CoreWeave is an AI-dedicated cloud infrastructure company that secures large-scale Nvidia GPU clusters and leases AI training and inference compute to hyperscalers, AI labs, and enterprise customers. Its business is organized into four layers: Foundational Infrastructure (data centers, power), Mission Control (security and operations management), Data and Storage (large-scale dedicated storage), and Model and Agent Development Tools (source: CoreWeave official website, accessed 2026-08-14).
Factual Summary
CoreWeave is an AI-dedicated cloud infrastructure company built on Nvidia GPUs. For Q2 (ended 2026-06-30), announced on 2026-08-11, revenue rose 112% year-over-year to $2,575M, with adjusted EBITDA of $1,510M. On the same day, revenue backlog was reported at approximately $104B (as of 2026-06-30), and the company raised its FY2026 revenue guidance to $12.4B-$13.2B. On a GAAP basis, losses continued, with an operating loss of $49M and a net loss of $626M; total debt as of 2026-06-30 was $34,973M.
Price-Change Context Note
The reference closing price was $106.29 (2026-08-13). Following the Q2 earnings release, CRWV rose approximately 18-19% versus the prior day in regular trading on 2026-08-12 (per multiple media reports). Over the same period, FINRA short interest declined for two consecutive periods, from approximately 81.0M shares (18.1% of float) as of 2026-06-30 to approximately 61.3M shares (18.06%) as of 2026-07-31, showing signs of short covering that coincided in timing with the price rally. Trading volume on 2026-08-13 (approximately 50.7M shares) was about 63% higher than the 20-day average (approximately 31.2M shares).
Q2 2026 Earnings Highlights
As of 2026-06-30, cash and cash equivalents were $5,524M and total debt was $34,973M (recourse $31,405M + non-recourse $3,663M) (CoreWeave IR press release, announced 2026-08-11, A). During the quarter, expanded agreements with Anthropic and Meta were announced as major new contracts.
5-Year Financial Trends
| Fiscal Year | Revenue | Operating Income | Net Income | Total Equity |
|---|---|---|---|---|
| 2022 | Unavailable | Unavailable | Unavailable | $(11)M |
| 2023 | $229M | $(14)M | $(594)M | $(597)M |
| 2024 | $1,915M | $324M | $(863)M | $(414)M |
| 2025 | $5,131M | $(46)M | $(1,167)M | $3,335M |
Revenue grew +736% from 2023 to 2024 and +168% from 2024 to 2025 (calculated). Operating income was positive only in 2024 (before the capex expansion) and turned negative again thereafter. Total equity was negative (impaired) from 2022 through 2024, turning positive for the first time in 2025 ($3,335M) following IPO capital inflows (10-K/20-F, A).
TTM (12 months ended 2026-06-30) revenue is calculated at $7,590M (FY2025 $5,131M − H1 2025 cumulative $2,194M + H1 2026 cumulative $4,653M, calculated — cross-checked for consistency with secondary source stockanalysis.com). Adjusted EBITDA expanded from $753M (62.1% margin) in Q2 2025 to $1,510M (58.6% margin) in Q2 2026 (company disclosure, A).
Valuation (Factual Multiples)
EV is an approximation combining the 2026-06-30 balance sheet (total debt $34,973M, cash $5,524M) with the 2026-08-13/14 market cap; there is roughly a six-week gap between reference dates, so subsequent balance-sheet changes are not reflected. On a GAAP basis, the company remains net-loss-making, so no price-to-earnings ratio is calculated (denominator negative).
Competitive Landscape
| Company | Listing Status | Market Cap/Enterprise Value | Recent Revenue Metric |
|---|---|---|---|
| CoreWeave (CRWV) | Listed (NASDAQ) | $58.62B (A, 2026-08-14) | Q2 26 $2,575M (YoY +112%), FY2026 guidance $12.4-13.2B (E) |
| Nebius Group (NBIS) | Listed (NASDAQ) | approximately $78.27B (E, web aggregation as of 2026-08-14) | Q1 26 $399.0M (YoY +684%), year-end 2026 ARR target $7-9B (E, company guidance) |
| Lambda (Lambda Labs) | Private | Unavailable | Unavailable |
| Crusoe (Crusoe Energy) | Private | $10B+ (based on October 2025 funding round, differing reference date) | Unavailable |
| Applied Digital (APLD) | Listed (NASDAQ) | Unavailable | Unavailable |
CoreWeave is classified as the largest neocloud (AI-dedicated GPU cloud) operator. Among its indirect competitors — Microsoft Azure, AWS, and Google Cloud — Microsoft is simultaneously CoreWeave's largest customer (a dual relationship). Research firm Synergy Research Group estimates the neocloud market will expand from $42.17B in 2026 to $253.79B by 2030 (E).
