{"id":"da8eb3b3-8b7c-41f0-96cc-9f700a57bfca","name":"CoreWeave","slug":"coreweave","description":"CoreWeave is the largest of the \"neocloud\" GPU operators, a category of specialist infrastructure providers built to rent Nvidia accelerators to AI labs and enterprises at hyperscale. Founded in 2017 in New Jersey as Atlantic Crypto, it pivoted from Ethereum mining into AI infrastructure and by 2025 was operating roughly 250,000 GPUs across 32 data centers in the United States and Europe. Its March 28, 2025 IPO on Nasdaq under ticker CRWV raised $1.5 billion and made it the first pure-play GPU cloud to trade publicly.\\n\\nWhat distinguishes CoreWeave from the rest of the neocloud pack is its depth of concentration with the two entities that matter most in AI infrastructure: Nvidia, which is both a strategic investor and its preferred launch partner for new silicon generations (H100, H200, GB200/B200), and a small set of anchor tenants that account for the vast majority of its revenue. Microsoft alone drove more than 60% of 2024 revenue, and a five-year OpenAI contract signed in 2025 is worth roughly $12 billion. That anchor-tenant model let CoreWeave scale faster than competitors like Lambda or Crusoe, but also gives it customer-concentration risk that public filings flag prominently.\\n\\nThe company reported $5.13 billion in 2025 revenue against a $1.2 billion net loss, reflecting the capital intensity of financing GPU fleets ahead of tenant ramp. Its 2025 acquisition of Weights & Biases for roughly $1.7 billion pushed CoreWeave up the stack from raw compute rental toward the MLOps tooling layer, followed by smaller tuck-ins of OpenPipe and Monolith AI. Positioning is unambiguously hyperscale and training-first: long-term reserved capacity contracts with a handful of the largest AI buyers, rather than the on-demand long-tail served by cheaper mid-market neoclouds.","status":"private","founded":0,"hq":"Undisclosed","hqLat":7.6130084,"hqLng":5.248172,"hqGeocodedAt":"2026-08-23T21:13:25.760Z","hqAddress":null,"hqPrecision":null,"website":"https://www.coreweave.com","fundingTotal":"1500000000","type":"infrastructure","roles":["data_center_operator"],"reviewStatus":"reviewed","heatIndex":52,"lifecycleState":"active","supersededByCompanyId":null,"sources":[{"url":"https://en.wikipedia.org/wiki/CoreWeave","title":"CoreWeave - Wikipedia"},{"url":"https://www.coreweave.com/about","title":"About CoreWeave"},{"url":"https://investors.coreweave.com/","title":"CoreWeave Investor Relations"},{"url":"https://www.nextplatform.com/2025/03/05/coreweaves-250000-strong-gpu-fleet-undercuts-the-big-clouds/","title":"CoreWeave's 250,000-Strong GPU Fleet","sourceName":"The Next Platform","publishedAt":"2025-03-05"},{"url":"https://futurumgroup.com/insights/coreweave-q2-fy-2026-ai-demand-drives-pricing-and-capacity-growth/","title":"CoreWeave Q2 FY2026: capacity growth","sourceName":"Futurum Group","publishedAt":"2026-08-01"},{"url":"https://markets.ft.com/data/announce/detail?dockey=600-202609180700BIZWIRE_USPRX____20260917_BW137088-1","title":"CoreWeave Prices Upsized $3.7 Billion Convertible Senior Notes Offering","sourceName":"Business Wire / FT"},{"url":"https://finviz.com/news/393456/coreweave-prices-upsized-37-billion-convertible-senior-notes-offering","title":"CoreWeave Prices Upsized $3.7 Billion Convertible Senior Notes Offering","sourceName":"Business Wire (via Finviz)"},{"url":"https://www.coreweave.com/news/coreweave-signs-multi-year-agreement-with-solidigm-to-strengthen-its-integrated-ai-cloud-platform","title":"CoreWeave Signs Multi-Year Agreement With Solidigm","sourceName":"CoreWeave (official)","publishedAt":"2026-08-05"},{"url":"https://news.solidigm.com/en-WW/268913-coreweave-signs-multi-year-agreement-with-solidigm-to-strengthen-its-integrated-ai-cloud-platform/","title":"CoreWeave Signs Multi-Year Agreement With Solidigm","sourceName":"Solidigm (official)","publishedAt":"2026-08-05"},{"url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm","title":"CoreWeave Form 8-K: completed $4.2B 2.875% convertible notes due 2033","sourceName":"SEC EDGAR (Form 8-K)","publishedAt":"2026-09-22"},{"url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/0001769628-26-000432-index.htm","title":"CoreWeave 8-K filing index AccNo 0001769628-26-000432","sourceName":"SEC EDGAR","publishedAt":"2026-09-22"},{"url":"https://www.financialcontent.com/article/bizwire-2026-9-23-harell-data-selects-coreweave-to-power-its-secure-platform-for-ai-model-training","title":"Harell Data Selects CoreWeave to Power Its Secure Platform for AI Model Training","sourceName":"Business Wire (via FinancialContent)","publishedAt":"2026-09-23"},{"url":"https://www.stocktitan.net/news/CRWV/harell-data-selects-core-weave-to-power-its-secure-platform-for-ai-agbh5kkuruj1.html","title":"Harell Data Selects CoreWeave (Business Wire syndication)","sourceName":"StockTitan (Business Wire reprint)","publishedAt":"2026-09-23"},{"url":"https://newsletter.semianalysis.com/p/clustermax-30-the-industry-standard","title":"ClusterMAX 3.0: The Industry Standard GPU Cloud Rating System Returns","sourceName":"SemiAnalysis","publishedAt":"2026-09-23"},{"url":"https://x.com/SemiAnalysis_/status/2102871810123383166","title":"SemiAnalysis announces ClusterMAX 3.0 on X","sourceName":"X (@SemiAnalysis_)","publishedAt":"2026-09-23"},{"url":"https://www.coreweave.com/blog/cognition-becomes-first-customer-for-nvidia-vera-rubin-nvl72-on-coreweave-cloud","title":"Cognition Becomes First Customer for NVIDIA Vera Rubin NVL72 on CoreWeave Cloud","sourceName":"CoreWeave","publishedAt":"2026-09-30"},{"url":"https://x.com/shipfrontierai/status/2105309848909046014","title":"Secondary: CoreWeave Vera Rubin NVL72 LA / Cognition headline","sourceName":"X (@shipfrontierai)","publishedAt":"2026-09-30"},{"url":"https://x.com/RHouseResearch/status/2105288332536095063","title":"Secondary: CoreWeave CEO CNBC clip commentary (not used for facts)","sourceName":"X (@RHouseResearch)","publishedAt":"2026-09-30"},{"url":"https://signal65.com/research/ai/coreweave-delivers-higher-throughput-and-lower-cost-per-token-on-nvidia-blackwell/","title":"CoreWeave Delivers Higher Throughput and Lower Cost per Token on NVIDIA Blackwell: A Three-Year TCO and Tokenomics Analysis","sourceName":"Signal65","publishedAt":"2026-09-30"},{"url":"https://x.com/Signal_65/status/2105384773652721803","title":"Signal65: CoreWeave vs hyperscalers on 5k-GPU Blackwell 3yr TCO / tokens","sourceName":"X (@Signal_65)","publishedAt":"2026-09-30"},{"url":"https://www.bce.ca/cs-assets/News-Release_Bell-AI-Fabric-data-centre-in-Saskatchewan.pdf-blt47c4baa280b9deae","title":"Bell AI Fabric Expands National Network with 300 MW Data Centre in Saskatchewan","sourceName":"Bell / BCE (news release PDF)","publishedAt":"2026-03-16"},{"url":"https://www.bce.ca/news-and-media/newsroom?article=bell-engages-saskatchewan-contractors-for-early-phases-of-300mw-ai-data-centre-build","title":"Bell Engages Saskatchewan Contractors for Early Phases of 300MW AI Data Centre Build","sourceName":"Bell / BCE Newsroom","publishedAt":"2026-05-04"},{"url":"https://www.coreweave.com/news/coreweave-delivers-nvidia-vera-rubin-nvl72-performance-at-production-scale-starting-with-cognition","title":"CoreWeave Delivers NVIDIA Vera Rubin NVL72 Performance at Production Scale, Starting With