CRWV
CoreWeave, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for CoreWeave, Inc.
CoreWeave, Inc. operates as a specialized cloud-infrastructure company that provides GPU-accelerated compute for artificial intelligence, machine learning, visual-effects rendering, and other high-performance workloads. Its platform includes cluster orchestration, Kubernetes services, storage, networking, and developer tools such as Weights & Biases. Customers include AI labs, startups, and enterprises.
Coverage
CoreWeave's 3.8x Rubin Figure Is the Training Row, Not the 4.8x Inference One
CoreWeave put Vera Rubin NVL72 into limited availability on 30 September. The 3.8x circulating is its training row; Cognition measured 4.8x for inference.
CoreWeave Adds a 35-Million-Share ATM. Its Third Convert Is Marketed to Strike Below the Last Two.
CoreWeave opened a 35m-share ATM and marketed a $3.0bn convert striking near $102-106, below its last two. Our 27 Aug piece missed four earlier marks.
Microsoft's Code of Conduct Contains No Capex Number. The Market Repriced Capacity Prices Anyway.
Microsoft's MAI Code of Conduct runs 15,203 words and never says compute. The capacity sellers fell 5-7% on it; flat prices cost our bases 19.5% to 41.7%.
Microsoft Already Told You It Builds a Gigawatt a Quarter. The 26-Gigawatt Leak Is Six More Years of It.
Microsoft discloses a gigawatt a quarter and $41bn of capex behind it, never a fleet total. The leaked 26 GW is that rate continued, and costs about $1.07tn.
Meta Is Building Toward 14 GW. Its Rentable Compute Is Still a Thin Slice.
Meta targets 14 GW by 2027 while remaining a major compute buyer. This deep dive maps its Titans, silicon, workloads, utilization and rentable capacity.
Nebius Sold Stock at $223.60 and Its Newest Converts Strike From $313.46. The Shares Sit Between Them.
Nebius sold $2.8bn of shares at $223.60 and struck $3.45bn of converts at $313.46. IREN trades 36% below NVIDIA's $70 rights; CoreWeave publishes no mark.
Capital expenditure and cash flow are too large relative to current revenue for the combined Rule of 40 score to be meaningful.
Quarter contextWhere the revenue goes next
Latest: $2.58B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $189M |
| 2024Q2 | $395M |
| 2024Q3 | $584M |
| 2024Q4 | $747M |
| 2025Q1 | $982M |
| 2025Q2 | $1.21B |
| 2025Q3 | $1.36B |
| 2025Q4 | $1.57B |
| 2026Q1 | $2.08B |
| 2026Q2 | $2.58B |
Latest: −$1.14 (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | −$1.49 |
| 2025Q2 | −$0.60 |
| 2025Q3 | −$0.22 |
| 2025Q4 | −$0.94 |
| 2026Q1 | −$1.40 |
| 2026Q2 | −$1.14 |
Latest: n/m (2026Q2)
| Period | Value |
|---|---|
| 2025Q4 | n/m |
| 2026Q1 | n/m |
| 2026Q2 | n/m |
Latest: −$5.74B (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | −$1.35B |
| 2025Q2 | −$2.70B |
| 2025Q3 | −$700M |
| 2025Q4 | −$2.50B |
| 2026Q1 | −$4.71B |
| 2026Q2 | −$5.74B |
Latest: 551M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | 209M |
| 2024Q2 | 210M |
| 2024Q3 | 214M |
| 2025Q1 | 249M |
| 2025Q2 | 487M |
| 2025Q3 | 498M |
| 2026Q1 | 527M |
| 2026Q2 | 551M |
Latest: −$17.70B (2026Q2)
| Period | Value |
|---|---|
| 2025Q1 | −$1.35B |
| 2025Q2 | −$4.05B |
| 2025Q3 | −$4.75B |
| 2025Q4 | −$7.25B |
| 2026Q1 | −$11.96B |
| 2026Q2 | −$17.70B |
Latest earnings
Company History
Long-term deals with OpenAI, Meta, Microsoft nearly doubled backlog; shifted focus to execution
Stock soared ~400-500%+ on massive contracts, NVIDIA partnerships, and AI boom
Transitioned from private (formerly Atlantic Crypto) to Nasdaq: CRWV; initial hype as AI/GPU cloud specialist
Executive sales to cover taxes; minor but noted amid valuation debate
Major endorsement; triggered upgrades and reinforced data center expansion plans
Key catalyst for capacity updates, backlog conversion, and guidance amid valuation debate
Plunged ~20% intraday on AI capex fears, then rebounded ~20%+; sensitivity to AI spending narrative
From crypto mining origins to full AI cloud focus; adding next-gen NVIDIA tech; CapEx-heavy model
Key Players
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Funds we follow holding CRWV
By latest reported 13F position value. Market value at quarter-end, not cost basis.
