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Specialized 'neocloud' that rents large fleets of Nvidia GPUs to AI labs and enterprises for training and inference.
Specialized 'neocloud' that rents large fleets of Nvidia GPUs to AI labs and enterprises for training and inference.
Customers commit to multi-year capacity contracts, paying for reserved GPU clusters, and the company borrows against those contracts to buy chips and build data centres, so revenue grows as capacity comes online. It began as an Ethereum mining operation before turning to AI computing, and bought Weights & Biases, an AI-development software firm, in 2025.
In one line: A pure-play, GPU-only AWS.
Moat: narrow (scale, first-mover). Priority Nvidia GPU allocation and fast deployment give it an edge, but hyperscalers and rivals are catching up.
Headquarters: Livingston, New Jersey, US · Founded: 2017 · Employees: 2,189
Size CoreWeave (CRWV) is a United States Information Technology company (Packaged Software) with a market value of $25.6B, the 417th largest of 3,117 United States companies the cockpit tracks. Shares closed at $46.40 on 6 Nov 2026.
Performance Over six months the shares fell 59.4%, against +8.9% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 19 in its peer set.
Growth Revenue grew 115.3% over the last twelve months (peer median +23.8%); the operating margin is -3.0% (peer median 7.6%).
Valuation It trades at 9.3× enterprise value to sales against a peer median of 8.0× (8th most expensive of 21).
Capital Return on invested capital runs 10.6 points below its cost of capital (10.2% WACC).
Backlog Backlog (remaining performance obligations) was $104B at 30 Jun 2026, up 245% on a year earlier — 13.7 years of trailing revenue. Backlog detail →
Credit CoreWeave has 6 bonds outstanding ($14.8B), rated B by the agencies and trading like B at a weighted spread of 1,216 bp.
Short interest Short interest is 15.2% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.59B | $5.13B | $1.92B | $229M | $15.8M |
| Revenue growth | — | +168% | +737% | +1,346% | — |
| Gross profit | $1.85B | $1.22B | $559M | $57.0M | $3.71M |
| EBITDA | $3.76B | $2.44B | $1.19B | $88.8M | -$11.2M |
| Net income | -$1.93B | -$1.17B | -$863M | -$594M | -$31.1M |
| Free cash flow | -$13.7B | -$7.25B | -$5.95B | -$1.11B | -$71.5M |
| Capital expenditure | $20.6B | $10.3B | $8.70B | $2.94B | $72.4M |
| Total debt | $51.6B | $29.8B | $10.6B | $2.00B | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| CoreWeave CRWV | $25.6B | -59% | +115% | -3% | 9.3× | n/a |
| NBIS NBIS | $35.2B | -8% | +461% | -49% | 27.5× | n/a |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 3.7× | n/a |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 11.6× | 17.2% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 6.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CRWV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -43.1% | -4.4% | 2nd lowest of 21 |
| 6-month return | -59.4% | +8.9% | lowest of 19 |
| Distance from 52-week high | -66.4% | -31.3% | 3rd lowest of 21 |
| Revenue growth (TTM) | +115.3% | +23.8% | 3rd highest of 21 |
| Operating margin | -3.0% | 7.6% | 6th lowest of 21 |
| EV / Sales | 9.3× | 8.0× | 8th most expensive of 21 |
| ROIC minus cost of capital | -10.6 pp | -4.5 pp | 7th lowest of 19 |
| EV / EBITDA | 18.8× | 24.3× | 7th cheapest of 13 |
| Net debt / EBITDA | 12.0× | -1.3× | 2nd most indebted of 18 |
| Bond spread | 1,216 bp | 103 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | 9.3× | n/a | n/a |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 8.2× | 27.9% | +33.1% |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 3.8× | 5.8% | +12.9% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | 123.0× | n/a | n/a |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 12.6× | n/a | n/a |
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 4.1× | 4.3% | +24.6% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 24.5× | 45.5% | +94.7% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 18.4× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 11.3× | 33.5% | +19.1% |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 8.9× | 39.2% | +28.4% |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 7.7× | 10.3% | +8.6% |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 5.0× | 38.2% | +23.5% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 9.1× | 20.7% | +37.9% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 2.5× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | 19.0× | n/a | n/a |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | 27.5× | n/a | n/a |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 3.8× | 6.9% | +6.1% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 4.8× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 4.8× | 9.7% | +5.6% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 5.2× | 23.2% | +52.7% |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 5.9× | 44.7% | +25.8% |
CoreWeave has 6 bonds outstanding with $14.8B face value. The agencies rate it B; its bonds trade like B. Weighted yield 16.33%, a spread of 1,216 bp over government bonds.
CoreWeave reported $104B of remaining performance obligations at 30 Jun 2026, up 245% from a year earlier and up 5% from the previous quarter. That is 13.7 years of trailing revenue already under contract. Book-to-bill last quarter: 2.90.