Cognition","sourceName":"CoreWeave","publishedAt":"2026-09-30"},{"url":"https://blogs.nvidia.com/blog/coreweave-agentic-ai-vera-rubin/","title":"From Training to Production, NVIDIA and CoreWeave Close the Loop on Agentic AI","sourceName":"NVIDIA Blog","publishedAt":"2026-09-30"},{"url":"https://www.cnbc.com/2026/09/24/buy-coreweave-as-it-leans-into-short-term-contracts-jpmorgan-says-.html","title":"Buy this cloud infrastructure stock as it leans into short-term contracts, JPMorgan says","sourceName":"CNBC","publishedAt":"2026-09-24"},{"url":"https://www.marketbeat.com/instant-alerts/analyst-coreweave-nasdaq-crwv-stock-rating-upgraded-by-jpmorgan-chase-co-2026-09-24/","title":"CoreWeave (NASDAQ:CRWV) Stock Rating Upgraded by JPMorgan Chase & Co.","sourceName":"MarketBeat","publishedAt":"2026-09-24"},{"url":"https://www.nvidia.com/en-us/networking/products/silicon-photonics/","title":"Silicon Photonics Networking for Agentic AI","sourceName":"NVIDIA"},{"url":"https://www.linkedin.com/posts/nvidia-ai-infra_nvidia-spectrum-x-ethernet-photonics-is-now-activity-7493720156607729665-1I6z","title":"NVIDIA Spectrum-X Ethernet Photonics is now in full production.","sourceName":"NVIDIA AI Infrastructure (LinkedIn)"},{"url":"https://www.storagereview.com/news/nvidia-spectrum-x-ethernet-photonics-enters-full-production-with-4x-fewer-lasers-and-a-five-vendor-cpo-supply-chain","title":"NVIDIA Spectrum-X Ethernet Photonics Enters Full Production With 4x Fewer Lasers and a Five-Vendor CPO Supply Chain","sourceName":"StorageReview","publishedAt":"2026-08-15"}],"keyFacts":[{"label":"Headquarters","value":"Undisclosed"},{"label":"Status","value":"private"},{"label":"Type","value":"brain"},{"label":"Public status","value":"Nasdaq: CRWV, IPO March 28, 2025 (raised $1.5B)","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"GPU inventory","value":"~250,000 Nvidia GPUs across the fleet (2025 disclosure; generation mix skewed to H100/H200 with GB200/B200 rolling in)","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Data center footprint","value":"32 data centers across US and Europe (2025)","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Largest tenant","value":"Microsoft: >60% of 2024 revenue","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Anchor contract","value":"OpenAI five-year deal signed 2025, ~$12B total value","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"2025 revenue","value":"$5.13B revenue, $1.2B net loss","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Total assets","value":"$49.3B (2025)","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Silicon partnership","value":"Nvidia strategic partner and minority investor; consistent early-access launch customer for H100, H200, GB200/B200","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"M&A","value":"Acquired Weights & Biases for ~$1.7B (March 2025); also OpenPipe and Monolith AI (2025)","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Positioning","value":"Hyperscale training-first neocloud; long-term reserved capacity to anchor tenants (Microsoft, OpenAI, Meta) rather than on-demand long-tail","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Founded","value":"September 21, 2017 as Atlantic Crypto (New Jersey); rebranded to CoreWeave after pivot from Ethereum mining","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Employees","value":"2,189 (2025)","sourceUrl":"https://en.wikipedia.org/wiki/CoreWeave"},{"label":"Power capacity (live)","value":"1,500 MW active (Q2 2026)"},{"label":"Power capacity (planned)","value":"3,700-4,200 MW contracted"},{"label":"GPU fleet (verified)","value":"~250,000 (last disclosed, end-2024)"},{"label":"Primary accelerator","value":"NVIDIA H100 / H200 / GB200 NVL72"},{"label":"Convertible