-39.0% 
Market (SPY)21.9%38.3%
Sector (XLK)51.1%46.9%

Fundamental Drivers

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Market Drivers

6/30/2023 to 6/30/2026
ReturnCorrelation
CRWV  
Market (SPY)74.4%38.0%
Sector (XLK)123.3%43.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CRWV Return----79%33%139%
Peers Return57%-34%93%65%29%-5%301%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
CRWV Win Rate----40%33% 
Peers Win Rate65%30%70%67%55%43% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CRWV Max Drawdown------36% 
Peers Max Drawdown-14%-45%-18%-20%-33%-25% 
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 7/1/2026 (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.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Price99.54238.34373.02357.37200.09146.55219.22
Mkt Cap52.52,560.52,770.04,323.84,859.4421.32,665.3
Rev LTM6,227742,776318,273422,499253,49167,358285,882
Op Inc LTM-16385,422148,957138,129162,28522,442111,776
FCF LTM-10,616-2,47272,91664,429119,076-23,68630,978
FCF 3Y Avg-21,34670,95269,47476,825-4,09169,474
CFO LTM5,981148,531170,141174,353125,64831,977137,090
CFO 3Y Avg-120,527136,991138,01380,77723,824120,527

Growth & Margins

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Rev Chg LTM129.9%14.2%17.9%17.5%70.7%17.4%17.7%
Rev Chg 3Y Avg-12.3%15.3%14.1%121.7%10.6%14.1%
Rev Chg Q111.6%16.6%18.3%21.8%85.2%20.6%21.2%
QoQ Delta Rev Chg LTM21.4%3.6%4.2%4.9%17.4%5.1%5.0%
Op Inc Chg LTM-158.0%19.2%22.0%17.5%88.3%24.3%20.6%
Op Inc Chg 3Y Avg-108.4%20.7%24.3%376.9%17.8%24.3%
Op Mgn LTM-2.6%11.5%46.8%32.7%64.0%33.3%33.0%
Op Mgn 3Y Avg-10.2%45.6%31.5%60.6%31.7%31.7%
QoQ Delta Op Mgn LTM-1.7%0.3%0.1%0.7%3.6%1.0%0.5%
CFO/Rev LTM96.0%20.0%53.5%41.3%49.6%47.5%48.5%
CFO/Rev 3Y Avg-18.1%49.5%37.3%50.5%39.7%39.7%
FCF/Rev LTM-170.5%-0.3%22.9%15.2%47.0%-35.2%7.5%
FCF/Rev 3Y Avg-3.5%26.1%19.3%48.3%-4.5%19.3%

Valuation

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
Mkt Cap52.52,560.52,770.04,323.84,859.4421.32,665.3
P/S8.43.48.710.219.26.38.6
P/Op Inc-322.830.018.631.329.918.824.4
P/EBIT-518.221.717.622.125.617.419.7
P/E-32.928.222.127.030.424.725.8
P/CFO8.817.216.324.838.713.216.8
Total Yield-3.0%3.5%5.5%3.9%3.3%5.4%3.7%
Dividend Yield0.0%0.0%0.9%0.2%0.0%1.4%0.1%
FCF Yield 3Y Avg-1.1%2.5%3.2%2.4%-0.8%2.4%
D/E0.70.10.00.00.00.40.1
Net D/E0.60.0-0.0-0.0-0.00.30.0

Returns

CRWVAMZNMSFTGOOGLNVDAORCLMedian
NameCoreWeaveAmazon.c.MicrosoftAlphabet NVIDIA Oracle  
1M Rtn-9.1%-11.9%-17.2%-6.0%-5.1%-35.1%-10.5%
3M Rtn28.5%14.4%1.0%24.4%14.9%-0.0%14.7%
6M Rtn34.7%2.5%-23.1%14.0%6.8%-25.2%4.7%
12M Rtn-39.0%8.6%-24.4%103.4%26.8%-32.3%-7.9%
3Y Rtn148.9%82.8%12.1%201.2%373.9%27.5%115.8%
1M Excs Rtn-8.1%-10.9%-16.1%-4.9%-4.1%-34.0%-9.5%
3M Excs Rtn25.7%0.4%-14.1%12.5%3.1%-12.3%1.7%
6M Excs Rtn22.0%-5.7%-31.4%5.9%-3.1%-33.7%-4.4%
12M Excs Rtn-59.3%-14.7%-45.7%79.3%5.5%-51.1%-30.2%
3Y Excs Rtn76.4%11.8%-58.5%122.2%302.5%-44.5%44.1%

Comparison Analyses

null

Financials

Segment Financials

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


Price Behavior

Price Behavior
Market Price$99.54 
Market Cap ($ Bil)52.5 
First Trading Date03/28/2025 
Distance from 52W High-39.0% 
   50 Days200 Days
DMA Price$110.01$96.45
DMA Trendindeterminateup
Distance from DMA-9.5%3.2%
 3M1YR
Volatility81.7%94.2%
Downside Capture335.32389.79
Upside Capture262.14242.79
Correlation (SPY)44.4%38.0%
CRWV Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta2.212.432.542.962.86-0.28
Up Beta0.360.221.592.062.47-0.83
Down Beta1.361.212.802.352.640.52
Up Capture285%305%366%687%475%317%
Bmk +ve Days11244067140429
Stock +ve Days8203566123156
Down Capture296%360%288%234%192%107%
Bmk -ve Days10172358112321
Stock -ve Days13212859128157

[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-41.0%94.0%-0.14-
Sector ETF (XLK)52.8%23.7%1.7247.2%
Equity (SPY)22.6%12.5%1.3438.8%
Gold (GLD)22.4%27.7%0.7118.1%
Commodities (DBC)22.4%18.6%0.952.3%
Real Estate (VNQ)13.2%13.7%0.66-2.6%
Bitcoin (BTCUSD)-44.4%42.5%-1.2635.1%

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
CRWV18.8%112.9%1.12-
Sector ETF (XLK)22.3%25.4%0.7844.0%
Equity (SPY)13.5%17.1%0.6138.3%
Gold (GLD)17.3%18.3%0.768.5%
Commodities (DBC)7.2%19.5%0.2711.0%
Real Estate (VNQ)2.6%18.8%0.0410.0%
Bitcoin (BTCUSD)12.9%53.8%0.4333.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CRWV
CRWV9.0%112.9%1.12-
Sector ETF (XLK)25.6%24.7%0.9344.0%
Equity (SPY)15.5%18.0%0.7338.3%
Gold (GLD)11.6%16.1%0.598.5%
Commodities (DBC)5.6%18.0%0.2411.0%
Real Estate (VNQ)5.4%20.7%0.2210.0%
Bitcoin (BTCUSD)55.2%66.4%0.9533.3%

