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CRWV

CoreWeave, Inc. Class A Common Stock

NASDAQ · Technology · Software - Infrastructure · US

$88.35
+4.48%
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Research · Sep 3, 2026

[CRWV] CoreWeave Thesis 2026: GPU Cloud Backlog Tests Hyperscaler AI Capex Cycle

CoreWeave Inc. (NASDAQ: CRWV) FY2025 revenue ~$5.0-5.5B (+700-770% YoY) with diluted EPS ~-$0.50 to +$0.30 reflecting continued explosive AI cloud GPU compute demand growth (~$26B aggregate post-IPO backlog March 2025) plus selected post-2024 Microsoft + OpenAI + selected major hyperscaler + AI lab GPU compute customer concentration plus continued ~26 data center facility expansion (~360+ MW operational + ~1.6+ GW contracted) plus selected post-March 2025 ~$1.5B IPO closing under continued co-CEO Michael Intrator (founder + CEO since 2017). Leading AI cloud GPU compute provider with operations across 26 data center facilities + ~360+ MW operational + ~1.6+ GW contracted in US + selected international. Founded 2017 in Roseland New Jersey by Michael Intrator + Brian Venturo + Brannin McBee as Atlantic Crypto cryptocurrency mining operator (~8-year heritage); selected post-2017 initial focus on Ethereum cryptocurrency mining; selected post-2019 strategic shift from cryptocurrency mining toward general-purpose GPU compute serving visual effects + machine learning + AI customers; selected post-2021 rebranding from Atlantic Crypto to CoreWeave reflecting AI cloud GPU compute focus; selected post-2022 ~$200M Series B + post-April 2023 ~$221M Series B-1 + post-May 2024 ~$1.1B Series C + post-March 2025 ~$1.5B NASDAQ IPO; selected post-2023 NVIDIA strategic partnership + ~$1.3B aggregate FY2024-2025 NVIDIA-led equity + debt investment. Headquartered in Roseland New Jersey; ~1,000+ employees globally with ~$5.0-5.5B revenue. Single primary product offering: AI cloud GPU compute (~80%+ revenue from Microsoft + OpenAI + selected major hyperscaler + AI lab customers; selected post-September 2024 + March 2025 OpenAI ~$11.9B + ~$11.9B partnership commitments). $26B aggregate post-IPO backlog: total backlog ~$26B March 2025 (~5x trailing FY2024 revenue ~$1.92B); OpenAI partnerships post-September 2024 + March 2025 ~$11.9B + ~$11.9B; Microsoft ~62% FY2024 revenue concentration; selected various AI labs Anthropic + selected various enterprise AI customers; backlog conversion timeline ~2-5 year revenue recognition. 26 data center facility footprint: ~360+ MW operational + ~1.6+ GW contracted FY2025 (vs ~14 facilities + ~145 MW operational FY2024 post-IPO); GPU portfolio NVIDIA H100 + H200 + Blackwell + GB200 + GB300; selected post-2024 ~$1.4B Core Scientific (CORZ) acquisition potential. NVIDIA strategic partnership: ~$1.3B aggregate FY2024-2025 NVIDIA-led equity investment; selected priority H100 + H200 + Blackwell + GB200 + GB300 GPU allocation; NVIDIA Inception Premier Partner; NVIDIA DGX Cloud co-developed AI cloud product. CEO + Co-founder Michael Intrator since 2017 founding (~8-year tenure; ex-Hudson Ridge Asset Management); CTO + Co-founder Brian Venturo + Chief Strategy Officer + Co-founder Brannin McBee; CFO Nitin Agrawal. Capital structure: ~$15-18B aggregate cumulative debt FY2025 supporting GPU procurement + data center capex; no dividend; no buybacks (capital priority on growth + AI infrastructure investment); investment-grade Caa1/CCC+ credit rating. FY2026 thesis: $26B aggregate backlog conversion + 26 → 30+ data center facility expansion + NVIDIA Blackwell + GB200 + GB300 GPU procurement + AI cloud GPU compute demand sustainability. Risks: hyperscaler AI capex cycle sustainability, ~80%+ Microsoft + OpenAI + selected major hyperscaler + AI lab GPU compute concentration (major customer churn risk), GPU technology cycle (NVIDIA Blackwell + GB200 + GB300 + post-2025 Rubin obsolescence + depreciation), debt burden (~$15-18B aggregate cumulative + selected continued debt-funded GPU procurement), hyperscaler in-house AI cloud capacity expansion.

Research · Apr 13, 2026

META's $21B CoreWeave Deal Sends CRWV Up 15% — Is the Debt Risk Worth It?

CoreWeave stock surged 15% in five days after a $21B Meta infrastructure deal announcement on April 9, 2026, highlighting Meta's AI capex surge but raising execution risks amid CRWV's debt raises and lawsuits. Meta's robust $201B FY2025 revenue and $46B FCF position it well, trading at 25x P/E.

Research · Mar 12, 2026

Can Oracle's multi-cloud and sovereign cloud strategy take AI workload share from AWS and Azure?

Oracle's 66% cloud infrastructure growth, $523B RPO backlog, and 147+ sovereign cloud regions give it a differentiated wedge against AWS and Azure in the AI workload race. At 21.7x forward P/E — the cheapest among the five cloud players examined — ORCL offers the best risk/reward, though massive capex and negative free cash flow make execution the key risk.

Research · Mar 12, 2026

How does CoreWeave's GPU-as-a-service model threaten traditional hyperscaler economics?

CoreWeave's 168% revenue growth and $66.8B backlog make it a real force in GPU-as-a-service, but its model primarily threatens Oracle's similar GPU rental strategy rather than the broader hyperscaler ecosystem. AWS, Azure, and Google Cloud are insulated by platform breadth, custom silicon (Trainium, TPUs), and software lock-in — CoreWeave's $15B debt load and GPU depreciation risk remain its biggest vulnerabilities.

Research · Mar 12, 2026

Which data center REITs benefit most as hyperscalers race to lock up AI-ready capacity?

Data center REITs are experiencing unprecedented demand as hyperscalers and GPU cloud providers race to lock up AI-ready capacity, with CoreWeave alone planning $30-35B in 2026 capex. Digital Realty offers the best risk-reward with its 5 GW power pipeline and record backlog, while Iron Mountain is the highest-upside dark horse with 30%+ data center revenue growth at a meaningful valuation discount to peers.