notes (Sep 2026)","value":"Completed Sep 22 2026: upsized private offering of $4.2B aggregate principal of 2.875% convertible senior notes due April 1 2033, including $500M from full exercise of the initial purchasers' option (base pricing was $3.7B upsized from $3.0B). Net proceeds ~$4.137B; ~$566.2M funded capped calls (initial cap $199.70/share) to limit dilution; remainder general corporate purposes. Initial conversion price ~$97.85/share (22.5% premium to Sep 17 close). SEC Form 8-K"},{"label":"Solidigm SSD supply (Aug 2026)","value":"Multi-year agreement with Solidigm for priority enterprise SSD capacity to scale CoreWeave AI cloud storage; contract size/pricing undisclosed"},{"label":"Harell Data multi-year deal (Sep 2026)","value":"Company (Sep 23 2026, Business Wire): multi-year agreement for Harell Data to run training, fine-tuning, and inference on CoreWeave Cloud using NVIDIA A100 and Hopper GPUs. Compute-to-data model: proprietary biotech datasets stay inside Harell's environment; metered compute with revenue-share / Models-as-a-Service marketplace. CoreWeave press"},{"label":"ClusterMAX 3.0 Platinum (Sep 2026)","value":"CoreWeave remains Platinum in SemiAnalysis ClusterMAX 3.0 alongside new peer Nebius. SemiAnalysis calls CoreWeave \"the industry's sharpest, sturdiest, most proactive neocloud\" with exemplary clusters used as a measuring stick. SemiAnalysis ClusterMAX 3.0 (Sep 23 2026): covers 77 managed GPU clouds in depth; raised the bar so only 19 providers hit a Medallion rating (Platinum/Gold/Silver/Bronze). Analyst ranking from hands-on cluster testing; not a company press release"},{"label":"Vera Rubin NVL72 limited availability (company-stated, Sep 2026)","value":"Company-stated ([company-stated](https://www.coreweave.com/blog/cognition-becomes-first-customer-for-nvidia-vera-rubin-nvl72-on-coreweave-cloud)): on Sep 30 2026 CoreWeave said NVIDIA Vera Rubin NVL72 is in limited availability on CoreWeave Cloud, with hundreds of NVIDIA Rubin GPUs deployed across multiple regions and customer workloads starting in production. Cap: company blog; capacity still limited-availability"},{"label":"Cognition first Vera Rubin NVL72 production customer (company-stated, Sep 2026)","value":"Company-stated ([company-stated](https://www.coreweave.com/blog/cognition-becomes-first-customer-for-nvidia-vera-rubin-nvl72-on-coreweave-cloud)): Cognition (Devin) is the first customer bringing production agentic AI workloads to Vera Rubin NVL72 on CoreWeave. Cognition SVP Research Silas Alberti is quoted saying engineers see up to a 4.8x increase in total token throughput for SWE-2 inference vs GB200 NVL72, and CoreWeave cites 3.8x output token throughput for RL workloads at matched interactivity. Cap: company-stated / customer-quoted benchmarks, not independent third-party verification"},{"label":"CEO on CNBC: contribution margins rising (reported, Sep 2026)","value":"Reported ([reported](https://x.com/RHouseResearch/status/2105288332536095063)): CoreWeave CEO on CNBC said contribution margins are increasing despite rising interest rates, as higher earnings yields (e.g. $/GPU-hr) on deployed infrastructure outpace a higher cost of debt. Cap: soft secondary paraphrase of a CNBC appearance; not a company written release or quantified margin disclosure"},{"label":"Signal65 Blackwell TCO vs hyperscalers (reported, Sep 2026)","value":"Reported ([reported](https://signal65.com/research/ai/coreweave-delivers-higher-throughput-and-lower-cost-per-token-on-nvidia-blackwell/); also [Signal65 X](https://x.com/Signal_65/status/2105384773652721803)): Signal65 (Mitch Lewis, Sep 30 2026) modeled a 5,000-GPU NVIDIA Blackwell deployment over three years