AI Cloud Infrastructure · Public · NASDAQ:CRWV Public — NASDAQ: CRWV

CoreWeave

The neocloud public market reference point: 123% post-IPO appreciation, $99B backlog.

Market Cap ~$69B
Q1 2026 Revenue $2.08B
Revenue Backlog $99.4B
IPO Date Mar 28, 2025
CoreWeave was the largest AI infrastructure IPO of 2025. Its post-listing trajectory — 123% appreciation followed by a 51% drawdown from peak — is the most relevant precedent for how 2026 AI IPOs will trade.

Business Overview

CoreWeave is a specialized cloud computing provider headquartered in Roseland, New Jersey, originally founded in 2017 as a cryptocurrency mining operation before pivoting to cloud services in 2019. The platform operates GPU-accelerated infrastructure purpose-built for AI model training, rendering, and high-performance computing. Major customers include Microsoft, OpenAI, Meta Platforms, and IBM. CoreWeave completed its public listing on Nasdaq under the ticker CRWV on March 28, 2025.

Financial Profile

Q1 2026 revenue of $2.078 billion more than doubled year-over-year, with adjusted EBITDA of $1.157 billion (56% margin) and a net loss of $740 million. Revenue backlog reached $99.4 billion as of March 31, 2026, up from $66.8 billion at year-end 2025. The company maintains full-year 2026 revenue guidance of $12 billion to $13 billion and targets annualized revenue exceeding $30 billion by end of 2027. 2026 capital expenditure is guided at $31-35 billion, exceeding the company's entire current debt stack.Recent Strategic MovesIn January 2026, Nvidia made a $2.0 billion private placement investment at $87.20 per share as part of an expanded collaboration targeting more than 5 GW of AI factories by 2030. In April 2026, Jane Street made a $1 billion investment at $109 per share alongside signing a $6 billion cloud agreement. CoreWeave expanded its long-term AI infrastructure contract with Meta to approximately $21 billion through 2032.

IPO Status & Catalysts

Bull Case

The $99.4B backlog provides multi-year revenue visibility unmatched by software peers. The Nvidia and Jane Street equity investments validate strategic positioning. Customer base is diversifying from Microsoft concentration. Vera Rubin GPU ramp creates Q3 2026 catalyst.

Bear Case

Microsoft still accounts for approximately 67% of FY2025 revenue. Capex of $31-35B in 2026 dramatically exceeds revenue. Interest expense rising on $25B+ debt stack. Q2 2026 guidance midpoint missed consensus.

Key Risks