CoreWeave
Our CoreWeave Cloud platform enables the full lifecycle of AI, including large-scale model training, inference, data movement, continuous iteration, and agentic workflows.
10-K, Mar 2, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Business
How does CoreWeave make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, −$23 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $5.1B
- Gross profit: $3.7B
- Operating income: −$46.0M
- Net income: −$1.2B
- Free cash flow: −$7.3B
Where do customers sit?
93.6% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001769628-26-000104 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale.”
“AI workloads demand a fundamentally different approach to infrastructure versus general purpose cloud environments.”
“Both training and inference require high-density compute, advanced networking, optimized storage, and software capable of managing complex distributed systems.”
Item 1 · Business · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +168%
“Revenue for the year ended December 31, 2025 increased by $3.2 billion, or 168%, compared to the year ended December 31, 2024.”
Item 7 · MD&A · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Number check (revenue): stated $3.2B matches the stored change ($3.2B, ±10%)
Revenue: $5.1B FY2025 · +167.9% vs FY2024 · KPIs
Position (in the company’s words)
“We serve a range of customers, including leading enterprises, AI labs, and technology companies deploying AI at scale across a variety of use cases.”
Item 1 · Business · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 168% to $5.1B.
Revenue grew 112% YoY to $2.6B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 34.0%.
Per share, revenue grew 886.7%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). This company's default range was moved for that reason. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−0.9% operating margin, down from 16.9%.
71.7% gross margin, down from 74.3%.
Operating income: −$46.0M in FY2025.
Net income: −$1.2B in FY2025.
R&D grew 529% to $352M.
SG&A grew 480% to $795M.
EPS diluted: −$2.81 in FY2025.
−1.9% operating margin, down from 1.6%.
65.9% gross margin, down from 74.2%.
Operating income: −$49.0M in FY2026 Q2.
Net income: −$626M in FY2026 Q2.
R&D grew 46% YoY to $117M.
SG&A grew 13% YoY to $238M.
EPS diluted: −$1.14 in FY2026 Q2.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Free cash flow was negative: −$7.3B in FY2025.
Operating cash flow grew 11% to $3.1B.
Capex grew 18% to $10.3B.
Stock-based compensation grew 1932% to $630M.
Free cash flow: −$5.7B in FY2026 Q2.
Operating cash flow: $679M in FY2026 Q2.
Capex grew 162% YoY to $6.4B.
Stock-based compensation grew 14% YoY to $165M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$3.1B cash vs $21.4B debt.
Total debt grew 170% to $21.4B.
Interest expense grew 229% to $1.1B.
Total assets grew 176% to $49.3B.
Equity: $3.3B in FY2025.
Cash grew 379% YoY to $5.5B.
Total debt grew 185% YoY to $24.9B.
Interest expense grew 118% YoY to $558M.
Total assets grew 194% YoY to $77.1B.
Equity grew 89% YoY to $5.0B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One CoreWeave customer: $3.4B.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (CoreWeave annual report)
“We recognized an aggregate of approximately 67% of our revenue from our top customer, Microsoft, for the year ended December 31, 2025.”
10-K · 0001769628-26-000104 · filed Mar 2, 2026 · basis: filing text, verified verbatim
Suppliers named by CoreWeave
CoreWeave holds stakes in
No stake in a covered company found in SEC filings.
Others name CoreWeave
1 competitor mention (e.g. Nebius) · 2 other mentions (e.g. Cisco, NVIDIA) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 73 risk factors, one per theme.
Customer concentration
“A substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spending from one or a few of our top customers would adversely affect our business, operating results, financial condition, and prospects.”
Item 1A · Risk Factors · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Supply chain and manufacturing
“We depend on third parties, including utilities, independent system operators, regulators, governments, and global suppliers to secure sufficient power, which powers our data center facilities, in a cost-effective manner.”
Item 1A · Risk Factors · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
AI and new products
“In order to meet the demand for AI cloud infrastructure services, we and our partners may need to expand existing data centers through development projects or add new data centers through construction projects, each of which is a complex and capital-intensive undertaking.”
Item 1A · Risk Factors · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Security, defects and outages
“Our business would be harmed if we were not able to access sufficient power or by increased costs to procure power, prolonged power outages, shortages, or capacity constraints.”
Item 1A · Risk Factors · 10-K · 0001769628-26-000104 · filed Mar 2, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Magnetar Financial LLC holds 14.9%.
Magnetar Financial LLC14.9%
13G/A · as of Apr 30, 2026 · filed May 6, 2026
Nvidia Corp11.5%
13G/A · as of Jan 23, 2026 · filed Jan 26, 2026
Intrator Michael N10.1%
13G/A · as of Jun 30, 2026 · filed Aug 14, 2026
Jane Street Group, LLC6.2%
13G/A · as of Jun 30, 2026 · filed Aug 12, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Magnetar Financial LLC13.0%
52.1M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Nvidia Corp11.8%
47.2M shares · 13F filed Aug 14, 2026 · share of 13F-reported
BlackRock, Inc.6.0%
24.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Goldman Sachs Group Inc4.5%
18.1M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.3%
17.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
968 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 3733 sales · $6.4B sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 12
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| G&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Gross profit calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Net income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Operating income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| SG&A calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Sales & marketing | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Equity | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values