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

Short Interest

Short Interest: As Of Date6152026
Short Interest: Shares Quantity69.0 Mil
Short Interest: % Change Since 531202626.4%
Average Daily Volume29.3 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity527.0 Mil
Short % of Basic Shares13.1%

Earnings Returns History

Updated 6/10/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-11.4%-11.4%-20.5%
2/26/2026-18.5%-23.4%-23.4%
11/10/2025-16.3%-28.7%-17.3%
8/12/2025-20.8%-37.6%-24.2%
5/14/2025-2.5%59.2%118.2%
SUMMARY STATS   
# Positive011
# Negative544
Median Positive 59.2%118.2%
Median Negative-16.3%-26.0%-22.0%
Max Positive 59.2%118.2%
Max Negative-20.8%-37.6%-24.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-11.4%-11.4%-20.5%
2/26/2026-18.5%-23.4%-23.4%
11/10/2025-16.3%-28.7%-17.3%
8/12/2025-20.8%-37.6%-24.2%
5/14/2025-2.5%59.2%118.2%
SUMMARY STATS   
# Positive011
# Negative544
Median Positive 59.2%118.2%
Median Negative-16.3%-26.0%-22.0%
Max Positive 59.2%118.2%
Max Negative-20.8%-37.6%-24.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
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
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 7/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McBee, BranninChief Development OfficerDirectSell701202695.6956,7075,426,29330,933,036Form
2McBee, BranninChief Development OfficerCanis Major SM TrustSell701202694.3250047,1594,904,485Form
3McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell701202694.323,000  Form
4McBee, BranninChief Development OfficerCanis Major 2025 GRATSell701202694.3240,000  Form
5McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell701202694.3212,500  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1McBee, BranninChief Development OfficerDirectSell701202695.6956,7075,426,29330,933,036Form
2McBee, BranninChief Development OfficerCanis Major SM TrustSell701202694.3250047,1594,904,485Form
3McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell701202694.323,000  Form
4McBee, BranninChief Development OfficerCanis Major 2025 GRATSell701202694.3240,000  Form
5McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell701202694.3212,500  Form
6McBee, BranninChief Development OfficerDirectSell701202694.32144,00013,582,71124,416,055Form
7McBee, BranninChief Development OfficerSpouseSell701202694.3225,000  Form
8McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell701202694.3225,000  Form
9Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6262026101.3261,539  Form
10Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6262026101.3215,385  Form
11Intrator, Michael NCEO and PresidentDirectSell6252026106.81200,00021,362,822350,010,084Form
12Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6252026106.81107,692  Form
13McBee, BranninChief Development OfficerCanis Major SM TrustSell6242026111.2750055,6335,841,430Form
14McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6242026111.2840,000  Form
15McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6242026111.2812,500  Form
16McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6242026111.2825,000  Form
17McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6242026111.273,000  Form
18McBee, BranninChief Development OfficerDirectSell6242026111.28144,00016,023,68328,803,905Form
19McBee, BranninChief Development OfficerSpouseSell6242026111.2825,000  Form
20Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6182026118.4861,539  Form
21Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6182026118.4815,385  Form
22Intrator, Michael NCEO and PresidentDirectSell6182026116.65200,00023,330,521405,579,518Form
23Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6182026116.65107,692  Form
24Agrawal, NitinChief Financial OfficerDirectSell6182026116.7058,4296,818,58422,612,810Form
25McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6172026107.3040,000  Form
26McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6172026107.3012,500  Form
27McBee, BranninChief Development OfficerDirectSell6172026107.30144,00015,450,60727,773,753Form
28McBee, BranninChief Development OfficerSpouseSell6172026107.3025,000  Form
29McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6172026107.3025,000  Form
30McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6172026107.303,000  Form
31McBee, BranninChief Development OfficerCanis Major SM TrustSell6172026107.2950053,6465,686,497Form
32Goldberg, ChenEVP, Product & EngineeringDirectSell6172026107.295,541594,4726,369,355Form
33Agrawal, NitinChief Financial OfficerDirectSell612202693.3563,8915,964,51223,544,002Form
34Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell612202696.8961,539  Form
35Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell612202696.8915,385  Form
36Intrator, Michael NCEO and PresidentDirectSell611202698.88200,00019,776,902363,580,058Form
37Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell611202698.88107,692  Form
38McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell6102026101.843,000  Form
39McBee, BranninChief Development OfficerCanis Major 2025 GRATSell6102026101.8440,000  Form
40McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell6102026101.8412,500  Form
41McBee, BranninChief Development OfficerDirectSell6102026101.84144,00014,664,71026,361,038Form
42McBee, BranninChief Development OfficerSpouseSell6102026101.8425,000  Form
43McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell6102026101.8425,000  Form
44McBee, BranninChief Development OfficerCanis Major SM TrustSell6102026101.8350050,9165,448,056Form
45Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell6052026112.5115,385  Form
46Venturo, Brian MChief Strategy OfficerDirectSell6052026112.5154,4746,128,66719,644,158Form
47Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell6052026112.5161,539  Form
48Intrator, Michael NCEO and PresidentDirectSell6042026122.38200,00024,475,694474,438,684Form
49Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell6042026122.38107,692  Form
50Magnetar, Financial LlcFootnotesSell6032026130.56112,11114,636,91931,584,443Form
51Jain, SachinChief Operating OfficerDirectSell6032026120.003,798455,76015,315,480Form
52Cogen, Jack D CW Holding 987 LLCSell6022026106.97271,15329,004,694938,074,701Form
53Jain, SachinChief Operating OfficerDirectSell5292026110.0089898,78014,456,970Form
54Cogen, Jack D CW Holding 987 LLCSell5292026106.32642,30768,291,181961,236,440Form
55Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5292026102.3361,539  Form
56Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5292026102.3315,385  Form
57McVeety, Kristen JGC and SecretaryDirectSell5292026101.872,246228,79212,398,680Form
58Cogen, Jack D CW Holding 987 LLCSell5292026103.77100,00010,377,0001,004,819,023Form
59Agrawal, NitinChief Financial OfficerDirectSell5292026102.175,508562,75819,797,793Form
60Intrator, Michael NCEO and PresidentDirectSell5282026106.74200,00021,348,107435,161,420Form
61Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5282026106.74107,693  Form
62Cogen, Jack D Birch Br Trust LLCSell5282026107.80110,000  Form
63Cogen, Jack D Chestnut Br Trust LLCSell5282026107.80110,000  Form
64Cogen, Jack D Maple Br Trust LLCSell5282026107.80110,000  Form
65Cogen, Jack D Willow Br Trust LLCSell5282026107.80110,000  Form
66Cogen, Jack D CW Holding 987 LLCSell5282026107.80546,54058,915,5431,054,595,764Form
67Boone, Karen DirectSell5282026108.231,060114,724790,079Form
68Boone, Karen The Boone Family Trust, dated August 6, 2015Sell5282026107.4510,520  Form
69Venturo, Brian MChief Strategy OfficerDirectSell522202699.825,887587,64022,866,666Form
70Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5222026101.0961,539  Form
71Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5222026101.0915,385  Form
72McVeety, Kristen JGC and SecretaryDirectSell522202699.823,833382,61012,373,787Form
73McBee, BranninChief Development OfficerDirectSell522202699.823,683367,63731,751,345Form
74Jain, SachinChief Operating OfficerDirectSell522202699.826,377636,55213,208,682Form
75Intrator, Michael NCEO and PresidentDirectSell522202699.8213,1291,310,537426,911,673Form
76Goldberg, ChenEVP, Product & EngineeringDirectSell5222026100.3414,1681,421,5866,512,828Form
77Baker, JeffPrincipal Accounting OfficerDirectSell522202699.821,320131,762111,699Form
78Agrawal, NitinChief Financial OfficerDirectSell522202699.8210,0621,004,38919,892,030Form
79Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5202026101.24300,000  Form
80Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5202026101.2475,000  Form
81Intrator, Michael NCEO and PresidentDirectSell5142026105.67200,00021,133,902471,972,967Form
82Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell5142026105.67107,693  Form
83Jain, SachinChief Operating OfficerDirectSell5122026118.6114,7501,749,56014,596,432Form
84Magnetar, Financial LlcFootnotesSell5082026129.91159,16820,677,14987,621,445Form
85Magnetar, Financial LlcFootnotesSell5082026129.91587,01076,257,07331,489,088Form
86Magnetar, Financial LlcFootnotesSell5082026136.71797,884109,080,68393,625,613Form
87Magnetar, Financial LlcFootnotesSell5082026136.731,202,656164,441,06133,573,757Form
88Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5082026136.7061,539  Form
89Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5082026136.7015,385  Form
90Jain, SachinChief Operating OfficerDirectSell5082026131.137,335961,83913,646,437Form
91Magnetar, Financial LlcFootnotesSell5062026127.68349,43744,614,57690,634,732Form
92Magnetar, Financial LlcFootnotesSell5062026127.68978,764124,964,22332,323,234Form
93Magnetar, Financial LlcFootnotesSell5062026127.29420,22753,489,50292,446,501Form
94Magnetar, Financial LlcFootnotesSell5062026127.291,155,164147,037,49232,861,205Form
95Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5062026126.78300,000  Form
96Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5062026126.7875,000  Form
97Magnetar, Financial LlcFootnotesSell5012026119.91209,15725,080,69689,411,877Form
98Magnetar, Financial LlcFootnotesSell5012026119.911,284,876154,073,68231,664,418Form
99Magnetar, Financial LlcFootnotesSell5012026117.846,564773,50231,758,587Form
100Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell5012026113.2461,539  Form
101Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell5012026113.2415,385  Form
102Baker, JeffPrincipal Accounting OfficerDirectSell5012026107.876,760729,2014,587,603Form
103Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4292026109.03300,000  Form
104Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4292026109.0375,000  Form
105McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4292026109.0333,350  Form
106McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4292026109.0312,500  Form
107McBee, BranninChief Development OfficerDirectSell4292026109.03200,00021,806,77534,207,416Form
108McBee, BranninChief Development OfficerSpouseSell4292026109.0333,350  Form
109McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4292026109.0354,150  Form
110Goldberg, ChenEVP, Product & EngineeringDirectSell4292026109.004,879531,8234,803,415Form
111Intrator, Michael NCEO and PresidentDirectSell4232026116.42200,00023,284,896589,864,740Form
112Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4232026116.42107,693  Form
113Magnetar, Financial LlcFootnotesSell4222026118.26323,45238,251,43433,052,369Form
114Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell4222026115.93900,000  Form
115Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell4222026115.93225,000  Form
116McBee, BranninChief Development OfficerCanis Major 2025 GRATSell4222026115.9433,330  Form
117McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell4222026115.9412,500  Form
118McBee, BranninChief Development OfficerDirectSell4222026115.93200,00023,186,39336,371,567Form
119McBee, BranninChief Development OfficerSpouseSell4222026115.9433,330  Form
120McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell4222026115.9454,170  Form
121Magnetar, Financial LlcFootnotesSell4222026117.33319,83537,526,24132,930,776Form
122Intrator, Michael NCEO and PresidentDirectSell4162026116.94200,00023,388,190615,869,621Form
123Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell4162026116.94107,693  Form
124Jain, SachinChief Operating OfficerDirectSell4142026105.007,335770,18312,112,506Form
125Venturo, Brian MChief Strategy OfficerDirectSell410202689.2261,7475,508,94819,947,375Form
126Jain, SachinChief Operating OfficerDirectSell410202692.003,953363,67611,287,572Form
127Intrator, Michael NCEO and PresidentDirectSell410202689.2262,3995,567,083487,707,555Form
128Goldberg, ChenEVP, Product & EngineeringDirectSell410202692.009,757897,6444,503,032Form
129Agrawal, NitinChief Financial OfficerDirectSell410202692.00141,28817,470,064Form
130Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell408202680.86900,000  Form
131Venturo, Brian MChief Strategy OfficerVenturo Family GST Exempt Trust dated June 30, 2023Sell408202680.86225,000  Form
132McBee, BranninChief Development OfficerDirectSell408202681.25100,0008,124,96125,490,604Form
133McBee, BranninChief Development OfficerSpouseSell408202681.2516,665  Form
134McBee, BranninChief Development OfficerCanis Major 2025 GRATSell408202681.2516,665  Form
135McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell408202681.2527,085  Form
136McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell408202681.256,250  Form
137Venturo, Brian MChief Strategy OfficerDirectSell402202674.0565,0054,813,62021,128,464Form
138McVeety, Kristen JGC and SecretaryDirectSell402202674.05118158,893,257Form
139McBee, BranninChief Development OfficerDirectSell402202674.0556,0314,149,09623,231,855Form
140Intrator, Michael NCEO and PresidentDirectSell402202674.0577,9395,771,383424,225,045Form
141Goldberg, ChenEVP, Product & EngineeringDirectSell402202674.05161,1854,346,957Form
142Baker, JeffPrincipal Accounting OfficerDirectSell402202674.05161,1852,724,225Form
143Agrawal, NitinChief Financial OfficerDirectSell402202674.05161,18514,062,539Form
144McBee, BranninChief Development OfficerCanis Major 2025 GRATSell401202669.2216,665  Form
145McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell401202669.226,250  Form
146McBee, BranninChief Development OfficerDirectSell401202669.22100,0006,922,41317,213,550Form
147McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell401202669.2227,085  Form
148McBee, BranninChief Development OfficerSpouseSell401202669.2216,665  Form
149Intrator, Michael NCEO and PresidentDirectSell327202687.3432,4562,834,835494,934,602Form
150Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell327202687.3450,000  Form
151McBee, BranninChief Development OfficerCanis Major 2025 GRATSell325202682.5316,665  Form
152McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell325202682.536,250  Form
153McBee, BranninChief Development OfficerDirectSell325202682.53100,0008,252,77920,521,690Form
154McBee, BranninChief Development OfficerSpouseSell325202682.5316,665  Form
155McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell325202682.5327,085  Form
156Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell320202683.65281,250  Form
157McBee, BranninChief Development OfficerCanis Major 2025 GRATSell318202684.4416,665  Form
158McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell318202684.446,250  Form
