Technology · NASDAQ: CRWV
CoreWeave: how the business works
CoreWeave rents out cloud computing for AI on NVIDIA chips, with revenue of $5.1 billion and a net loss of $1.2 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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CoreWeave, Inc. · Livingston, New Jersey · Founded 2017
Last updated
- Revenue, FY2025
- $5.1B
- Net loss, FY2025
- −$1.2B
- Remaining performance obligations, Jun 30, 2026
- $103.7B
- Total debt, Jun 30, 2026
- $35.1B
- Class B share of votes, Jul 31, 2026 (co-founders hold all Class B)
- 66.9%
The short version
CoreWeave in 5 points
1 · What it sells
CoreWeave rents out cloud computing for AI, including computing on NVIDIA chips, storage and software, with $5,131 million of revenue in FY2025 and $2,575 million in Q2 FY2026.
2 · Who pays it
In Q2 FY2026 CoreWeave's largest customer paid 36% of revenue, the next 26%, a third 10% and all others 28%; the filing does not name these three.
3 · What it keeps from $100
Of every $100 that came in during FY2025, which includes $108 million of other income, a fair value gain and a tax benefit, costs were $122.3, including $23.5 of interest, so CoreWeave lost $22.3; the operating loss before interest was $46 million.
4 · Where the operating profit comes from
CoreWeave reports one segment, so no product shows its own profit; the whole company went from $324 million of operating income in FY2024 to a $46 million operating loss in FY2025.
5 · The one thing to watch
In the 12 months to Jun 30, 2026, CoreWeave's cash from operations was $6,911 million and its purchases of property and equipment were $21,456 million.
Sources: From CoreWeave's FY2025 10-K, Q2 FY2026 10-Q and earnings releases · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of CoreWeave's money go?
CoreWeave · FY2025
Receipt for every $100
| Technology and infrastructure | $55.9 |
|---|---|
| Cost of revenue | $27.7 |
| Interest expense, net | $23.5 |
| General and administrative | $12.4 |
| Sales and marketing | $2.7 |
| Net loss (costs above money in) | −$22.3 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue $5,131 million + $108 million of other income, a fair value gain and a tax benefit = $5,239 million). Costs added up to $122.3, so the last line is a net loss of $22.3. Depreciation and amortization ($2,454 million) and stock-based pay ($630 million) sit inside the cost lines. Costs came to $122.3 per $100 that came in.
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02The business in one line
What does CoreWeave do?
Companies running AI work pay CoreWeave to rent NVIDIA-powered computing, mostly under multi-year contracts; data center and equipment costs take most of that money, and interest on its debt then leaves a net loss.
- Customer commitments were 98% of FY2025 revenue. Microsoft alone paid 67% that year; in Q2 FY2026 the largest customer paid 36%.
- FY2025 revenue was $5,131 million and the operating loss $46 million. Interest expense, net, of $1,229 million led to a total net loss of $1,167 million.
03Who pays it
Who pays CoreWeave?
Largest customer
36%
of revenue
Paid 36% of Q2 FY2026 revenue. The filing does not name it.
Second-largest customer
26%
of revenue
Paid 26% of Q2 FY2026 revenue. The filing does not name it.
Third-largest customer
10%
of revenue
Paid 10% of Q2 FY2026 revenue. The filing does not name it.
All other customers
28%
of revenue
The remaining 28% (Cityfort calculation from Q2 FY2026 10-Q); none reached 10%.
- Largest customer36%
- Second-largest customer26%
- Third-largest customer10%
- All other customers28%
Customer concentration
Three customers paid 72% of Q2 FY2026 revenue. Microsoft alone paid 67% in FY2025 and 62% in FY2024. The largest customer's share was 72% in Q1 FY2025, 71% in Q2 FY2025 and 67% in Q3 FY2025. The Q2 FY2026 10-Q names Microsoft and OpenAI as significant customers. Named commitments as filed: Meta about $21.0 billion (Mar 31, 2026) and about $14.2 billion (Sep 2025); OpenAI up to about $6.5 billion (Sep 2025) and up to about $11.9 billion (Mar 2025); Jane Street about $6.0 billion. OpenAI's total commitments were up to about $22.4 billion (Q3 FY2025 release). The Q2 FY2026 release lists new or expanded customers including Bentley Systems, Caterpillar, Databricks and Runway ML.