vs three anonymized hyperscalers using public on-demand pricing and MLPerf Inference v6.0. Findings include up to ~65% lower three-year cost on GB200 NVL72, up to ~41% lower on HGX B200, up to ~52% lower on HGX B300, and that a $1M annual commitment on GB200 NVL72 buys about 1.33 trillion tokens on CoreWeave (64% to 195% more than the hyperscaler clouds in their comparison). Research page notes it was commissioned. Cap: third-party commissioned analysis, not CoreWeave audited financials; hyperscalers anonymized"},{"label":"Secured tenant at Bell AI Fabric 300 MW Regina/Sherwood (company-stated via Bell, Mar 2026)","value":"Company-stated via Bell ([company-stated](https://www.bce.ca/cs-assets/News-Release_Bell-AI-Fabric-data-centre-in-Saskatchewan.pdf-blt47c4baa280b9deae)): Bell's March 16 2026 release names CoreWeave as a secured tenant at the 300 MW Saskatchewan AI Fabric campus, to deliver scalable NVIDIA-GPU AI compute. Cap: Bell primary; CoreWeave quote in same release (Sachin Jain, COO)."},{"label":"Vera Rubin NVL72 in customer production; Cognition first (company-stated, Sep 2026)","value":"Company-stated ([company-stated](https://www.coreweave.com/news/coreweave-delivers-nvidia-vera-rubin-nvl72-performance-at-production-scale-starting-with-cognition); also [CoreWeave blog](https://www.coreweave.com/blog/cognition-becomes-first-customer-for-nvidia-vera-rubin-nvl72-on-coreweave-cloud); [NVIDIA Blog](https://blogs.nvidia.com/blog/coreweave-agentic-ai-vera-rubin/)): CoreWeave announces NVIDIA Vera Rubin NVL72 availability on CoreWeave Cloud (limited availability per blog), with Cognition (Devin) as the first customer running production workloads. Customers run it under the same operating model as GB200/GB300 NVL72 fleets. Announced at CoreWeave Fully Connected (Sep 30 2026). Cap: company press; limited availability framing on CoreWeave blog."},{"label":"Cognition SWE-2: up to 4.8x token throughput vs GB200 NVL72 (company-stated, Sep 2026)","value":"Company-stated ([company-stated](https://www.coreweave.com/news/coreweave-delivers-nvidia-vera-rubin-nvl72-performance-at-production-scale-starting-with-cognition); also [NVIDIA Blog](https://blogs.nvidia.com/blog/coreweave-agentic-ai-vera-rubin/)): Cognition engineers benchmarked Vera Rubin NVL72 on CoreWeave vs a GB200 NVL72 baseline and report up to a 4.8x increase in total token throughput for SWE-2 inference workloads, plus a 3.8x boost in output token throughput for reinforcement learning workloads (CoreWeave press). Cap: Cognition/CoreWeave-stated customer benchmarks; model sizes/batch settings not disclosed in press."},{"label":"JPMorgan upgrades to Overweight; PT $120 to $125 (reported, Sep 2026)","value":"Reported ([reported](https://www.cnbc.com/2026/09/24/buy-coreweave-as-it-leans-into-short-term-contracts-jpmorgan-says-.html); also [MarketBeat](https://www.marketbeat.com/instant-alerts/analyst-coreweave-nasdaq-crwv-stock-rating-upgraded-by-jpmorgan-chase-co-2026-09-24/)): CNBC (Sep 24 2026) says JPMorgan upgraded CoreWeave from Neutral to Overweight and raised its 12-month price target to $125 from $120. Analyst Samik Chatterjee cited a favorable compute pricing backdrop and CoreWeave's willingness to lean into short-term premium contracts, lifting revenue/margin forecasts despite investor concern about capital intensity. Cap: sell-side opinion via CNBC paraphrase of a JPMorgan note; not a CoreWeave company disclosure."