CoreWeave
CRWVNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $60.77 Prior regular-session close from the quote source.
- $50.17–$58.55 Regular-session low and high so far today.
- 107.6M Regular-session shares traded · Nov 12, 4:00 PM ET.
- Feb 25 projected Projected for 2027-02-25 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $40.58–$138.25 52-week trading low and high returned by the quote source.
Understand the Business
- Customers buy access to CoreWeave’s AI cloud, mostly through take-or-pay contracts. Commitments and prepayments help finance graphics processing units, power and data centers before revenue arrives.↗
- Important buyers include OpenAI, Microsoft, and Meta; revenue is concentrated in a limited number of customers, so each large contract can move backlog and risk.↗
Why this business is different
- CoreWeave highlights early deployment and validation of NVIDIA systems for demanding artificial-intelligence workloads; that specialization can attract urgent buyers but makes hardware transitions operationally important.↗↗
- A structural drawback is customer concentration: the 10-K says revenue is driven by a limited number of customers, making renewals, deferrals, or pricing changes unusually important.↗
What could matter next
- The next bottleneck is powered capacity: CoreWeave said active power reached 1.5 gigawatts and contracted power reached about 3.7 gigawatts, testing backlog conversion.↗
- Q2 operating cash inflow of $679 million trailed $6.4 billion of equipment and software purchases. Debt, depreciation and buildout costs still separate demand growth from shareholder returns.↗
Why the Stock Moved
- August 2025 · Demand proof: Large customer commitments made the revenue runway more visible. Q1 backlog was $25.9 billion; Q2 backlog was $30.1 billion and included a $4 billion OpenAI expansion. Committed demand improved confidence that capacity spending could become future revenue.↗↗
- October 2025 · M&A setback: The Core Scientific acquisition route closed. Shareholders rejected the merger and the agreement was terminated, while the commercial partnership continued. CoreWeave lost this ownership route to capacity, not every acquisition option.↗
The core investment thesis
Own CRWV if customers keep committing to CoreWeave’s artificial-intelligence cloud while power, graphics processing unit deployment, financing costs, and depreciation stop absorbing most of the economics.
CRWV price history
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Investment thesis
What must happen next
CoreWeave needs committed artificial-intelligence demand to become available, billable capacity without major customer deferrals.StrengtheningMateriality: High
Backlog rose from $99.4 billion in March to approximately $104 billion in June 2026. More than $25 billion of early-Q3 net commitments were separate from June backlog. Backlog combines remaining performance obligations with other estimated contract revenue. Both depend on delivery and service availability, so it is not guaranteed revenue or cash already collected.
Watch: Watch backlog conversion, customer concentration disclosures, contract modifications, and cancellations or delays in committed customer contracts.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
March backlog was $99.4 billion, including estimated contract amounts dependent on service delivery.
Open source ↗June backlog excludes subsequent early-Q3 commitments and remains subject to delivery and availability requirements.
Open source ↗Growth must be matched by power and site execution, or backlog can become delayed revenue and idle cost.StrengtheningMateriality: High
CoreWeave expanded active power by nearly 500 megawatts in Q2 2026, reaching 1.5 gigawatts, and total contracted power rose to about 3.7 gigawatts. The bottleneck is not only selling compute; it is securing electricity, powered sites, and data-center delivery before revenue recognition begins.
Watch: Watch active power additions, contracted power, site delays, utility approvals, and construction cost inflation.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Operating power increased by roughly half a gigawatt during Q2; contracted power remained substantially above operating power.
Open source ↗CoreWeave needs customers to keep accepting take-or-pay commitments, because flexibility would reduce cash-flow visibility and financing confidence.HoldingMateriality: High
Committed contracts accounted for over 98% of 2025 revenue, up from 96% in 2024 and 88% in 2023. Committed contracts and prepayments give revenue visibility and working-capital support, but the model can weaken if customers demand flexible consumption pricing.
Watch: Watch the committed-contract revenue mix, prepayment levels, and any move toward pay-as-you-go pricing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The 2025 filing describes predominantly take-or-pay sales, customer prepayments and risks from a shift toward flexible consumption.
Open source ↗CoreWeave must execute NVIDIA platform transitions quickly, or specialized workloads may arrive late and margins can suffer.HoldingMateriality: High
CoreWeave said it brought NVIDIA GB200 systems online at scale in 2025 and validated NVIDIA Vera Rubin NVL72 in 2026. Rapid hardware transitions can attract demanding buyers. Validation alone does not establish broad customer availability or profitable deployment of the next platform.
Watch: Watch timing of new NVIDIA deployments, validation milestones, customer availability dates, and competing accelerator choices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The 2025 release reports commercial-scale GB200 deployment.
Open source ↗The 2026 release reports Vera Rubin validation, a different milestone from broad production availability.