- Largest customer
- 36%
04Why it makes money
Why does CoreWeave make money?
Long contracts fill the machines, but wear and tear and interest decide what is left.
Depreciation and amortization was $47.8 per $100 of revenue in FY2025. Stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more rose from $1.6 to $12.3 per $100 after the IPO. Operating income went from $324 million in FY2024 to a $46 million loss in FY2025. Interest expense, net, was $24.0 per $100.
Operating income per $100 of revenue
$16.9−$0.9
FY2024 to FY2025
- Customers sign multi-year take-or-pay contracts
- Amounts invoiced in advance show as deferred revenue
- CoreWeave borrows against those contracts to buy servers
- Leased data centers go live with the new machines
- Revenue is recognized evenly over the contract
- Depreciation and interest come out; new contracts fund the next build
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up CoreWeave?
CoreWeave (one reported segment)
100%CoreWeave reports one operating and reportable segment, so no product or service shows its own revenue or profit.
Revenue $5.1B · Operating profit −$46M
How the mix changed
- CoreWeave (one reported segment)
Revenue by segment, FY2022 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has CoreWeave done?
Revenue
$5.1BFY2025
Revenue rose from $15.8 million in FY2022 to $5,131 million in FY2025, and reached $2,575 million in Q2 FY2026 alone.
US$
See the numbers
Net profit
−$1.2BFY2025
CoreWeave had a net loss every year shown; in FY2025 the total net loss was $1,167 million and the operating loss $46 million.
US$
See the numbers
Profit kept per $100 of revenue
−$23.8FY2025
The net loss for common stockholders per $100 of revenue narrowed from $259.4 in FY2023 to $48.9 in FY2024 and $23.8 in FY2025; stock-based pay was $12.3 per $100 in FY2025.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$7.3BFY2025
Cash from operations was $3,058 million in FY2025, including a $4,174 million rise in amounts invoiced in advance; purchases of property and equipment were $10,309 million.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; CoreWeave's fiscal year is the calendar year, so Q2 FY2026 is April–June 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $1,167 million. Series C preferred dividends and accretion added $29 million, and a change in the value of common stock warrants added $27 million for the diluted figure.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs CoreWeave, and did they deliver?
Michael Intrator
Co-founder, Chief Executive Officer, President and chair · since 2017
2025 total pay $3,454,004, including $1,955,072 of other compensation.
Brian Venturo
Co-founder, Chief Strategy Officer and director · since 2024
Chief Technology Officer from October 2017 to March 2024. 2025 total pay $2,804,835.
Brannin McBee
Co-founder, Chief Development Officer · since 2024
Chief Strategy Officer from September 2017 to March 2024.
Nitin Agrawal
Chief Financial Officer and Treasurer · since 2024
2025 total pay $1,013,150.
Sachin Jain
Chief Operating Officer · since 2024
Jonathan Jones
Chief Revenue Officer · since 2025
2025 total pay $18,577,603, of which $18,068,392 was stock.
08What could go wrong
What could go wrong for CoreWeave?
- Concentration
Three customers paid most of the revenue
Three customers paid 72% of Q2 FY2026 revenue, and two customers were 32% each of receivables at Jun 30, 2026. Microsoft alone paid 67% in FY2025. The 10-K says a number of its key competitors are also customers.
Watch Customer percentages in the revenue note of each 10-Q and 10-K.
- Debt
Debt and interest are large against operating income
Total debt reached $35,068 million at Jun 30, 2026, up from $7,926 million at Dec 31, 2024. Interest expense, net, was $640 million in Q2 FY2026, against an operating loss of $49 million. Principal of $4,413 million falls due in the rest of 2026 and $6,184 million in 2027.
Watch Interest expense, total debt and the maturity table in each 10-Q.
- Cash and liquidity
Spending on equipment is above cash from operations
In the 12 months to Jun 30, 2026, cash from operations was $6,911 million and purchases of property and equipment were $21,456 million. Leases not yet commenced add $35.5 billion undiscounted. Cash purchases leave out $11,151 million of FY2025 additions financed by suppliers or still owed.
Watch Purchases of property and equipment, and leases not yet commenced, in each 10-Q.