Supply-Demand Dynamics
| Date | Person/Title | Details | Price Range |
|---|---|---|---|
| 2026-08-11 | Michael Intrator (CEO) | Disposed of 307,692 Class A shares following option conversion (pre-arranged 10b5-1 plan) | $87.46-$93.31 |
| 2026-08-03 | Brannin McBee (CDO-related trust) | Disposed of 44,564 of 52,500 converted shares (10b5-1) | — |
| 2026-07-27 | Brannin McBee (GRAT trust) | Disposed of 13,000 of 12,500 converted shares (10b5-1) | $69.70-$74.91 |
| 2026-07-20 | Brannin McBee | Disposed of 55,500 shares following conversion (10b5-1) | $73.07-$79.30 |
| 2026-07-06 | Kristen McVeety (General Counsel) | Disposed of 22 shares (4 transactions, 10b5-1) | $83.37-$86.91 |
| 2026-06-10 | Brian Venturo | Disposed of 76,924 shares through a related entity | approximately $95-$100 |
All Form 4 filings identified within the research scope for the past two months reflect routine dispositions under the pre-arranged plan (Rule 10b5-1) adopted on 2025-11-20; no evidence of off-plan dispositions was found within the research scope. Both IPO-related lock-up expirations (2025-08-14 and 2025-09-24) have already passed, and no new lock-up expiration schedule for 2026 or later was identified within the research scope. State Street Corp was reported by secondary aggregation to have increased its holdings by approximately 439.7% (+4,113,873 shares, approximately $409.5M, estimated) during Q2 2026.
Governance and Capital Structure
CoreWeave has adopted a dual-class share structure. As of 2026-04-15, 442,969,348 Class A shares (1 vote/share) and 99,997,704 Class B shares (10 votes/share) were outstanding, for total voting power of 1,442,946,388 votes, with Class B accounting for approximately 69.3% of total voting power (undiluted basis). The full group of executives and directors (12 individuals) holds 72.32% of total voting power (DEF 14A).
| Shareholder | Class A Ownership | Total Voting Power | Reference Date/Source |
|---|---|---|---|
| Magnetar Financial affiliates | 17.07% | 5.34% | SC 13G/A (2025-10-07), etc. |
| NVIDIA Corporation | 10.66% | 3.27% | SC 13G/A (filed 2026-01-26, as of 2026-01-23) |
| Jane Street affiliates | 6.53% (most recent 6.2%) | 2.00% | SC 13G/A (2026-02-12, 2026-08-12) |
Magnetar is both a holder of more than 5% of shares and, simultaneously, the lead lender on CoreWeave's GPU-collateralized credit facilities (DDTL 1.0, 2.0, etc.) — a related-party transaction with potential conflicts of interest, separately disclosed in the DEF 14A. NVIDIA's acquisition of 22,935,780 shares (approximately $2.0B, at $87.20 per share) via a January 2026 private placement is confirmed by primary disclosure.
| Facility | Size | Signing Date | Maturity | Key Lenders |
|---|---|---|---|---|
| DDTL 1.0 | $2.3B | 2023-07-30 | 2028-03-28 | Blackstone, Magnetar, etc. |
| DDTL 2.0/2.1 | $7.6B (+$3.0B upsize) | 2024-05-16 (upsized 2025-09) | Unavailable | Blackstone, Magnetar (co-lead) |
| DDTL 3.0 | $2.6B | 2025-07-28 | 2030-08-21 | MUFG, Morgan Stanley, Goldman Sachs |
| DDTL 4.0 | $8.5B | 2026-03-30 | 2032-03-31 | MUFG, Morgan Stanley (first investment-grade) |
| DDTL 5.5 | $2.6B | 2026-08-07 | 2031 (SOFR+550bp) | JPMorgan, MUFG, etc. |
Each facility was structured as a bankruptcy-remote special-purpose vehicle (SPV) secured solely by GPU assets and cash flows from the related customer contracts (DEF 14A). Three of the board's six directors (Karen Boone, Glenn H. Hutchins, and Margaret C. Whitman) are designated as independent directors, and all three committees — Audit, Compensation, and Nominating and Corporate Governance — are composed entirely of independent directors. The three co-founders (Intrator, Venturo, and McBee) have repeatedly followed a pattern of periodically disposing of shares following option exercises under the pre-arranged plan adopted on 2025-11-20.