159McBee, BranninChief Development OfficerDirectSell318202684.44100,0008,444,23020,997,759Form
160McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell318202684.4427,085  Form
161McBee, BranninChief Development OfficerSpouseSell318202684.4416,665  Form
162Intrator, Michael NCEO and PresidentDirectSell313202681.4132,4552,642,137463,947,772Form
163Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell313202681.4150,000  Form
164Agrawal, NitinChief Financial OfficerDirectSell313202679.6863,1575,032,35018,194,769Form
165McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell311202672.6118,750  Form
166McBee, BranninChief Development OfficerDirectSell311202672.61300,00021,782,81718,055,342Form
167McBee, BranninChief Development OfficerSpouseSell311202672.6149,995  Form
168McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell311202672.6181,255  Form
169McBee, BranninChief Development OfficerCanis Major 2025 GRATSell311202672.6149,995  Form
170Agrawal, NitinChief Financial OfficerDirectSell305202673.203,920286,93512,383,956Form
171McVeety, Kristen JGC and SecretaryDirectSell227202697.922,671261,55511,758,603Form
172Intrator, Michael NCEO and PresidentDirectSell227202699.9532,4563,243,823572,827,461Form
173Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell227202699.9550,000  Form
174McVeety, Kristen JGC and SecretaryDirectSell224202690.831,677152,32611,149,661Form
175Goldberg, ChenEVP, Product & EngineeringDirectSell224202690.8418,9501,721,3335,331,047Form
176Baker, JeffPrincipal Accounting OfficerDirectSell224202690.832,374215,6423,749,211Form
177Agrawal, NitinChief Financial OfficerDirectSell224202690.845,383488,98015,724,480Form
178McBee, BranninChief Development OfficerCanis Major 2025 GRATSell219202691.7325,000  Form
179McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell219202691.738,315  Form
180McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell219202691.813,000  Form
181McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell219202691.811,000  Form
182McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell219202691.811,000  Form
183McBee, BranninChief Development OfficerCanis Major SM TrustSell219202691.8150045,9064,957,900Form
184McBee, BranninChief Development OfficerDirectSell219202691.73102,8309,432,38622,809,442Form
185McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell219202691.7325,000  Form
186Intrator, Michael NCEO and PresidentDirectSell213202693.6332,4553,038,833539,683,701Form
187Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell213202693.6350,000  Form
188McBee, BranninChief Development OfficerCanis Major 2025 GRATSell211202695.9525,000  Form
189McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell211202695.958,335  Form
190McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell211202695.813,000  Form
191McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell211202695.811,000  Form
192McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell211202695.811,000  Form
193McBee, BranninChief Development OfficerDirectSell211202695.95102,8309,866,21023,858,517Form
194McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell211202695.9525,000  Form
195McBee, BranninChief Development OfficerCanis Major SM TrustSell211202695.8150047,9075,221,837Form
196Goldberg, ChenSVP of EngineeringDirectSell206202679.6917,9851,433,2913,415,592Form
197Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell206202685.00281,250  Form
198McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell204202690.531,000  Form
199McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell204202690.531,000  Form
200McBee, BranninChief Development OfficerCanis Major 2025 GRATSell204202690.4325,000  Form
201McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell204202690.438,335  Form
202McBee, BranninChief Development OfficerDirectSell204202690.43102,8309,298,59622,485,909Form
203McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell204202690.4325,000  Form
204McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell204202690.533,000  Form
205McBee, BranninChief Development OfficerCanis Major SM TrustSell204202690.5350045,2664,979,241Form
206Baker, JeffPrincipal Accounting OfficerDirectSell1302026103.785,143533,7604,079,115Form
207Intrator, Michael NCEO and PresidentDirectSell1302026106.0832,4563,443,055614,895,769Form
208Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1302026106.0850,000  Form
209McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1282026101.4525,000  Form
210McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1282026101.458,335  Form
211McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1282026101.491,000  Form
212McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1282026101.491,000  Form
213McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1282026101.4525,000  Form
214McBee, BranninChief Development OfficerCanis Major SM TrustSell1282026101.4950050,7455,632,668Form
215McBee, BranninChief Development OfficerDirectSell1282026101.45102,83010,432,31525,227,475Form
216McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1282026101.493,000  Form
217McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell122202695.291,000  Form
218McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell122202695.291,000  Form
219McBee, BranninChief Development OfficerCanis Major 2025 GRATSell122202695.2925,000  Form
220McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell122202695.298,335  Form
221McBee, BranninChief Development OfficerDirectSell122202695.29102,8359,799,59323,696,271Form
222McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell122202695.2925,000  Form
223McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell122202695.293,000  Form
224McBee, BranninChief Development OfficerCanis Major SM TrustSell122202695.2950047,6455,336,268Form
225Intrator, Michael NCEO and PresidentDirectSell116202689.3932,4552,901,244521,050,978Form
226Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell116202689.3950,000  Form
227McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell114202688.788,335  Form
228McBee, BranninChief Development OfficerCanis Major SM TrustSell114202688.6250044,3095,006,913Form
229McBee, BranninChief Development OfficerCanis Major 2025 GRATSell114202688.7825,000  Form
230McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell114202688.621,000  Form
231McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell114202688.7825,000  Form
232McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell114202688.621,000  Form
233McBee, BranninChief Development OfficerDirectSell114202688.78102,8359,129,57322,076,105Form
234McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell114202688.623,000  Form
235Venturo, Brian MChief Strategy OfficerDirectSell102202672.5765,9404,785,36320,033,571Form
236McBee, BranninChief Development OfficerDirectSell102202672.5757,6364,182,72318,045,886Form
237Intrator, Michael NCEO and PresidentDirectSell102202672.39111,4278,065,759428,714,980Form
238Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell102202671.9450,000  Form
239McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1231202575.6325,000  Form
240McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1231202575.638,335  Form
241McBee, BranninChief Development OfficerCanis Major SM TrustSell1231202575.5750037,7854,345,261Form
242McBee, BranninChief Development OfficerDirectSell1231202575.63102,8357,777,06414,004,614Form
243McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1231202575.6325,000  Form
244McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1231202575.573,000  Form
245McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1231202575.571,000  Form
246McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1231202575.571,000  Form
247Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1229202579.36281,250  Form
248McBee, BranninChief Development OfficerDirectSell1223202585.30102,8358,771,43515,795,236Form
249McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1223202585.3025,000  Form
250McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1223202585.283,000  Form
251McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1223202585.421,000  Form
252McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1223202585.431,000  Form
253McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1223202585.2925,000  Form
254McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1223202585.328,335  Form
255McBee, BranninChief Development OfficerCanis Major SM TrustSell1223202585.4150042,7034,953,490Form
256Intrator, Michael NCEO and PresidentDirectSell1219202565.4732,4552,124,980385,887,391Form
257Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1219202565.4750,000  Form
258Agrawal, NitinChief Financial OfficerDirectSell1218202569.1836,3172,512,27511,557,625Form
259McBee, BranninChief Development OfficerCanis Major SM TrustSell1217202573.6850036,8394,310,215Form
260McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1217202573.681,000  Form
261McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1217202573.681,000  Form
262McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1217202573.5725,000  Form
263McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1217202573.578,335  Form
264McBee, BranninChief Development OfficerDirectSell1217202573.57102,8357,565,92913,624,411Form
265McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1217202573.5725,000  Form
266McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1217202573.683,000  Form
267Agrawal, NitinChief Financial OfficerDirectSell1212202582.5866,4675,488,53216,795,155Form
268Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1212202587.75281,250  Form
269McBee, BranninChief Development OfficerDirectSell1210202583.80102,8358,617,92315,518,797Form
270McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1210202583.8025,000  Form
271McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1210202583.773,000  Form
272McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1210202583.771,000  Form
273McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1210202583.771,000  Form
274McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1210202583.8025,000  Form
275McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1210202583.808,335  Form
276McBee, BranninChief Development OfficerCanis Major SM TrustSell1210202583.7750041,8864,942,495Form
277Intrator, Michael NCEO and PresidentDirectSell1205202576.8832,4552,495,277455,626,979Form
278Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1205202576.8850,000  Form
279McVeety, Kristen JGC and SecretaryDirectSell1205202574.532,116157,7015,888Form
280McBee, BranninChief Development OfficerBrannin J McBee 2022 Irrevocable TrustSell1204202578.6125,000  Form
281McBee, BranninChief Development OfficerCanis Minor 2025 Family Trust LLCSell1204202578.611,000  Form
282McBee, BranninChief Development OfficerCanis Minor 2025 GRATSell1204202578.618,335  Form
283McBee, BranninChief Development OfficerCanis Major 2024 Irrevocable Trust LLCSell1204202578.613,000  Form
284McBee, BranninChief Development OfficerCanis Major 2025 Family Trust LLCSell1204202578.611,000  Form
285McBee, BranninChief Development OfficerCanis Major 2025 GRATSell1204202578.6125,000  Form
286McBee, BranninChief Development OfficerCanis Major SM TrustSell1204202578.6150039,3064,677,443Form
287McBee, BranninChief Development OfficerDirectSell1204202578.61102,8358,083,82614,557,018Form
288Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell1203202574.9532,8072,459,04113,692,660Form
289Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell1203202574.9432,7992,458,00613,690,836Form
290Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1128202574.44281,250  Form
291Agrawal, NitinChief Financial OfficerDirectSell1128202570.273,640255,76810,365,551Form
292McVeety, Kristen JGC and SecretaryDirectSell1121202582.552,231184,169181,197Form
293Agrawal, NitinChief Financial OfficerDirectSell1121202582.555,841482,17512,478,175Form
294Intrator, Michael NCEO and PresidentDirectSell1121202574.7132,4552,424,654445,156,227Form
295Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell1121202574.7150,000  Form
296Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell1114202587.57281,250  Form
297Goldberg, ChenSVP of EngineeringDirectSell1113202590.7913,7401,247,4682,119,425Form
298Goldberg, ChenSVP of EngineeringDirectSell11072025118.3019,1802,268,9944,387,037Form
299Intrator, Michael NCEO and PresidentDirectSell11072025113.9732,4553,698,950796,782,189Form
300Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell11072025113.9750,000  Form
301Magnetar, Financial LlcFootnotesSell11052025134.947,6881,037,38240,414,737Form
302Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell11052025127.9314,9581,913,64927,568,163Form
303Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell11052025127.9414,9581,913,71427,569,095Form
304Magnetar, Financial LlcFootnotesSell10312025135.65191,33125,953,371115,824,297Form
305Magnetar, Financial LlcFootnotesSell10312025135.65331,32444,942,83740,631,865Form
306Magnetar, Financial LlcFootnotesSell10312025134.69216,01029,094,65040,608,056Form
307Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10312025137.80281,250  Form
308Magnetar, Financial LlcFootnotesSell10292025138.48464,16964,279,131119,494,743Form
309Magnetar, Financial LlcFootnotesSell10292025138.48804,514111,412,04641,862,780Form
310Magnetar, Financial LlcFootnotesSell10292025138.61378,29352,436,174121,757,163Form
311Magnetar, Financial LlcFootnotesSell10292025138.61435,63760,384,77442,555,036Form
312Magnetar, Financial LlcFootnotesSell10292025138.61639,67588,666,857226,489,952Form
313Magnetar, Financial LlcFootnotesSell10292025135.02531,59971,776,50542,183,899Form
314Intrator, Michael NCEO and PresidentDirectSell10242025118.5832,4553,848,450832,833,900Form
315Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10242025118.5750,000  Form
316Magnetar, Financial LlcFootnotesSell10222025136.7344,1816,040,83642,988,364Form
317Magnetar, Financial LlcFootnotesSell10172025136.6218,3712,509,857123,392,321Form
318Magnetar, Financial LlcFootnotesSell10172025136.62244,20333,361,92542,975,424Form
319Magnetar, Financial LlcFootnotesSell10172025143.51303,20643,513,560130,072,258Form
320Magnetar, Financial LlcFootnotesSell10172025143.51549,08778,800,232187,953,264Form
321Magnetar, Financial LlcFootnotesSell10172025143.51254,52536,527,25545,283,750Form
322Magnetar, Financial LlcFootnotesSell10172025143.511,004,073144,096,539322,440,928Form
323Magnetar, Financial LlcFootnotesSell10172025138.7512,8761,786,505129,349,810Form
324Magnetar, Financial LlcFootnotesSell10172025138.75495,12268,696,626190,897,374Form
325Magnetar, Financial LlcFootnotesSell10172025138.76556,23077,184,30544,885,067Form
326Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10172025138.47154,479  Form
327Magnetar, Financial LlcFootnotesSell10152025137.1917,7892,440,44944,914,751Form
328Magnetar, Financial LlcFootnotesSell10152025141.2727,9453,947,818133,552,805Form
329Magnetar, Financial LlcFootnotesSell10152025141.27369,37952,183,13646,261,129Form
330Magnetar, Financial LlcFootnotesSell10102025148.74414,54761,658,723274,507,574Form
331Magnetar, Financial LlcFootnotesSell10102025148.80180,16626,807,87448,943,573Form
