GPU Cloud / AI Infrastructure
Livingston, NJ-based GPU cloud provider built on Nvidia infrastructure. IPO'd on Nasdaq in March 2025 under ticker CRWV. Provides cloud compute to AI developers, with Microsoft accounting for roughly two-thirds of 2024 revenue. Reported $1.9B in 2024 revenue and carries a $56B backlog as of Q3 2025.
Business Model
CoreWeave rents GPU compute capacity to AI developers and enterprises building large language models and inference workloads. The company does not manufacture hardware. It buys Nvidia GPUs, deploys them in purpose-built data centers, and sells cloud access on per-hour and long-term contract structures.
The concentration risk is significant. Microsoft represented approximately two-thirds of CoreWeave's 2024 revenue. Meta Platforms and OpenAI are also major customers. The $56B backlog as of Q3 2025 reflects long-term compute commitments from hyperscalers that need GPU capacity faster than they can build it themselves.
Infrastructure Buildout
CoreWeave added 120 MW of active data center capacity in Q3 2025 alone, bringing the active total to 590 MW. The contracted power pipeline expanded by over 600 MW in the same quarter, reaching 2.9 GW total. The company is scaling rapidly to meet backlog demand, with analysts projecting revenue near $5.1B for 2025.
IPO and Capital Markets
CoreWeave priced its IPO at $40 per share on March 28, 2025, below the initial range of $47 to $55. The offering raised $1.5B, short of the $2.5B target, and valued the company at $23B at pricing. The stock recovered and the company's market cap reached approximately $43B by February 2026 as the backlog and revenue trajectory became clearer to public market investors.
Net losses widened in 2024 to $863 million from $594 million in 2023, reflecting the capital intensity of rapid data center buildout. The company carries substantial debt tied to hardware and real estate financing.
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