Factual Summary
CoreWeave closed at 85.76 USD on 2026-08-03, up +19.49% from the previous close, with trading volume of 44,558,876 shares, approximately 1.7x the 20-day average volume. Q1 2026 (period ended 2026-03-31, reported 2026-05-07) revenue was 2.078 billion USD, up +112% year-over-year, with adjusted EBITDA of 1.157 billion USD and a net loss of 740 million USD. The contract backlog stood at 99.4 billion USD, roughly 4x higher than the prior-year period. Q2 2026 earnings are scheduled for release on 2026-08-11, and as of the 8/3 rally there had been no new company-specific earnings or disclosures.
Price-Change Context Note
According to news research, the 2026-08-03 rally coincided with a broad rally across the AI infrastructure sector driven by strong Q2 earnings from big tech names including Microsoft (Azure revenue +43% YoY) and Amazon (AWS revenue +37% YoY), along with news of the completion of a 2.6 billion USD loan refinancing tied to the Anthropic and Jane Street contracts. This rally occurred during a rebound phase from the low formed after CRWV shares fell -35% following Meta's 2026-07-17 official announcement of its own cloud business.
Business Overview
CoreWeave was co-founded in 2017 by Michael Intrator, Brannin McBee, and Brian Venturo, starting as an Ethereum mining business (Atlantic Crypto) before transitioning its GPU assets to AI/HPC cloud infrastructure from 2018-2019 onward and rebranding to its current name in 2021. It listed on Nasdaq on 2025-03-28 at an IPO price of 40 USD (CNBC).
Its core business is providing AI-specialized GPU cloud infrastructure; unlike general-purpose hyperscalers such as AWS, Azure, and GCP, it supplies infrastructure specialized for GPU-intensive AI workloads. According to Q1 2026 results released on 2026-05-07, more than 10 customers have each committed to spending over 1 billion USD.
| Customer/Contract | Details |
|---|---|
| Microsoft | Accounted for approximately 67% of FY2025 revenue (A, aggregated from company disclosures) |
| OpenAI | Cumulative contract value expanded to approximately 22.4 billion USD (expanded sequentially between 2025-03 and 2025-09, aggregated from web research — not cross-checked against primary disclosures) |
| Meta | Approximately 35.2 billion USD within the contract backlog (web research, not cross-checked against primary disclosures) |
| Leidos (new, early 2026-08) | Business expansion into secure data center services for U.S. defense and intelligence agencies via CoreWeave Federal (TipRanks) |
Not obtained: cross-checking of the OpenAI and Meta contract figures against primary disclosures (8-K/10-Q) has not been completed.
Financial Trends
CoreWeave is a recently listed company (IPO 2025-03) with a short public financial history. Not obtained: detailed annual revenue figures prior to 2021 were from the pre-IPO private period and were not available within the scope of this research.
Competitive Landscape
The market CRWV operates in is divided into a hyperscaler tier (AWS, Azure, Google Cloud) and a GPU-specialized neocloud tier (CoreWeave, Nebius, Lambda Labs, Crusoe Energy). CRWV is estimated to lead the specialized cloud segment with approximately 18% share of the dedicated AI training/HPC GPU market (E, aggregated from web research), and is characterized by heavy reliance on colocation data centers.
| Company | Characteristics |
|---|---|
| Nebius(NBIS) | GPU holdings are approximately 1/10 the scale of CRWV (E); operates over 75% of contracted capacity in its own data centers |
| Lambda Labs | Not publicly listed. Mentioned as one of CRWV's direct competitors due to its transparent pricing policy |
| Crusoe Energy | Not publicly listed. Mentioned as a competitor emphasizing its cost/sustainability profile |
| IREN·Applied Digital | Mentioned in the same neocloud category, but detailed comparative data has not been obtained |
Not obtained: an up-to-date quantitative comparison table of each competitor's revenue/backlog, and cross-checking of the market share figures (18%, ~60%) against primary sources.
Valuation Metrics
Source: stockanalysis.com (accessed 2026-08-04, consistent with the 85.76 USD closing price). Not obtained: a same-date multiples comparison table against peers.