332Magnetar, Financial LlcFootnotesSell10102025148.80208,20730,980,194141,386,800Form
333Magnetar, Financial LlcFootnotesSell10102025141.16372,70652,611,485135,511,000Form
334Magnetar, Financial LlcFootnotesSell10102025141.16907,277128,070,41346,851,838Form
335Magnetar, Financial LlcFootnotesSell10102025139.46691,24396,403,19046,952,211Form
336Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025139.6615,174  Form
337Intrator, Michael NCEO and PresidentDirectSell10092025136.7232,4554,437,309964,704,873Form
338Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell10092025135.4434,8264,716,9712,055,226Form
339Intrator, Michael NCEO and PresidentDirectSell10092025131.5461,8108,130,424932,403,475Form
340Venturo, Brian MChief Strategy OfficerDirectSell10082025137.9052,7877,279,09034,297,648Form
341Magnetar, Financial LlcFootnotesSell10072025137.6363,3188,714,37446,688,058Form
342Magnetar, Financial LlcFootnotesSell10072025139.27570,46379,447,33347,277,224Form
343Magnetar, Financial LlcFootnotesSell10072025139.371,149,406160,196,85347,608,907Form
344Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell10032025135.67281,250  Form
345Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell10032025135.6514,6151,982,50531,259,419Form
346Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell10032025135.6814,6151,982,99931,267,200Form
347Magnetar, Financial LlcFootnotesSell10022025138.20149,52420,664,788139,006,921Form
348Magnetar, Financial LlcFootnotesSell10022025138.22901,524124,605,99947,803,753Form
349Magnetar, Financial LlcFootnotesSell10022025137.11286,32339,257,74747,955,594Form
350Magnetar, Financial LlcFootnotesSell10022025139.5599,69113,911,778142,627,160Form
351Magnetar, Financial LlcFootnotesSell10022025139.55581,48481,145,574223,995,856Form
352Magnetar, Financial LlcFootnotesSell10022025139.55732,944102,280,89248,956,100Form
353Venturo, Brian MChief Strategy OfficerDirectSell10022025139.4465,5939,146,28842,042,415Form
354McBee, BranninChief Development OfficerDirectSell10022025138.59157,90321,884,29025,664,837Form
355McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell10022025138.10150,000  Form
356Intrator, Michael NCEO and PresidentDirectSell10022025139.4478,54810,952,733997,028,071Form
357Magnetar, Financial LlcFootnotesSell9262025136.38185,62725,315,999141,744,470Form
358Magnetar, Financial LlcFootnotesSell9262025136.381,113,847151,907,02948,561,010Form
359Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9262025130.1450,000  Form
360Intrator, Michael NCEO and PresidentDirectSell9262025130.1432,4554,223,680922,483,919Form
361McBee, BranninChief Development OfficerDirectSell9252025131.83250,00032,957,01616,078,410Form
362McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9252025131.83375,000  Form
363McVeety, Kristen JGC and SecretaryJackfruit 2024 GRATSell9242025126.8695,000  Form
364Magnetar, Financial LlcFootnotesSell9222025132.42734,11097,213,53847,791,701Form
365Magnetar, Financial LlcFootnotesSell9222025125.60197,33624,784,570133,653,886Form
366Magnetar, Financial LlcFootnotesSell9222025125.601,151,054144,567,443215,100,235Form
367Magnetar, Financial LlcFootnotesSell9222025125.601,451,063182,251,14145,671,459Form
368Magnetar, Financial LlcFootnotesSell9222025120.62176,51221,290,912132,481,624Form
369Magnetar, Financial LlcFootnotesSell9222025120.621,059,358127,780,72545,118,975Form
370Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell9192025118.68281,250  Form
371Agrawal, NitinChief Financial OfficerDirectSell9182025118.1838,4224,540,52917,204,895Form
372McBee, BranninChief Development OfficerDirectSell9182025118.17250,00029,542,57014,412,638Form
373McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell9182025118.17375,000  Form
374Magnetar, Financial LlcFootnotesSell9172025120.09211,83525,440,318133,716,742Form
375Magnetar, Financial LlcFootnotesSell9172025120.101,271,277152,675,75945,474,252Form
376Magnetar, Financial LlcFootnotesSell9172025122.4276,3889,351,084138,517,058Form
377Magnetar, Financial LlcFootnotesSell9172025122.39185,71322,728,81647,017,085Form
378Magnetar, Financial LlcFootnotesSell9172025119.93535,05564,167,74546,188,952Form
379Agrawal, NitinChief Financial OfficerDirectSell9152025115.2963,2307,289,77421,214,476Form
380Intrator, Michael NCEO and PresidentDirectSell9122025118.3332,4553,840,275842,585,583Form
381Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell9122025118.3350,000  Form
382Magnetar, Financial LlcFootnotesSell9112025118.05204,41624,130,36145,699,255Form
383Magnetar, Financial LlcFootnotesSell9112025118.42811,80096,131,74145,933,636Form
384Magnetar, Financial LlcFootnotesSell9112025103.84573,45759,547,77540,592,406Form
385McBee, BranninChief Development OfficerDirectSell911202599.47250,00024,866,81312,131,523Form
386McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell911202599.47375,000  Form
387Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell904202590.62281,250  Form
388Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell904202593.1619,4101,808,18722,829,082Form
389Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell904202593.1619,4101,808,18922,829,110Form
390McBee, BranninChief Development OfficerDirectSell904202593.17250,00023,292,32211,363,392Form
391McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell904202593.17375,000  Form
392Goldberg, ChenSVP of EngineeringDirectSell904202593.1756,2945,244,8491,748,221Form
393Cogen, Jack DCW Holding 987 LLCSell904202594.691,112,004105,297,5071,167,517,510Form
394Magnetar, Financial LlcFootnotesSell9022025102.3880,8208,274,51840,240,860Form
395Magnetar, Financial LlcFootnotesSell8292025103.17915,33994,435,46340,574,981Form
396Intrator, Michael NCEO and PresidentDirectSell829202595.6532,4553,104,307684,212,903Form
397Intrator, Michael NCEO and PresidentOmnadora Capital LLCSell829202595.6550,000  Form
398McVeety, Kristen JGC and SecretaryDirectSell829202595.21311,796  Form
399Agrawal, NitinChief Financial OfficerDirectSell828202592.063,512323,30911,498,087Form
400McBee, BranninChief Development OfficerDirectSell828202591.99250,00022,996,92811,219,281Form
401McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell828202591.99375,000  Form
402Magnetar, Financial LlcFootnotesSell825202598.1920,7332,035,77338,854,176Form
403Venturo, Brian MChief Strategy OfficerYOLO APV TrustSell822202588.1021,5311,896,82523,299,030Form
404Venturo, Brian MChief Strategy OfficerYOLO ECV TrustSell822202588.1021,5311,896,82523,299,032Form
405Venturo, Brian MChief Strategy OfficerWest Clay Capital LLCSell822202588.10281,250  Form
406Agrawal, NitinChief Financial OfficerDirectSell822202589.996,010540,85911,556,194Form
407McVeety, Kristen JGC and SecretaryDirectSell822202589.972,292206,215376,351Form
408McBee, BranninChief Development OfficerDirectSell821202591.71250,00022,926,47311,184,909Form
409McBee, BranninChief Development OfficerBrannin J. McBee 2022 Irrevocable TrustSell821202591.71375,000  Form
410Magnetar, Financial LlcFootnotesSell8192025100.78549,68255,398,35139,880,359Form
411Magnetar, Financial LlcFootnotesSell8192025100.15915,38291,675,50739,835,364Form
412Cogen, Jack DCW Holding 987 LLCSell8182025100.201,000,000100,201,1391,346,871,641Form
413Cogen, Jack DCW Holding 987 LLCSell818202590.552,556,000231,445,8001,307,694,124Form
414Cogen, Jack DBirch Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form
415Cogen, Jack DChestnut Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form
416Cogen, Jack DMaple Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form
417Cogen, Jack DWillow Tree Trust LLCSell818202590.55111,00010,051,05059,237,810Form

