CoreWeave (CRWV)

AI GPU neocloud (CoreWeave) — purpose-built GPU hyperscaler renting NVIDIA capacity to AI labs

AI exposure 100% — derived from reported segment revenue, not asserted.

Where it sits

AI Platforms → Hyperscalers & Cloud Platforms · figures rebased to Q2 2026, reported 2026-08-11

Pure-play AI GPU cloud operator — operates the platform layer AI is delivered through; Core Scientific DC-ownership deal terminated Oct 2025 so no B2 colocation tag

Reported segments

• AI GPU cloud compute — 100% of revenue

CoreWeave ($2.575B Q2 2026, +112% YoY; FY2026 guidance raised to $12.4-13.2B) — AI GPU neocloud. Specialized cloud renting NVIDIA GPU clusters for AI training/inference under long-term, largely take-or-pay contracts. Primary B6 Hyperscalers & Cloud Platforms. Revenue backlog $104B at Jun 30 2026 rising to $129.2B by the Aug 11 call; active power 1.5 GW (+~500 MW in the quarter) against ~4.2 GW contracted, targeting 8 GW+ by 2030; FY2026 capex raised to $35-39B. NICHE: AI GPU neocloud — purpose-built GPU hyperscaler (vs general AWS/Azure); NVIDIA holds an equity stake and a $6.3B take-or-pay…

How the 100% is built

• AI GPU cloud compute — 100% of revenue × 100% AI-driven (disclosed). CoreWeave was purpose-built as a GPU-specialized cloud provider and reports no revenue outside AI/ML compute rental

Investment read

Moat. Scarce inputs, not lock-in: preferential NVIDIA allocation (equity stake plus a $6.3B take-or-pay GPU backstop to 2032), ~4.2 GW of contracted power and 1.5 GW active after adding ~500 MW in a single quarter. Real assets — but the advantage is capital access and speed to deploy, and Nebius, Lambda and the hyperscalers are contesting it with the same playbook and, in Nebius's case, cheaper money.

Bottleneck / pricing power. Pricing power is real and improving — management disclosed that new contracts land at contribution margins 5-10 points above recent quarters, and a DDTL 5.5 facility now lets CoreWeave underwrite shorter two-to-three-year enterprise deals that price better than five-year hyperscaler contracts. It is still scarcity rent rather than structure: the $129.2B backlog fixes revenue, not returns, and Q2 net interest expense of $640M absorbed ~42% of adjusted EBITDA.

Role in the AI stack. The purpose-built GPU-neocloud layer — highest-beta AI-capex play.

Connected companies

• NVIDIA (NVDA) — CRWV is supplied by: GPUs — CoreWeave's entire fleet (first to scale Blackwell GB200 NVL72)
• Dell Technologies (DELL) — CRWV is supplied by: PowerEdge XE9712 GB200 NVL72 liquid-cooled racks for CoreWeave's AI cloud (named deals 2023/2024)
• Super Micro Computer (SMCI) — CRWV is supplied by: liquid-cooled rack-scale GPU systems; CoreWeave was reportedly SMCI's largest customer (~22% of revenue FY2024)
• Vertiv Holdings (VRT) — CRWV is supplied by: power + liquid cooling for CoreWeave AI data centers incl. first GB300 NVL72 deployment
• Microsoft (MSFT) — CRWV supplies: GPU cloud capacity to Microsoft — anchor customer, 62% of CoreWeave's 2024 revenue per S-1
• Meta Platforms (META) — CRWV supplies: $14.2B compute deal (Sept 2025) expanded with an additional $21B agreement (Apr 2026), ~$35B total; part of the backlog that reached $129.2B by the Aug 11, 2026 Q2 call
• IBM (IBM) — CRWV supplies: compute capacity for IBM Granite model training
• Amazon (AMZN) — CRWV competes with: GPU cloud for AI workloads vs AWS
• Alphabet (GOOGL) — CRWV competes with: AI cloud infrastructure vs Google Cloud
• Modine Manufacturing (MOD) — CRWV is supplied by: data-center cooling (Airedale) — hyperscale/colo customer base, CoreWeave not publicly named
• Cummins (CMI) — CRWV is supplied by: data-center backup power generators for CoreWeave
• nVent Electric (NVT) — CRWV is supplied by: liquid cooling/enclosures for CoreWeave
• Advanced Micro Devices (AMD) — CRWV is supplied by: AI accelerators + EPYC CPUs for CRWV AI data centers
• Broadcom (AVGO) — CRWV is supplied by: Ethernet switch silicon (Tomahawk) inside CRWV AI cluster fabrics, supplied via switch ODMs

Others in Hyperscalers & Cloud Platforms

• Microsoft (MSFT)
• Alphabet (GOOGL)
• Amazon (AMZN)
• Meta Platforms (META)
• Nebius Group (NBIS)

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