Company Profile
History of the company
When it was first established in 2016, the company called Atlantic Crypto focused on mining. Two years later, when cryptocurrency prices plummeted, they rebranded the company as CoreWeave and raised funds to buy as many GPU chips as possible from struggling “miners.” They pitched investors a plan to diversify from cryptocurrencies into high-end GPUs, hoping to build a business by “trading GPUs like commodities” and betting they could repurpose the chips when cryptocurrency mining became unprofitable.
Founders
The founders of CoreWeave are: Michael Intrator – CEO, Brian Venturo – CTO, Brannin McBee – Chief Strategy Officer.
Initial Public Offering
CoreWeave went public on March 28, 2025, raising $1.5 billion, making it the largest AI-related IPO at the time.
Advantage is large number of GPUs
Using GPUs as Collateral
CoreWeave also uses Nvidia’s GPUs as collateral for debt financing. CPU is an important asset of CoreWeave, and it is also the infrastructure of the technology industry in the era of artificial intelligence.
Datacenter
CoreWeave has 32 data centers in the United States and Europe and approximately 800 employees.
Service provided
CoreWeave’s main business is selling access to data centers and Nvidia’s high-performance GPU chips, which have become the most sought-after resources in the race to develop AI applications. By building a large number of data centers, CoreWeave sells GPU computing power to technology companies.
AI Software North
In January 2025, Cohere launched an AI work platform called North, which integrates large-scale language models, search and automation capabilities, and is designed specifically for customers who value information security and are highly regulated.
Cohere takes a different approach than competitors like ChatGPT. For example, it doesn’t offer a public chatbot window. Instead, the company is focusing on enterprise-level customers and developers. The company claims North offers greater productivity and efficiency than Microsoft’s Copilot and Google’s Vertex AI Agent Builder. Its products are currently being tested with select customers including Royal Bank of Canada and LG.
Shareholders
Nvidia is the major shareholder
In April 2023, Nvidia invested $100 million in CoreWeave at a valuation of $2 billion and owns a 4% stake in the company. CoreWeave makes up 78% of Nvidia’s investment portfolio.
Earlier in September 2025, Nvidia signed a $6.3 billion contract with CoreWeave, under which Nvidia would buy back any idle cloud power from CoreWeave until April 2032.
Well-known AI companies as shareholders
CoreWeave co-founder and CEO Brian Intrator controls approximately 38% of the company’s voting rights, and the three founders together hold 30% of the company’s shares and 80% of the voting rights.
Hedge fund Magnetar has 7% of the voting rights and Nvidia has 1%. The three co-founders together hold approximately 83% of the company’s voting rights through a dual-class share structure, ensuring significant control over company decisions.
OpenAI also holds a stake in CoreWeave worth about $350 million. Other well-known technology companies that hold shares in the company include Salesforce, Oracle, Cisco, etc.
Strategic partnerships and key customers
Strategic partnerships
The company’s revenue reached $1.9 billion in 2024, with Microsoft accounting for 60% of that, and its top two customers accounting for a whopping 77%.
Nvidia currently owns a 7% stake in cloud computing company CoreWeave, which leases significant data center capacity to OpenAI, Microsoft, and other AI companies.
Microsoft
- Microsoft—accounting for approximately 62% of CoreWeave’s revenue by 2024, highlighting the deep business relationship.
Nvidia
Nvidia is CoreWeave’s second-largest customer. Earlier in September 2025, Nvidia signed a $6.3 billion contract with CoreWeave, under which Nvidia would buy back any unused cloud capacity from CoreWeave until April 2032.
OpenAI
In March 2025, OpenAI signed a five-year, $12 billion cloud computing contract, which included a $350 million private placement to acquire CoreWeave shares during its IPO. On September 25, 2025, CoreWeave announced a new $6.5 billion investment agreement with OpenAI, bringing the total value of the contract to $22.4 billion.
Meta
Meta Platforms is one of CoreWeave’s major customers, leveraging its AI-optimized cloud infrastructure. On September 30, 2025, CoreWeave announced a new $14 billion AI cloud center agreement with Meta, sending its stock price soaring 16% at the opening bell that day.
Operational Status
Operations since the company was founded
The company still lost $863 million in 2024 and spent nearly $1 billion building new data centers to house artificial intelligence chips.
Q1 2025 financial results
- Key points: Revenue surged 420% and losses widened; Microsoft contributed 62% of CoreWeave’s revenue in 2024.
- Revenue: In the quarter ended March 31, revenue reached US$981.6 million, a year-on-year decrease of 420% (US$188.7 million in the same period last year), far exceeding market expectations of US$853 million.
- Earnings per share: Net loss of $1.49, a widening of $314.6 million from $129.2 million a year ago, due in part to $177 million in stock-based compensation expenses related to the IPO.
- Business growth rate: The full-year revenue growth rate for 2024 is 737%. Although it slowed down this quarter, it still maintained a high triple-digit growth.
The financial report performance far exceeded market expectations, showing that the demand for AI cloud infrastructure continued to be strong. CoreWeave’s stock price soared 22.09% on May 16.
Business Outlook
On May 15, 2025, Reuters quoted people familiar with the matter as saying that based on Cohere’s current revenue growth rate, its full-year revenue has exceeded US$100 million.
CEO Aidan Gomez said in an interview with Bloomberg TV on May 19, 2025 that the company’s revenue has more than doubled since the beginning of the year and is on the verge of profitability.
Capital market performance
Valuation
After a $650 million secondary stock sale in November 2024, the company’s valuation soared to $23 billion. On May 16, the stock market value had reached 30.61 billion US dollars.
Stock price performance
CoreWeave surged 22.09% as of May 16, and its cumulative increase during the week was nearly 60%.
CoreWeave surged 22.09% as of May 16, and its cumulative increase during the week was nearly 60%. As of May 22, the company’s stock price has risen 168% since its initial public offering (IPO) at $40 per share in late March.
Risk
CoreWeave has a debt-to-equity ratio of 387%, a negative profit margin of 38.7%, a total debt of $11.9 billion, and only $1.28 billion in cash. Its business model is fraught with huge risks.
60% of CoreWeave’s revenue comes from Microsoft, and 77% comes from its top two customers. CoreWeave must prove that it can continue to deliver satisfactory performance after the AI craze, otherwise its stock price may plummet at any time.
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