CoreWeave, Inc. Class A (CRWV)

CoreWeave (CRWV) had its IPO on March 28, 2025, at $40.00 per share. The stock has experienced volatility, trading between $187.00 and $33.52 over the past 52 weeks. In the week ending February 7, 2026, the stock plunged before rebounding, ending the week down 3.4%, due to investor uncertainty about AI capital spending, which was partially restored by NVIDIA's CEO comments.

CoreWeave's revenue relies on renting GPU infrastructure through multi-year contracts and on-demand usage. A significant portion of its revenue comes from long-term "take-or-pay" contracts, providing predictable cash flows. This suggests that demand is relatively stable and less susceptible to short-term seasonality, backed by guaranteed demand from clients. The underlying market for GPU cloud services is experiencing rapid growth.

CoreWeave, Inc. operates a specialized cloud platform providing high-performance computing resources optimized for AI, ML, VFX, and batch processing workloads. The company sells access to GPUs and infrastructure, supported by its relationship with NVIDIA. CoreWeave offers GPU compute, CPU compute, storage services, networking services, managed services, virtual and bare metal servers, and specialized services like VFX and AI model training. Its platform is trusted by leading AI labs and enterprises.

CoreWeave's operations are primarily concentrated across multiple regions within the United States. The company has expanded its physical infrastructure, growing from three data centers at the beginning of 2023 to between 14 and 18 data centers by the end of that year. CoreWeave owns over 250,000 NVIDIA GPUs across 32 data centers, supported by more than 260MW of active power. This expansion aims to reduce latency, diversify power sources, and meet compliance needs.

CoreWeave has gained prominence in the generative AI industry, recognized as a specialized cloud provider delivering NVIDIA GPUs on fast infrastructure, positioning itself as an "AI Hyperscaler™". Partnerships with NVIDIA, Microsoft, and OpenAI have bolstered its standing. However, concerns have been raised about the company's losses and reliance on explosive growth, with investors looking for evidence of operating leverage and improved GPU utilization.

CoreWeave has attracted investment from institutional and strategic partners. In December 2023, a minority stake sale valued the company at $7 billion, led by Fidelity Management & Research Co. Microsoft was CoreWeave's largest customer as of September 2023, with a multi-year deal. OpenAI is believed to be the second-largest client, with a five-year, $12 billion deal. NVIDIA is a key partner and investor, providing priority access to GPUs.