Open source ↗The thesis depends on capital markets funding growth at costs low enough for future operating leverage to reach common shareholders.HoldingMateriality: High
Q2 financing included a $3.1 billion delayed-draw loan facility, a $1 billion Jane Street investment, and over $10 billion of unsecured debt and convertibles. Facility capacity is not cash fully drawn. The business requires enormous upfront spending, so financing terms influence whether gross demand turns into equity value after interest and depreciation.
Watch: Watch debt issuance terms, interest expense, convertible dilution, credit ratings, and adjusted operating income versus capital spending.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
The financing list includes a delayed-draw facility, strategic equity and bonds; these instruments carry different funding and dilution implications.
Open source ↗The company must convert scale into durable operating profits, not just larger backlog and larger financing obligations.WeakeningMateriality: High
Q2 adjusted operating margin fell to 5% from 16% a year earlier, despite revenue more than doubling. It improved from Q1’s 1%. GAAP operating loss was $49 million. The year-over-year margin decline and $640 million interest expense weaken profit conversion. Sequential operating improvement is a counterweight, but adjusted profit excludes costs and does not fund the buildout by itself.
Watch: Watch adjusted operating income, net loss, interest expense, depreciation, and capital expenditures relative to revenue growth.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Q2 adjusted operating margin deteriorated year over year, while GAAP operations remained loss-making and quarterly interest increased.
Open source ↗Q1 adjusted operating margin was 1%, providing the lower sequential comparison for Q2.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
CoreWeave needs committed artificial-intelligence demand to become available, billable capacity without major customer deferrals. Backlog combines remaining performance obligations with other estimated contract revenue. Both depend on delivery and service availability, so it is not guaranteed revenue or cash already collected.
Growth must be matched by power and site execution, or backlog can become delayed revenue and idle cost. The bottleneck is not only selling compute; it is securing electricity, powered sites, and data-center delivery before revenue recognition begins.
CoreWeave needs customers to keep accepting take-or-pay commitments, because flexibility would reduce cash-flow visibility and financing confidence. Committed contracts and prepayments give revenue visibility and working-capital support, but the model can weaken if customers demand flexible consumption pricing.
CoreWeave must execute NVIDIA platform transitions quickly, or specialized workloads may arrive late and margins can suffer. Rapid hardware transitions can attract demanding buyers. Validation alone does not establish broad customer availability or profitable deployment of the next platform.
The thesis depends on capital markets funding growth at costs low enough for future operating leverage to reach common shareholders. The business requires enormous upfront spending, so financing terms influence whether gross demand turns into equity value after interest and depreciation.
The company must convert scale into durable operating profits, not just larger backlog and larger financing obligations. The year-over-year margin decline and $640 million interest expense weaken profit conversion. Sequential operating improvement is a counterweight, but adjusted profit excludes costs and does not fund the buildout by itself.
All standing thesis claims
Original report summary
customers keep committing to CoreWeave’s artificial-intelligence cloud while power, graphics processing unit deployment, financing costs, and depreciation stop absorbing most of the economics.
Since this case
What has happened since Sep 29, 2026
The case above was written from evidence through Sep 29, 2026 and stays as written. This part is read from SEC filings and closing prices each time the page is built, so it moves as new reports are filed.
- Results
- Q3 2026, the quarter to Sep 30, 2026, reported Nov 10, 2026 (8-K ↗): revenue $3.66B, up 168.2% on the same quarter a year earlier; net income -$709.0M. Over the 12 months to Sep 30, 2026: revenue $9.89B, net income -$2.53B (-25.6% of revenue).
- Share price
- -34.1% since Sep 29, 2026, from $85.93 to $56.60 on Nov 12, 2026. The stock alone, not measured against other companies.
- Filings
- 1 8-K filing since Sep 29, 2026:
- Insiders
- At least 40 insider transactions reported since Sep 29, 2026, more than this section totals. Every one is in the SEC’s list of its Form 4 filings ↗.
- Conditions
- Insider-selling cluster (Oct 13, 2026) and analyst downgrade (Oct 23, 2026) crossed since Sep 29, 2026. What has followed each across the market is in the Thesis-Break panel.
Read from SEC filings and closing prices through Nov 13, 2026. A filing made today can take up to about four hours to appear here.
Bull case and bear case
Bull case and bear case for CoreWeave, Inc.
Where the evidence on CoreWeave disagrees: Mixed on the latest evidence (Sep 29, 2026). Of its 6 thesis points, 2 strengthening, 3 holding and 1 weakening.
Bull case: what the evidence supports
CoreWeave needs committed artificial-intelligence demand to become available, billable capacity without major customer deferrals.
Growth must be matched by power and site execution, or backlog can become delayed revenue and idle cost.
CoreWeave needs customers to keep accepting take-or-pay commitments, because flexibility would reduce cash-flow visibility and financing confidence.
CoreWeave must execute NVIDIA platform transitions quickly, or specialized workloads may arrive late and margins can suffer.
The thesis depends on capital markets funding growth at costs low enough for future operating leverage to reach common shareholders.
