CoreWeave Inc (NASDAQ: CRWV) is a cloud computing company that operates a vertically integrated platform purpose-built for AI workloads, combining high-density GPU infrastructure with proprietary orchestration software and managed services. Revenue comes from cloud computing services sold primarily through multi-year take-or-pay committed contracts, supplemented by on-demand pay-as-you-go access. Customers include enterprises, AI labs, and technology companies deploying AI at scale. Revenue grew from $229 million (FY2023) to $1.9 billion (FY2024) to $5.1 billion (FY2025), per the 10-K filed March 2, 2026. Remaining performance obligations stood at $60.7 billion as of December 31, 2025, up from $15.1 billion as of December 31, 2024, with a weighted-average contract duration of approximately five years. The business is capital-intensive: cash paid for property and equipment was $10.3 billion in FY2025 and $8.7 billion in FY2024, financed through a mix of asset-level debt, OEM financing, and equity. CEO is Michael Intrator; CFO is Nitin Agrawal.

Revenue model

Cloud computing services revenue recognized under ASC 606 and ASC 842, primarily through multi-year take-or-pay committed contracts for specified capacity; secondary revenue from on-demand pay-as-you-go access. Infrastructure is financed through asset-level debt supported by customer take-or-pay contracts.

Products and services

CoreWeave Cloud Platform comprising: Infrastructure Services (GPU compute clusters, high-density servers, networking); CoreWeave Mission Control proprietary orchestration and observability software; CoreWeave Kubernetes Service (CKS) managed Kubernetes; SUNK (Slurm on Kubernetes) for large-scale AI training clusters; AI-optimized object and file storage with Local Object Transport Accelerator (LOTA); Runtime Acceleration services for training and inference workload optimization; Managed Software services.

Customers and end markets

Enterprises, AI labs, and technology companies deploying AI at scale. Customers access capacity through multi-year committed contracts and expand commitments over time. The filing does not disclose named customers, customer counts, or specific customer concentration percentages.

Value-chain role

Hyperscale AI cloud infrastructure provider sitting between semiconductor manufacturers, OEMs, and ODMs on the supply side and AI model developers and enterprise AI deployments on the demand side. Maintains relationships with semiconductor manufacturers, OEMs, ODMs, and software providers for infrastructure sourcing.

Geographic exposure

Primarily U.S.-based operations. U.S. federal NOL carryforwards of $4.3 billion and state NOL carryforwards of $905 million as of December 31, 2025; foreign NOL carryforwards of $5 million as of December 31, 2025, indicating minimal non-U.S. operations to date.

Source: SEC 10-K, filed 2026-03-02

Industry: Services-Prepackaged Software