CoreWeave, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, United States was 94% and Outside the United States was 6% of revenue; Outside the United States fell from 12% in the fiscal year to Dec 2023.

Quarters: CoreWeave, Inc.'s SEC filings, named by the month they end. Fiscal years: CoreWeave, Inc.'s annual reports to the SEC; FY22: Yahoo Finance.

How it makes money

The company loses $22.7 for every $100 of revenue. Operating expenses exceed all of gross profit.

Circled: Mar 2024 (net −68.5%, operating 8.9%), Jun 2024 (net −81.7%, operating 19.7%), Sep 2024 (net −61.6%, operating 20.1%). Net margin is usually about 25 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: CoreWeave, Inc.'s annual reports to the SEC; FY22: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year; quarters: SEC filings.

Who pays for the build-out?

In the four quarters to Sep 2026, CoreWeave spent $27.6B on capital projects (data centers and equipment), 3.8× the $7.2B its operations brought in. Over the same four quarters its debt went from $14.0B to $47.5B. Interest was $769M in the latest quarter, 21.0% of revenue.

From CoreWeave, Inc.'s SEC filings: operating cash flow and capital spending by quarter; debt at each quarter end; interest expense by quarter, the fourth quarter being the year minus nine months.

How much work is already signed?

Customers had signed $132.3B of work CoreWeave has not yet delivered at the end of Sep 2026: 13.4 years of revenue at the last four quarters' pace. New orders over those four quarters were about 9.3× revenue, so the backlog grew.

Backlog: remaining performance obligations in CoreWeave, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report CoreWeave buys from NVIDIA; sells to Microsoft, OpenAI, Meta Platforms.

Their suppliers

Coherent COHRto NVIDIA

IREN IRENto NVIDIA

Micron Technology MUto NVIDIA

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Suppliers

NVIDIA NVDA

 

CRWVCoreWeave

Customers

Microsoft MSFT 67%

Meta Platforms META

OpenAI

Their customers

Celsius Holdings CELHfrom Microsoft

Galaxy Digital GLXYfrom Microsoft

GameStop GMEfrom Microsoft

Take-Two Interactive Software TTWOfrom Meta Platforms

Zoom Communications ZMfrom Meta Platforms, Microsoft

Zeta Global Holdings ZETAfrom OpenAI

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CoreWeave's 10-Q for the quarter to Jun 2026 gives three customers' shares of its revenue: Customer A (36%), Customer B (26%) and Customer C (10%).

From CoreWeave, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

NVIDIA NVDAinvested in CoreWeave · Equity investment and AI adoption collaboration$2 billion invested at $87.20 per share in January 2026

MMagnetarinvested in CoreWeave · Managed funds hold significant equity interest

Named in other companies’ filings

Applied Digital APLDcalls it a tenant · Leases data centers for HPC operations400 MW contracted capacity at Polaris Forge 1, August 28, 2025Galaxy Digital GLXYcalls it a tenant · Leases Helios AI/HPC data center capacity133 MW initial critical IT load; 393 MW incremental critical IT load

Only the companies CoreWeave names in its 10-K filed Mar 2, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names CoreWeave. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 9.5x, below the peer median of 21.5x.

EV/revenue below the peer median of 21.5x: cheaper than its peers.

Its peers here are the other AI infrastructure companies on this site, a group kept by hand: Yahoo Finance's Software - Infrastructure list is another business.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $132, 132% above the current price; 76% of 42 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 32 analysts (76%). Sell or Strong Sell: 3.

Over the past year the average of the analysts' latest price targets went from $130.17 to $118.43 (−9%), while CRWV went from $78.34 to $56.60 (−28%). In the past three months targets were raised 4 times and cut 7 times. 7 upgrades and 1 downgrade over the year; the latest: Goldman Sachs moved it to Buy from Neutral on Oct 19, 2026.

The day after each of these reports the stock moved −18.8% (Dec 2025, missed); −17.3% (Mar 2026, missed); +22.2% (Jun 2026, beat); +24.1% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $1.10 a share, against a loss of $0.89 a year earlier, and revenue of $4.7B, up 199% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $26.4B, up 105% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $27.6B exceeds operating cash flow of $7.2B, leaving free cash flow of −$20.4B. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 0.5, short-term debt coverage is tight; shareholder equity is only 7% of assets, so debt-to-equity (6.4) says little; net debt is 2.6 years of operating cash flow, which is manageable.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 9 funds whose copy leaves CRWV out (on the exchange, not in the app yet): Nvidia, Altimeter Capital Management, Appaloosa, CloudAlpha Capital Management Limited/Hong Kong, Mirae Asset Global Investments, Norges Bank and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held CRWV at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 4 cut, 5 bought new, 2 sold all and 3 held the same. The largest of them is Nvidia, 47.21M shares worth $4.7B at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CRWV at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $2.8B of CRWV on the open market in the 12 months to Nov 11, 2026; none bought. 92% of the sales were made under 10b5-1 plans, set up in advance. The largest was Brian M Venturo (Chief Strategy Officer; director), who sold $976M in 386 sales.