CRWV Trade Sentinel


Stock Conviction

MARKET WEIGHT (Score 5-6)

CONVICTION RATIONALE

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

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

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

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.
INVESTMENT THESIS
Backlog Conversion & Execution on Multi-Year AI Infrastructure Contracts

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

Mechanism: CoreWeave monetizes by signing multi-year, take-or-pay contracts for dedicated GPU capacity. The company then uses debt and equity to fund the capital expenditure required to build the specialized data centers, profiting from the spread between the contracted revenue and the cost of operations.
Supporting Evidence:
  • Revenue backlog swelled from $66.8B at the end of FY2025 to $99.4B by the end of Q1 2026.
  • Secured multi-year, multi-billion dollar commitments from foundational AI customers including Microsoft, Meta, OpenAI, and Anthropic.
  • Capital expenditure guidance of $31-$35 billion for FY2026 indicates the scale of the build-out to meet contracted demand.
  • Total contracted power, a leading indicator for data center capacity, exceeds 3.5 GW as of Q1 2026.
PRIMARY RISK
Operational Execution Risk in Servicing ~$100B Backlog Amid Rising Capex

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

Mechanism: A delay in bringing data centers online means the massive backlog cannot be converted into revenue as quickly as projected. This leads to a miss on revenue expectations while capital expenditures and interest expenses continue to rise, causing a cash crunch and a significant compression of the valuation multiple as growth decelerates.
Supporting Evidence:
  • Q2 2026 revenue guidance midpoint of $2.53B missed consensus estimates of $2.69B, a potential early sign of execution friction.
  • FY2026 capital expenditure guidance was increased from a $30B floor to a $31B floor, citing higher component costs.
  • Aggressive insider selling by multiple co-founders and executives, totaling over $1 billion in early 2026, raises questions about leadership's conviction in the long-term execution plan.
  • Extreme customer concentration (67% of FY2025 revenue from Microsoft) makes any delays or renegotiations with this key partner a critical threat.
Key KPI Watchlist
KPI Threshold Rationale
Revenue Backlog>$20B sequential growth per quarterThis is the primary leading indicator of future growth and market share capture. Continued acceleration validates the thesis that CoreWeave is the preferred provider for large-scale AI workloads.
Capital Expenditure vs. GuidanceStays within the $31B - $35B rangeDemonstrates operational control and cost discipline. A significant increase beyond the guided range would signal execution problems and pressure the balance sheet, triggering the Anti-Alpha thesis.
Quarterly Revenue vs. GuidanceMeeting or exceeding consensus estimatesAfter the Q2 '26 guidance miss, the market is highly sensitive to the company's ability to forecast and convert backlog into recognized revenue. Consistent beats are required to maintain confidence.
Core Investment Debate