- Governance
Co-founders control the votes
Class B shares, held by the three co-founders, carried 66.9% of votes at Jul 31, 2026 on 16.8% of the shares. The 10-K says this limits other shareholders' ability to influence major decisions. Intrator is both CEO and board chair, and the board is classified, so directors stand for election in groups.
Watch Class B share count on each 10-Q cover and the proxy's ownership table.
- Concentration
Dependence on NVIDIA
All GPUs in use are NVIDIA, as customer contracts require. NVIDIA was 17% of FY2025 purchases, is a customer and held 10.66% of Class A at Apr 15, 2026. The 10-K lists delays in chips and other equipment as a risk to its data center plans.
Watch Supplier percentages in the 10-K and related-party notes in the proxy.
- Technology
Equipment may wear out or date faster than assumed
CoreWeave depreciates technology equipment over 6 years, changed from 5 on Jan 1, 2023. The 10-K calls useful life an estimate. Depreciation and amortization was $1,393 million in Q2 FY2026, or $54.1 per $100 of revenue.
Watch Useful-life notes and depreciation in each 10-K and 10-Q.
- Governance
Material weaknesses in financial controls
Disclosure controls were not effective at Jun 30, 2026 because of material weaknesses over IT controls, segregation of duties and accounting staff. CoreWeave says these arose before its IPO and that it is working to fix them.
Watch Controls section (Item 4) of each 10-Q and Item 9A of the 10-K.
- Legal
Shareholder lawsuits
A proposed class action filed Jan 12, 2026 alleges false and misleading statements and seeks unspecified damages. Derivative suits in New Jersey are stayed; another was filed in Delaware on May 12, 2026, with no stay stated. CoreWeave says the claims are without merit and had accrued no material potential loss at Jun 30, 2026.
Watch Legal proceedings note in each 10-Q and 10-K.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose from $1,915 million in FY2024 to $5,131 million in FY2025, and first-half 2026 revenue rose 112% to $4,653 million.
- Remaining performance obligations rose from $15.1 billion at Dec 31, 2024 to $103.7 billion at Jun 30, 2026.
- Commitments were 98% of Q2 FY2026 revenue, and committed contracts are typically take-or-pay.
- The largest customer's share fell from 67% in FY2025 to 36% in Q2 FY2026.
- Cash, securities and undrawn credit lines were $15,553 million at Jun 30, 2026, up from $6,862 million at Dec 31, 2025.
What critics point to
- Total net loss was $1,167 million in FY2025 and $1,366 million in the first half of 2026.
- Interest expense, net, was $640 million in Q2 FY2026, against an operating loss of $49 million.
- Purchases of property and equipment were $21,456 million in the 12 months to Jun 30, 2026, against $6,911 million of cash from operations.
- Total debt was $35,068 million at Jun 30, 2026, against equity of $5,024 million, and leases not yet commenced add $35.5 billion undiscounted.
- The co-founders' Class B shares carried 66.9% of votes at Jul 31, 2026, and disclosure controls were not effective at Jun 30, 2026.
10What to watch next
What should you watch next at CoreWeave?
Next event
Q3 FY2026 results
Date not announced yet.
Remaining performance obligations and when they turn into revenue
They were $103.7 billion at Jun 30, 2026, with 41% expected within 24 months. The Q3 10-Q gives the next figures.
Customer shares
Three customers paid 36%, 26% and 10% of Q2 FY2026 revenue. Filings do not name them, and customer letters can change between filings.
Interest against operating income
Interest expense, net, was $640 million in Q2 FY2026 and the operating loss was $49 million. New debt priced in September 2026 is not yet in those figures.
11Key facts
Key facts about CoreWeave
- What does CoreWeave do?
- CoreWeave rents out cloud computing built for AI work such as training and running AI models. CoreWeave's service includes computing on NVIDIA chips, storage and software, delivered from 51 data centers at Jun 30, 2026. Its revenue was $5,131 million in FY2025.
- How does CoreWeave make money?
- CoreWeave charges customers for computing capacity, mostly under multi-year contracts they must pay for whether or not they use it (take-or-pay). Customer commitments were 98% of CoreWeave's $5,131 million revenue in FY2025; on-demand customers pay as they use.
- What is CoreWeave's business model?