| Date | Event |
|---|---|
| 2025-03-28~31 | IPO completed (Class A listing) |
| 2025-07-07 | Core Scientific merger agreement signed ($9B all-stock) |
| 2025-08-14 | Early termination of IPO lock-up (triggered by Q2 earnings-linked clause) |
| 2025-10-30 | Core Scientific shareholders reject merger → company issues termination notice |
| 2025-11-20 | Three co-founders adopt Rule 10b5-1 pre-arranged trading plans |
| 2026-01-12 | Vanguard Group internal reorganization (share reporting split by subsidiary entity) |
| 2026-03-30 | DDTL 4.0 ($8.5B, first investment-grade GPU-collateralized facility) signed |
Macro Environment
| Factor | Current Value (Reference Date) | Impact |
|---|---|---|
| Fed funds rate | 3.50-3.75% (2026-07-29 FOMC, held for 5th consecutive meeting) | Neutral |
| US 10-year Treasury yield | 4.65% (2026-08-13, upper end of 12-month range) | Negative Funding cost pressure |
| CoreWeave 5-year CDS spread | approximately 855bp (2026-07-29, pre-earnings), implying approximately 50% 5-year cumulative default probability | Negative Corporate bond funding cost pressure |
| Hyperscaler AI capex guidance | Big 4 combined approximately $725B in 2026 (+77% vs. $410B prior year) | Positive Supports backlog/order expansion |
| Nvidia Blackwell GPU supply | B200/GB200 backlog of 3.6 million units (as of 2025-12-29), supply constraints persist | Mixed Rising lease rates vs. delayed capacity expansion |
| Data center power supply/demand | US-wide power shortfall projected to exceed 100GW during 2026-2030 | Negative Risk of delayed revenue recognition (activation delay) |
| Semiconductor export controls on China | New rules effective 2026-05 require licensing for most advanced processors; 2026-08-07 reports indicate review of third-country transshipment access | Indirect/Mixed |
CoreWeave's earnings and share price are affected by macro factors through three channels: credit-spread and interest-rate sensitivity stemming from its large-scale debt-funded structure, the supply-and-demand dynamics of the hyperscaler AI capex cycle together with Nvidia GPU supply and relationships, and the physical growth ceiling imposed by data-center power infrastructure (synthesized from macro.md research).
Recent News and Disclosure Timeline
| Date | Event |
|---|---|
| 2026-02-26 | Q4 and FY2025 earnings release (annual revenue $5.13B, backlog $66.8B) |
| 2026-03-13 | Deadline for lead plaintiff motions in securities fraud class action (litigation ongoing) |
| 2026-03-31 | DDTL 4.0 ($8.5B, first investment-grade GPU-collateralized facility) closed |
| 2026-04-09 | Moody's reaffirms Ba3 (stable outlook) corporate long-term credit rating · $21B expansion agreement with Meta announced |
| 2026-04-10 | Multi-year compute supply agreement signed with Anthropic · $3.5B convertible notes priced |
| 2026-05-07 | Q1 earnings release (revenue $2,078M, +112% YoY, net loss $740M, backlog $99.4B) |
| 2026-07-01 | Shares fall approximately -14% in a single session following reports Meta is considering expanding its own AI cloud |
| 2026-07-29 | 52-week low of $60.55 recorded (low point just before earnings release) |
| 2026-07-30 | Partnership with Leidos announced (AI cloud for defense/intelligence agencies) |
| 2026-08-07 | DDTL 5.5 ($2.6B) facility signed |
| 2026-08-10 | DDTL 5.5 facility closed — cumulative 2026 debt and equity funding exceeds $30B |
| 2026-08-11 | Q2 earnings release (revenue $2,575M, backlog $104B, FY2026 revenue guidance raised) · after-hours share price up approximately +14% |
| 2026-08-12 | Regular-session share price closes up approximately +18-19% versus the prior day |
The 2026-08-11 Q2 results (revenue doubled, operating loss narrowed, backlog reached $104B) drove the 8/12 share-price rally, extending the rebound from the 7/29 52-week low. Cumulative 2026 funding exceeding $30B — including the $2.6B facility (August), $3.5B convertible notes (April), and $8.5B DDTL (March) — proceeded in parallel with infrastructure-expansion funding needs tied to the growing backlog (February $66.8B → May $99.4B → August $104B) (synthesized from news.md research).
Risk Factors
- Customer concentration: Microsoft's share of CoreWeave revenue has varied over time — 67% for full-year FY2025, 72% in Q1 2025, and approximately 45% in the most recent quarter (secondary aggregation; precise figures unavailable). Renegotiation or delay of the Microsoft contract could materially affect results, given this structure.
- Nvidia dependence: Competitiveness depends heavily on priority allocation of Nvidia GPUs; in an 2026-08-12 disclosure, the company itself stated that reducing sole dependence would require considerable time and capital.
- Capital funding and leverage: Total debt was $34,973M as of 2026-06-30. The company carries a Moody's Ba3 rating (stable outlook, reaffirmed 2026-04-09) and an S&P B+ rating. Fitch projects gross EBITDA leverage (excluding leases) of 6.6x in 2026 and 4.5x in 2027 (E).
- GPU-collateralized loans and depreciation: A substantial portion of debt is collateralized by GPU assets, and GPUs depreciate in collateral value quickly given the pace of technological advancement. Some market analyses cite concerns about facility-management burden around 2027 (limited source diversity — for reference only).
- Profitability: GAAP net losses have persisted — $(1,167)M in 2025, $(740)M in Q1 2026, and $(626)M in Q2 2026. Given FY2026 capex guidance of $35B-$39B (E), additional funding (via equity dilution or debt) may be required.
- Regulatory and macro: Changes in semiconductor export control policy toward China and data-center power supply constraints could affect the pace of growth.
- Share dilution: Weighted-average shares outstanding rose approximately 13%, from 487M in Q2 2025 to 551M in Q2 2026.
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR
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