🗓 May 6, 2025

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🧠 What They Do

CoreWeave is a U.S.-based cloud provider focused on infrastructure for AI and high-performance computing (HPC).
🔁 Originally a crypto mining startup (2017), it pivoted in 2019 to GPU-powered cloud services — and has grown aggressively since.

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💰 Financial Snapshot

• 📈 IPO: March 2025 — raised $1.5B, valued at $23B
• 💵 Revenue: $1.92B in 2024 (up from $229M in 2023)
• 📉 Net Loss: $863M in 2024 (vs $594M in 2023)
• 🧠 Key Investor: Nvidia owns a 5% stake

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🤝 Strategic Deals

• OpenAI: $11.9B, 5-year infrastructure contract + $350M equity investment
• Microsoft: Accounted for 60% of CoreWeave’s 2024 revenue

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🏗 Infrastructure

• 32 data centers
• 250,000+ GPUs, including NVIDIA HGX H100
• Use cases: AI model training, rendering, HPC workloads

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⚠️ Risks to Watch

• ⚖️ Client concentration: 77% of revenue comes from just 2 clients
• 🏗 High capex: $10B planned for infrastructure expansion in 2025 → potential debt pressure

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💡 Why It Matters

CoreWeave is emerging as a cornerstone of the AI infrastructure boom in 2025. Backed by Nvidia, supplying OpenAI, and riding massive demand — this startup isn’t just a rising star, it’s becoming a strategic pillar in the AI arms race.

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