- CoreWeave borrows to buy servers and leases data centers, then rents that capacity out under long contracts. In FY2025 CoreWeave spent $10,309 million on property and equipment against revenue of $5,131 million. Its remaining performance obligationsSigned contracts with customers that have not been billed yet., contracted revenue not yet recognized, were $103.7 billion at Jun 30, 2026.
- Is CoreWeave profitable?
- CoreWeave is not profitable. CoreWeave had a total net loss of $1,167 million and an operating loss of $46 million in FY2025. In Q2 FY2026 its net loss was $626 million and its operating loss $49 million.
- What is CoreWeave's revenue by segment?
- CoreWeave reports one segment, so all $5,131 million of its FY2025 revenue sits in that segment. By location, $4,801 million came from the United States and $330 million from other countries, based on each customer's contract address.
- Who are CoreWeave's customers?
- Microsoft was CoreWeave's largest customer in FY2025, at 67% of revenue. In Q2 FY2026 CoreWeave's three largest customers, not named in the filing, paid 36%, 26% and 10% of revenue. CoreWeave's Q2 FY2026 10-Q also names Microsoft and OpenAI as significant customers, and Jane Street as committing about $6.0 billion.
- What is in CoreWeave's infrastructure services?
- CoreWeave's infrastructure services rent out clusters of NVIDIA graphics chips (GPUs), with networking and storage, from its data centers. CoreWeave reports one segment, so the $5,131 million of FY2025 revenue is not split by service.
- What are CoreWeave Mission Control and Weights & Biases?
- CoreWeave Mission Control is CoreWeave's software for running and monitoring chip clusters. Weights & Biases is a developer platform for AI models, which CoreWeave bought on May 5, 2025 for $1,029 million. CoreWeave reports one segment, so neither has its own revenue line in FY2025.
- How big is CoreWeave, and how much does it owe?
- CoreWeave had revenue of $5,131 million in FY2025 and 2,189 employees at Dec 31, 2025. At Jun 30, 2026 CoreWeave had total assets of $77,070 million, total debt of $35,068 million and cash and marketable securities of $5,539 million.
- Who owns CoreWeave?
- CoreWeave's co-founders Michael Intrator, Brian Venturo and Brannin McBee hold all Class B shares, which carry 10 votes each. Class B was 16.8% of CoreWeave's shares and 66.9% of votes at Jul 31, 2026. Magnetar funds held 14.9% of Class A at May 5, 2026, and NVIDIA 10.66% at Apr 15, 2026.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does CoreWeave sell?
Infrastructure services
Clusters of NVIDIA graphics chips (GPUs) with fast networking, in CoreWeave's data centers. AI work needs these chips.
Storage
Data storage built to move large amounts of data straight into AI computing jobs.
Managed software services
Tools that run and monitor large chip clusters, including CoreWeave Mission Control and a managed Kubernetes service.
Application software services
Tools developers use to build, test and track AI models, including Weights & Biases, bought in 2025 for $1,029 million.
Think of it like this
Like an equipment rental company: it buys costly machines, largely with borrowed money, and rents them to a few large clients on long contracts.
What it does
- Does: Rents capacity under committed contracts, generally one to six years, that customers pay for whether or not they use it
- Does: Sells a small share of capacity on demand, paid as used
- Does: Leases or licenses third-party data centers in the US, Europe, UK and Canada
- Does: Writes its own software to run the chip clusters
What it does not do
- Does not: Does not make chips: all GPUs in its data centers at Aug 12, 2026 (10-Q) are from NVIDIA
- Does not: Does not split revenue by product: it reports one segment
- Does not: Does not mine crypto any more: that was its main revenue before 2022, and it has stopped
13How the money flows
13How the money flows · FY2025
How does money flow through CoreWeave?
Money in
- Revenue (cloud computing)$5.1B
- Other income ($33M), a fair value gain ($27M) and a tax benefit ($48M)$108M
The company
CoreWeave
$5.2B came in
Money out
- Cost of revenue: data center rent, power and staff, plus their depreciation$1.5B
- Technology and infrastructure: server and network depreciation, engineers, software$2.9B
- Sales and marketing$144M
- General and administrative$651M
- Interest expense, net$1.2B
- Total net loss−$1.2B
- Customers paid $5,131 million in FY2025. Other income, a fair value gain and a tax benefit added $108 million.
- Technology and infrastructure took $2,929 million, including wear and tear on servers and networks.