Bear case: what the evidence questions
The company must convert scale into durable operating profits, not just larger backlog and larger financing obligations.
Company research
Research on CoreWeave
- Reporting · Why Is CoreWeave, Inc. (NASDAQ: CRWV) Stock Down 14% This Year?
Backlog climbed to $104 billion and quarterly revenue more than doubled, but interest costs, dilution and construction risk still block clean per-share cash returns.
- Reporting · Can CoreWeave, Inc. (NASDAQ: CRWV) Fund Its AI Buildout?
A fresh neocloud warning meets a $10.454 billion first-half cash funding gap, offset by contracted demand and substantial borrowing capacity.
- Reporting · CoreWeave, Inc. (NASDAQ: CRWV) Puts Vera Rubin Into Production
Cognition measured 4.8 times more total token throughput than on GB200, but CoreWeave has not disclosed pricing or margin impact.
- Reporting · Does CoreWeave, Inc. (NASDAQ: CRWV) Forge Diversify Revenue?
Forge broadens the AI cloud platform, but two named users do not prove that CoreWeave's concentrated revenue base is diversifying.
- Reporting · CoreWeave, Inc. (NASDAQ: CRWV) Has a $30 Million Rate Test
A one-point rate move could change quarterly interest expense by about $30 million. The 10-year Treasury does not directly set CoreWeave's loan costs.
Thesis-Break Engine
What has broken in CoreWeave’s thesis
Each break OptimistFi flagged on CoreWeave, dated — with what has historically followed the same kind of break across the market, not a forecast for CoreWeave.
- Analyst downgradecondition set before this filing
Across all companies, this kind of break has happened 12,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on CoreWeave at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- SupportiveQ2 added power and backlog, with heavy capital needs
June backlog reached approximately $104 billion, excluding over $25 billion of early-Q3 net commitments. Active power reached 1.5 gigawatts. Q2 operating cash inflow of $679 million remained far below $6.4 billion of equipment and software purchases.
- MixedCapital access expanded to support the buildout
CoreWeave reported a $3.1 billion delayed-draw facility, $1 billion Jane Street investment, and over $10 billion of unsecured debt and convertibles. Access to funding held, but facility capacity is not equivalent to cash drawn or attractive shareholder returns.
- SupportiveQ1 2026 backlog stepped up sharply
CoreWeave said Q1 2026 was its strongest bookings quarter, with backlog nearly $100 billion and active power above 1 gigawatt. That strengthened the revenue-visibility story, but it also raised the burden to finance and energize a very large buildout.
Risks / falsifiers
What could break the thesis
- Watch backlog conversion, customer concentration disclosures, contract modifications, and cancellations or delays in committed customer contracts.
- Watch active power additions, contracted power, site delays, utility approvals, and construction cost inflation.
- Watch the committed-contract revenue mix, prepayment levels, and any move toward pay-as-you-go pricing.
- Watch timing of new NVIDIA deployments, validation milestones, customer availability dates, and competing accelerator choices.
- Watch debt issuance terms, interest expense, convertible dilution, credit ratings, and adjusted operating income versus capital spending.
- Watch adjusted operating income, net loss, interest expense, depreciation, and capital expenditures relative to revenue growth.
CRWV news
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Financial statements
CRWV income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
CRWV: quick answers
- When does CoreWeave (CRWV) report earnings next?
- CoreWeave's next results are projected for February 25, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 10, 2026. Earnings calendar
- What is CRWV's short interest?
- As of October 30, 2026, 74.2M CRWV shares were sold short, up 6.4% from the count before. At the stock's average daily volume that is 1.1 days to cover. FINRA publishes the count twice a month. CRWV short interest history
- Have members of Congress traded CRWV?
- Reports made public in the last 90 days disclose 6 trades in CRWV by 2 filers: 3 purchases and 3 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed CRWV trade
- Which well-known investors own CRWV?
- 6 of the 37 well-known funds tracked here reported CRWV shares in their latest 13F filings. By share of the fund's portfolio: Altimeter Capital (Brad Gerstner), 6.2%; Situational Awareness (Leopold Aschenbrenner), 3.7%; ARK Investment Management (Cathie Wood), 1.7%. Fund portfolios
CRWV in well-known investors’ portfolios
6 of 37 funds reported CRWV shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Brad GerstnerAltimeter Capital | 6.2% | $605M | +35.0% | Q2 2026 |
| Leopold AschenbrennerSituational Awareness | 3.7% | $745M | +4.2% | Q2 2026 |
| Cathie WoodARK Investment Management | 1.7% | $264M | +4.7% | Q2 2026 |
| David TepperAppaloosa | 1.4% | $107M | New | Q2 2026 |
| George SorosSoros Fund Management | 0.37% | $29.9M | −31.7% | Q2 2026 |
| Dan SundheimD1 Capital Partners | 0.18% | $62.6M | New | Q2 2026 |