},{"label":"Early adopter of NVIDIA Spectrum-X Ethernet Photonics CPO switches (reported, Aug 2026)","value":"Reported ([reported](https://www.storagereview.com/news/nvidia-spectrum-x-ethernet-photonics-enters-full-production-with-4x-fewer-lasers-and-a-five-vendor-cpo-supply-chain); also [NVIDIA product page](https://www.nvidia.com/en-us/networking/products/silicon-photonics/)): StorageReview (Aug 15 2026) lists CoreWeave among cloud providers integrating NVIDIA's Spectrum-X Ethernet Photonics co-packaged optics fabric as it entered full production. Cap: adoption per secondary reporting; no deployment size disclosed."}],"aliases":[],"collisionRisk":"low","reviewNote":"SCOPE-REVIEW: Off-axis entity (data center/crypto/investment/telecom/energy) — not core physical AI","atsProvider":null,"atsSlug":null,"factoryLocations":null,"manufacturingCapacity":null,"orgType":null,"burnSignal":null,"litigationEvents":null,"insurancePostureDisclosed":null,"unitEconomicsDisclosed":null,"tickerSymbol":null,"stockExchange":null,"secCik":null,"revenueUsd":null,"revenueBasis":null,"revenueAsOf":null,"employeeCount":2189,"employeeCountBasis":"Company disclosure per 2025 filings (via Wikipedia summary of 10-K/prospectus)","employeeCountAsOf":"2025-01-01T00:00:00.000Z","marketCapUsd":null,"marketCapAsOf":null,"marketCapSource":null,"createdAt":"2026-08-19T04:00:27.464Z","updatedAt":"2026-10-05T02:03:07.887Z","jsonLd":{"@context":"https://schema.org","@type":"Organization","@id":"https://registry.deploy.report/companies/coreweave","url":"https://registry.deploy.report/companies/coreweave","name":"CoreWeave","description":"CoreWeave is the largest of the \"neocloud\" GPU operators, a category of specialist infrastructure providers built to rent Nvidia accelerators to AI labs and enterprises at hyperscale. Founded in 2017 in New Jersey as Atlantic Crypto, it pivoted from Ethereum mining into AI infrastructure and by 2025 was operating roughly 250,000 GPUs across 32 data centers in the United States and Europe. Its March 28, 2025 IPO on Nasdaq under ticker CRWV raised $1.5 billion and made it the first pure-play GPU cloud to trade publicly.\\n\\nWhat distinguishes CoreWeave from the rest of the neocloud pack is its depth of concentration with the two entities that matter most in AI infrastructure: Nvidia, which is both a strategic investor and its preferred launch partner for new silicon generations (H100, H200, GB200/B200), and a small set of anchor tenants that account for the vast majority of its revenue. Microsoft alone drove more than 60% of 2024 revenue, and a five-year OpenAI contract signed in 2025 is worth roughly $12 billion. That anchor-tenant model let CoreWeave scale faster than competitors like Lambda or Crusoe, but also gives it customer-concentration risk that public filings flag prominently.\\n\\nThe company reported $5.13 billion in 2025 revenue against a $1.2 billion net loss, reflecting the capital intensity of financing GPU fleets ahead of tenant ramp. Its 2025 acquisition of Weights & Biases for roughly $1.7 billion pushed CoreWeave up the stack from raw compute rental toward the MLOps tooling layer, followed by smaller tuck-ins of OpenPipe and Monolith AI. Positioning is unambiguously hyperscale and training-first: long-term reserved capacity contracts with a handful of the largest AI buyers, rather than the on-demand long-tail served by cheaper mid-market neoclouds.","identifier":"da8eb3b3-8b7c-41f0-96cc-9f700a57bfca","address":"Undisclosed","publisher":{"@id":"https://deploy.report/#organization"}},"framework_metadata":{"framework_schema_version":"0.1.0","verification_status":"verified","maturity_stage":null,"lifecycle_state":null,"architectural_position":{"cohort":null,"sub_cohorts":[]},"within_cohort_verified_vs_claimed_pair":null,"cap_flags":[],"verification_depth":{"sources_count":29,"primary_source_types":["knowledge-base","primary-company-ir","primary-sec-filing","secondary-established-publication"]}}}