- Data center rent, power and staff took $1,453 million. Sales and administration took $795 million.
- That left an operating loss of $46 million, before interest.
- Interest expense, net, of $1,229 million took the total net loss to $1,167 million.
14What it needs to run
14What it needs to run
What does CoreWeave need to run?
NVIDIA chips
All GPUs in use are NVIDIA, as its customer contracts require. Three suppliers were 23%, 20% and 17% of FY2025 purchases; NVIDIA was 17%.
Data centers
51 at Jun 30, 2026, up from 43 at Dec 31, 2025, mostly leased or licensed from third parties. CoreWeave says it is beginning to develop its own, starting with a joint venture in Kenilworth, New Jersey.
Power
Rent and power are in cost of revenue. CoreWeave's active and contracted power figures are its own measures, shown in the section on them.
Machines
Property and equipment, net, was $46,736 million at Jun 30, 2026, up from $30,557 million at Dec 31, 2025.
Borrowed money
Total debt was $35,068 million at Jun 30, 2026. The 10-K says infrastructure is financed primarily with debt supported by take-or-pay contracts.
People
2,189 employees at Dec 31, 2025: 1,967 in the US and 222 in 19 other countries.
15Where it sells
15Where it sells · FY2025
Where does CoreWeave sell?
- United States94%
- All other countries6%
16Competitors and what protects it
16Competitors and what protects it
Who does CoreWeave compete with?
Amazon (AWS)
Named in CoreWeave's 10-K as offering general-purpose cloud computing within a broader product portfolio.
Google (Google Cloud Platform)
Named in CoreWeave's 10-K as offering general-purpose cloud computing within a broader product portfolio.
Microsoft (Azure)
Named in CoreWeave's 10-K as a competitor, and also its largest customer in FY2025.
Oracle
Named in CoreWeave's 10-K as offering general-purpose cloud computing within a broader product portfolio.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Long customer contracts4 of 5
Commitments were 98% of Q2 FY2026 revenue, and remaining performance obligations were $103.7 billion at Jun 30, 2026.
- Access to NVIDIA chips3 of 5
All GPUs in use are NVIDIA. NVIDIA is also a customer and held 10.66% of Class A at Apr 15, 2026.
- Software2 of 5
CoreWeave owns Mission Control and bought Weights & Biases for $1,029 million, but reports one segment, so software's revenue cannot be seen.
- Financial size against rivals2 of 5
The 10-K says many competitors have greater financial, technical, marketing and sales resources. CoreWeave had a $46 million operating loss in FY2025.
Weak spot
Few customers, some of them rivals
Three customers paid 72% of Q2 FY2026 revenue. The 10-K says a number of its key competitors are also its customers.
17Where growth could come from
17Where growth could come from
Where could CoreWeave's growth come from?
Contracted revenue not yet recognized
Working$103.7B at Jun 30, 2026
Remaining performance obligations rose from $15.1 billion at Dec 31, 2024 to $60.7 billion at Dec 31, 2025 and $103.7 billion at Jun 30, 2026. At Jun 30, 41% was expected within 24 months.
Status: Working, on track against what the company said.
Existing customers buying more
Working~93% of first-half FY2026 growth
About 93% of the Q2 and first-half FY2026 revenue increase came from existing customers. About 85% of the FY2025 increase did.
Status: Working, on track against what the company said.
A wider customer base
WorkingLargest customer 36%, Q2 FY2026
The largest customer's share fell from 67% in FY2025 to 45% in Q1 FY2026 and 36% in Q2 FY2026, while Meta and Jane Street added commitments.
Status: Working, on track against what the company said.
More data centers
Working51 at Jun 30, 2026
CoreWeave had 10 data centers at Dec 31, 2023, 32 a year later, 43 at Dec 31, 2025 and 51 at Jun 30, 2026. Construction in progress was $11,918 million at Jun 30, 2026.
Status: Working, on track against what the company said.
Software
Early$1,029M Weights & Biases deal
CoreWeave bought Weights & Biases in May 2025, then Marimo and Monolith AI. It reports one segment, so software revenue is not shown.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 and Q2 FY2026
What do CoreWeave's own measures show?
Official (GAAP): Total net loss, FY2025
−$1.2B
Company's own measure: Adjusted EBITDA, FY2025
$3.1B
Net loss before depreciation and amortization, interest, stock-based pay, tax, acquisition costs, other income and fair value changes.