Supply-Demand Trends
| Filing Date | Filer/Title | Details |
|---|---|---|
| 2026-07-30 | Michael N. Intrator, CEO | Disposed of 307,692 shares ($65.34~$69.00) under a pre-arranged 10b5-1 plan |
| 2026-07-30 | Jeff Baker, Chief Accounting Officer | Disposed of 6,455 shares for RSU vesting tax withholding purposes |
| 2026-07-20 | Brannin McBee, CDO (secondary source, not cross-checked) | Disposed of 55,500 shares at a weighted average of $73.07~$79.30 |
| 2026-07-13 | Nitin Agrawal, CFO (secondary source, not cross-checked) | Disposed of 65,055 shares at a weighted average of $83.26~$88.25 |
Not obtained: Q2 2026 (as of 6/30) 13F data (most filings not yet due, deadline 2026-08-14), and precise 3-month average trading volume.
Governance and Capital Structure
CoreWeave has a dual-class governance structure consisting of Class A (1 vote per share), Class B (10 votes per share, as of post-IPO), and Class C (non-voting, 0 shares issued). According to the DEF 14A (filed 2026-04-22, record date 2026-04-15), a group of 12 executive officers and directors holds 100% of Class B common stock, controlling 72.32% of total voting power, while their Class A ownership is only 5.38%.
| Director | Board Class (Term) | Independent |
|---|---|---|
| Michael Intrator | Class I(2026) | No |
| Jack Cogen | Class I(2026) | Yes |
| Margaret C. Whitman | Class II(2027) | Yes |
| Glenn H. Hutchins | Class II(2027) | Yes |
| Brian Venturo | Class III(2028) | No |
| Karen Boone | Class III(2028) | Yes |
Independent directors make up 4 of 6 board members (66.7%), and the Audit, Compensation, and Nominating and Corporate Governance Committees are each composed entirely of independent directors (DEF 14A).
| Debt Item | Maturity | 2026-03-31 Balance (millions USD) |
|---|---|---|
| DDTL 2.0 Facility | 2030-08 | 4,425 |
| DDTL 2.1 Facility | 2031-03 | 3,000 |
| 2030 Senior Notes | 2030-06 | 2,000 |
| 2031 Convertible Senior Notes | 2031-12 | 2,588 |
| OEM/Software License Financing Arrangements | 2026-07~2030-07 | 5,036 |
Not obtained: the exact original text of the trigger conditions for automatic Class B-to-Class A conversion, and per-subsidiary ownership percentages (Exhibit 21.1 does not disclose ownership percentages).
Macro Environment
| Factor | Current Value (As of) |
|---|---|
| Fed Funds Rate | 3.50-3.75% (FOMC held rate on 2026-07-29) |
| US 10-Year Treasury Yield | approximately 4.69-4.70% (2026-08-03) |
| Nasdaq Composite | 25,373.85 (2026-08-03, +1%) |
| S&P500 | 7,600.50 (2026-08-03, +1.48%, all-time high) |
CoreWeave operates a capital-intensive structure that funds data center and GPU infrastructure through large-scale, GPU-collateralized borrowing, so the Fed funds rate and long-term Treasury yield levels directly affect its funding costs. On 2026-08-03, strong earnings from big tech names (Microsoft, Amazon, Meta, etc.) drove a joint rally in the Nasdaq and S&P500.
Risk Factors (Factual Summary)
- Customer concentration: Microsoft accounted for approximately 67% of FY2025 revenue (A, aggregated from company disclosures)
- Debt leverage: as of 2026-03-31, net debt of 24.859 billion USD against equity of approximately 4.76 billion USD reflects a highly leveraged capital structure (A)
- GPU depreciation assumptions: GPUs are depreciated over a 6-year useful life, and some analyses point to a gap versus NVIDIA's architecture generation cycle (18-24 months) (including analysis from short-position holders, which may carry bias)
- Listing history: listed in 2025-03, CoreWeave lacks long-term performance track record data, and its capital-intensive structure makes it highly sensitive to interest rate changes
Not obtained: primary-disclosure (10-Q) cross-checked figures for absolute interest expense, and a unified disclosure basis for total liabilities including lease liabilities.
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.