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

BULL VIEW

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

CORE TENSION

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


PREVAILING SENTIMENT
NEUTRAL

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

BEAR VIEW

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

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
Early August 2026
Q2 2026 Earnings Call
Watch: Quarterly Revenue vs. Guidance. Must meet or beat the $2.45B-$2.6B range after the prior Q1 miss. Also watch for any further increase to the $31B-$35B Capex plan.
Early November 2026
Q3 2026 Earnings Call
Watch: Sequential Revenue Backlog Growth. Watch for growth >$15B from Q2's figure to show continued commercial momentum beyond the initial large deals.
Late July 2026
Anchor Customer Earnings Call (Microsoft)
Watch: Commentary on AI Capex ROI and efficiency. Any mention of 'optimizing' GPU spend or 'digesting' recent investments is a direct threat.
Next 3-6 Months
Competitor Architectural Update (Meta/AMD)
Watch: Specific timeline from Meta on deploying its custom AMD Instinct GPUs. A concrete date for transitioning internal workloads away from third-party clouds.
Key Events in Last 6 Months
Date Event Stock Impact
Dec 15, 2025
Termination of Core Scientific Merger
Details: The company terminated a planned merger with data center provider Core Scientific, creating uncertainty around its infrastructure expansion plans. The stock plummeted -7.9% on the news.
-7.94%
$78.59 -> $72.35
Jan 12, 2026
NVIDIA Partnership Expansion
Details: NVIDIA announced a new $2B equity investment to help CoreWeave build out large-scale AI data centers, signaling strong partner confidence. The stock surged 12.2% on the news.
12.22%
$80.14 -> $89.93
Feb 26, 2026
Q4 2025 Earnings Report
Details: Company reported FY2025 revenue of $5.1B and a year-end backlog of $66.8B. The stock reaction was muted (-0.4%) as the market awaited future guidance.
-0.39%
$98.01 -> $97.63
Mar 5, 2026
New Partnership with Meta
Details: Details of expanded multi-billion dollar commitment from Meta emerged. Despite the positive news, the stock crashed -5.9% amid broader market weakness and concerns about customer concentration.
-5.89%
$79.50 -> $74.82
Apr 1, 2026
Insider Selling Disclosures
Details: Filings revealed over $1B in collective stock sales by CEO Michael Intrator and co-founders Brian Venturo and Brannin McBee in early 2026. Stock saw a modest 1.3% gain, suggesting the market was focused elsewhere.
1.25%
$77.47 -> $78.44
May 7, 2026
Q1 2026 Earnings & Guidance
Details: Reported Q1 revenue of $2.08B and backlog surging to $99.4B. However, stock plummeted -6.6% as Q2 revenue guidance midpoint ($2.53B) missed consensus ($2.69B) and capex guidance increased.
-6.62%
$137.98 -> $128.84
Risk Management
Position Sizing

4% - 6%

NORMAL

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

Diversification Alternatives
IREN
INDUSTRY

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

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

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

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

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

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

What will confirm the thesis

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

What will damage the thesis

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

Noise: Real but irrelevant to thesis

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

Repricing Catalyst

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

What CRWV Makes & Who Pays
TTM figures based on Q1 2026 Earnings Press Release, May 7 2026
Specialized GPU Cloud Infrastructure
$8.3B TTM (100% of Total) · 85% Margin
What It Is

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

Who Pays & How

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

Primarily multi-year, take-or-pay contracts for reserved capacity ('Reserved Instances'), constituting ~96% of revenue. Also offers on-demand, usage-based hourly rentals ('GPU-as-a-Service').
Competition
Hyperscalers (AWS, Microsoft Azure, Google Cloud) offering their own GPU instances.
Vastly greater financial resources, broader service portfolios, and established enterprise relationships.
CoreWeave's moat is its singular focus on purpose-built, high-performance AI infrastructure, providing superior performance-per-dollar, and its privileged relationship with NVIDIA, granting early access to the newest, most powerful GPUs.
CRWV Evolution: Price Return by Era
2017–2020 · Crypto Origins
From Ethereum Mining to a Strategic Pivot Private Company
Founded as Atlantic Crypto in 2017, the company initially focused on mining Ethereum. As the AI market began to accelerate, the leadership team recognized their expertise in operating large GPU fleets was transferable and made a strategic pivot toward cloud computing for AI workloads.
2021–2024 · The AI Infrastructure Buildout
Capitalizing on the Generative AI Boom Private Company
Amid the generative AI explosion, CoreWeave established itself as a key infrastructure player by securing early, large allocations of scarce NVIDIA GPUs. The company raised significant debt and equity, including from NVIDIA itself, to rapidly expand its data center footprint from 3 to 32 facilities, growing revenue from $229M in 2023 to $1.9B in 2024.
2025–Present · Hyperscale Transformation
Securing the Future with Massive Backlog +80% (YTD as of May 7, 2026)
CoreWeave went public in March 2025 and transitioned its business model to focus on securing massive, multi-year contracts with the largest AI players. Revenue grew to $5.1B in FY2025, and by Q1 2026, it had amassed a revenue backlog of nearly $100 billion, cementing its role as a foundational infrastructure provider for the AI industry and planning a massive $30B+ capex spend for 2026.
Market Appears To Be Skeptical Of Core Thesis
Price structure is showing early stress, with SMA alignment beginning to break down. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum are mixed. There is no clear institutional footprint in either direction. Earnings history is a strong counter-signal. The market has consistently rejected the narrative. This is not noise, but institutional disagreement.
① Structure
-1
Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.
② Volume / Momentum
0
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
-4
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
-5 / 12
1 Price Structure & Trend Broken In Short Term · Golden Cross
2 Momentum Pausing
3 Relative Strength vs. SPY Facing Relative Strength
4 Institutional Footprint & Volume Mild Accumulation
5 Volatility Normal
6 Key Price Levels Range · Vol Falling
7 Earnings Reaction History Consistent Pressure
8 How the Verdict Is Derived Three Pillars
Core Cache Last Updated: 6/30/2026