Official (GAAP): Net loss, Q2 FY2026
−$626M
Company's own measure: Adjusted EBITDA, Q2 FY2026
$1.5B
Same definition: it leaves out $1,393 million of depreciation and amortization, $640 million of interest and $165 million of stock-based pay.
Official (GAAP): Operating loss, Q2 FY2026
−$49M
Company's own measure: Adjusted operating income, Q2 FY2026
$128M
Operating loss before stock-based pay, acquisition costs and amortization of acquired intangibles.
Official (GAAP): Net loss, Q2 FY2026
−$626M
Company's own measure: Adjusted net loss, Q2 FY2026
−$567M
Leaves out stock-based pay, acquisition costs, amortization of acquired intangibles and $109 million of other adjustments, including a net unrealized investment gain, with the related tax effect.
Official (GAAP): Purchases of property and equipment, Q2 FY2026
$6.4B
Company's own measure: Capital expenditures, Q2 FY2026 (company measure)
$9.4B
Additions to property and equipment plus finance-lease assets, less the change in construction in progress.
Official (GAAP): Remaining performance obligations, Jun 30, 2026 (US$ billion)
$104M
Company's own measure: Revenue backlog, Jun 30, 2026
104.2 US$ billion
Remaining performance obligations plus other amounts CoreWeave estimates it will recognize under committed contracts, subject to delivery and availability. It excludes more than $25 billion of net new commitments added between Jun 30 and Aug 11, 2026.
Official (GAAP): Property and equipment, net, Jun 30, 2026 (US$ million)
$46.7B
Company's own measure: Active power, Jun 30, 2026
1.5 GW (about)
Power in use across CoreWeave's data centers, as the company states it. It was about 360 MW at Dec 31, 2024 and over 850 MW at Dec 31, 2025.
Official (GAAP): Remaining performance obligations, Jun 30, 2026 (US$ billion)
$104M
Company's own measure: Contracted power, Jun 30, 2026
3.7 GW (about)
Power capacity under contract that CoreWeave expects to deploy over future periods. The company stated about 4.2 GW at Aug 11, 2026.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Q4 and FY2025 earnings release (Form 8-K, Exhibit 99.1); Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) and 3 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
19Financial strength and debt
19Financial strength · Jun 30, 2026
How much debt does CoreWeave have?
- Total debt$35.1B
- Cash and investments$5.5B
- Net debt (debt minus cash)$29.5B
- Net worth (shareholders' money)$5.0B
- Debt to equity
- 6.98×
- $ of debt for every $1 of shareholders' money
- Debt is the balance-sheet figure, net of unamortized costs; principal owed was $35,551 million. It was $7,926 million at Dec 31, 2024 and $21,373 million at Dec 31, 2025. Net debt is a Cityfort calculation from Q2 FY2026 10-Q.
- Principal due: $4,413 million in the rest of 2026, $6,184 million in 2027, $4,416 million in 2028, and the rest later.
- Leases are not counted as debt here: operating lease liabilities were $16,319 million. Leases not yet commenced add $35.5 billion undiscounted, off the balance sheet, starting 2026 to 2029.
- Cash, securities and $10,014 million of undrawn credit lines came to $15,553 million at Jun 30, 2026.
- After Jun 30, 2026 CoreWeave closed a $2.6 billion loan facility and priced $3.7 billion of convertible notes due 2033.
20Who owns it
20Who owns it · ownership as of Apr 15, 2026
Who owns CoreWeave?
- Officers and directors (as a group), votes
- 72.3%
Shares vs votes by class
CoreWeave has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes33.1%
- Class B common stock: share of all votes66.9%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q, Q2 FY2026 (ended Jun 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Schedule 13G/A, Michael N. Intrator, event date Jun 30, 2026 and 6 more
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does CoreWeave do with its profit?
Money raised · Mar 27, 2025
IPO at $40.00 a share (prospectus dated Mar 27, 2025): 37,500,000 shares, $1,500 million in total, most sold by the company. Net proceeds in FY2025 were $1,491 million.
$1.5B
Money raised · Jan 23, 2026
NVIDIA bought 22,935,780 Class A shares for $2 billion.
$2.0B
Money raised · Apr 15, 2026
Jane Street bought 9,174,311 Class A shares for about $1.0 billion.
$1.0B
Money raised · Aug 7, 2026
Closed the $2.6 billion DDTL 5.5 loan facility; $1.2 billion drawn in August 2026.
$2.6B
Money raised · Sep 17, 2026
Agreement to sell up to 35,000,000 Class A shares at market prices. Shares sold so far are not disclosed in the filings used here.
Money raised · Sep 18, 2026
Priced $3.7 billion of 2.875% convertible notes due Apr 1, 2033.
$3.7B
22Governance signals
22Governance signals
What do CoreWeave's governance filings show?
- Auditor
- Deloitte & Touche LLP, since 2024
- Auditor changes
- Jun 4, 2024: RSM → Deloitte & Touche LLP (CoreWeave dismissed RSM. The proxy reports no disagreements with RSM on accounting matters and no adverse opinion in RSM's reports for 2022 and 2023.)
- Audit qualifications
- None reported
- Related-party dealings
- NVIDIA paid CoreWeave about $326.3 million in 2025 and $59.6 million in Q1 2026, and bought $2 billion of shares. Jane Street paid about $100.0 million in 2025 and $220.6 million in Q1 2026, and bought about $1.0 billion of shares. A Magnetar fund's $230 million deposit became the Magnetar Loan, $273 million at Dec 31, 2025. A co-founder's brother is a non-executive employee on a $190,000 base salary in 2025.
- Credit rating
- Moody's and Fitch (ratings of the DDTL 5.5 loan facility as stated in CoreWeave's release, not of the company) Ba2 (Moody's) / BB+ (Fitch) (outlook not stated in the release), Aug 10, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
disclosure
Disclosure controls not effective
CoreWeave's CEO and CFO concluded that disclosure controls were not effective at Jun 30, 2026, because of material weaknesses. These cover IT general controls, segregation of duties and accounting staff. CoreWeave says it is working to fix them.
disclosure
No auditor report yet on internal controls
The FY2025 10-K has no management report or auditor attestation on internal control, under the transition rule for newly public companies.
auditor
Critical audit matters
The auditor's FY2025 report lists two: revenue recognition on certain contracts and the consolidation of a joint venture.
disclosure
No guidance figures in the filings
CoreWeave's earnings releases say guidance is given on the call. The filed documents used here contain no guidance figures, so this page shows none.
other
Shareholder lawsuits
A proposed class action, Masaitis v. CoreWeave, filed Jan 12, 2026 in federal court in New Jersey, alleges false and misleading statements and seeks unspecified damages. Derivative suits in New Jersey were consolidated on Apr 1, 2026 and stayed on May 21, 2026 until the class action ends. Another was filed in Delaware on May 12, 2026; the filing states no stay for it. CoreWeave says the claims are without merit and had accrued no material potential loss at Jun 30, 2026.
other
Pre-arranged share sale plans
In Q2 FY2026, Brannin McBee, Kristen McVeety, Chen Goldberg, Karen Boone and Jon Jones adopted Rule 10b5-1 plansAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more. These plans set possible future sales in advance. Jack Cogen's plan for up to 6,000,000 shares ended on Jun 5, 2026.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for CoreWeave on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: CoreWeave Class A shares closed at $54.87 on Nasdaq. Market value = $54.87 × 551.5 million Class A and Class B shares (Jul 31, 2026) = about $30,263 million (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q2 FY2026 10-Q cover); Class B shares do not trade, so this counts them at the Class A price. Shares sold later under the Sep 2026 agreement are not counted. Price ÷ book value per share ($9.11, from equity of $5,024 million at Jun 30, 2026) = 6.02. P/E (price ÷ earnings per share) is not shown because the last four quarters add up to a net loss. The IPO price was $40.00 (prospectus dated Mar 27, 2025).
- Share price
- $54.87
- Market value (market cap)
- $30.3B
- P/B
- 6×
Source: CRWV historical prices (closing price Oct 30, 2026: $54.87); Form 10-Q, Q2 FY2026 (ended Jun 30, 2026); Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) and 1 more
24How it got here
24How it got here
How did CoreWeave get here?
2017
Milestone
Founded for crypto
Formed in September 2017 as The Atlantic Crypto Corporation LLC. It became CoreWeave, Inc. in December 2019.
2020
Business-model change
From crypto mining to cloud
CoreWeave launched its cloud platform in 2020. Before 2022 it had limited revenue, mostly from crypto mining, which it has stopped.
2023
Business-model change
Microsoft arrives
A master services agreement with Microsoft is dated Feb 22, 2023. Revenue reached $229 million in FY2023, with Microsoft at 35%.
2025
Milestone
IPO on Nasdaq
Shares began trading on Mar 28, 2025. The IPO sold 37,500,000 shares at $40.00 (prospectus dated Mar 27, 2025).
2025
Milestone
Buying software
CoreWeave bought Weights & Biases on May 5, 2025 for $1,029 million, then OpenPipe, Marimo and Monolith AI.
2025
Milestone
Core Scientific deal ended
Core Scientific's stockholders did not approve its merger with CoreWeave. Core Scientific ended the agreement on Oct 30, 2025.
2026
Business-model change
Customers spread out
Meta signed an order for about $21.0 billion on Mar 31, 2026. The largest customer's share fell to 36% in Q2 FY2026.
2026
Milestone
New shareholders and more financing
NVIDIA invested $2 billion in January and Jane Street about $1.0 billion in April. In September CoreWeave priced $3.7 billion of convertible notes.
25Sources and changes
Where every number on this page comes from
Sources (30 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S2Form 10-Q, Q2 FY2026 (ended Jun 30, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S3Form 10-Q, Q1 FY2026 (ended Mar 31, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2026
- S4Form 10-Q, Q3 FY2025 (ended Sep 30, 2025) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 13, 2025
- S5Form 10-Q, Q2 FY2025 (ended Jun 30, 2025) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 13, 2025
- S6Form 10-Q, Q1 FY2025 (ended Mar 31, 2025) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2025
- S7Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2026
- S8Q1 FY2026 earnings release (Form 8-K, Exhibit 99.1) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S9Q4 and FY2025 earnings release (Form 8-K, Exhibit 99.1) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2026
- S10Q3 FY2025 earnings release (Form 8-K, Exhibit 99.1) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S11Q2 FY2025 earnings release (Form 8-K, Exhibit 99.1) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2025
- S12Q1 FY2025 earnings release (Form 8-K, Exhibit 99.1) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2025
- S13Proxy statement (DEF 14A), 2026 annual meeting (record date Apr 15, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
- S14Form 424B4 final prospectus, IPO (dated Mar 27, 2025) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 31, 2025
- S15Form 424B5 prospectus supplement, up to 35,000,000 Class A shares (Sep 17, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 17, 2026
- S16Form 8-K, Exhibit 99.2, investor presentation, September 2026 · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 17, 2026
- S17Form 8-K, Exhibit 99.1, pricing of $3.7 billion convertible senior notes due 2033 · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 22, 2026
- S18Form 8-K, Exhibit 99.1, $2.6 billion DDTL 5.5 facility · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
- S19Form 8-K, Meta order form (Mar 31, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 9, 2026
- S20Form 8-K, NVIDIA $2 billion share purchase (Jan 23, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 26, 2026
- S21Form 8-K, Jane Street share purchase (Apr 15, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 15, 2026
- S22Form 8-K, termination of the Core Scientific merger agreement (Oct 30, 2025) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2025
- S23CRWV historical prices (closing price Oct 30, 2026: $54.87) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S24Schedule 13G/A, Jane Street Group, event date Jun 30, 2026 · Jane Street Group, LLC (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S25Schedule 13G/A, NVIDIA Corporation, event date Jan 23, 2026 · NVIDIA Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 26, 2026
- S26Schedule 13G/A, Michael N. Intrator, event date Jun 30, 2026 · Michael N. Intrator (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S27Schedule 13G/A, Brian Venturo, event date Jun 30, 2026 · Brian Venturo (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S28Schedule 13G/A, Brannin McBee, event date Jun 30, 2026 · Brannin McBee (SEC EDGAR) · Tier 1: company or exchange filing · Aug 14, 2026
- S30Schedule 13G/A, Magnetar Financial LLC and related filers, event date Apr 30, 2026 · Magnetar Financial LLC (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S31Form 8-K (Item 1.01), credit agreement for the DDTL 5.5 facility (Aug 7, 2026) · CoreWeave, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2026)
- v1 · Nov 1, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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