CRWV

1. Key Historical Highlights

• November 6, 2025: CoreWeave earned SemiAnalysis’ Platinum ClusterMAX rating for the second consecutive ranking.
• October 30, 2025: CoreWeave announced a definitive agreement to acquire Marimo to integrate its AI-native reactive Python environment into the CoreWeave Cloud.
• October 28, 2025: CoreWeave launched CoreWeave Federal to enter the U.S. public sector and pursue FedRAMP authorization.
• October 16, 2025: CoreWeave unveiled AI Object Storage with LOTA technology and usage-based pricing claiming over 75% lower costs for typical AI workloads.
• October 16, 2025: CoreWeave appointed Jon Jones as its first Chief Revenue Officer to lead global revenue and go-to-market.
• October 15, 2025: CoreWeave partnered with Poolside to deliver a cluster with more than 40,000 GPUs and serve as anchor tenant for Project Horizon.
• October 8, 2025: CoreWeave launched Serverless RL as a fully managed reinforcement learning capability integrated with Weights & Biases and OpenPipe.
• October 6, 2025: CoreWeave agreed to acquire Monolith AI to expand into industrial and manufacturing applications.
• September 25, 2025: CoreWeave expanded its agreement with OpenAI by up to $6.5 billion, bringing total contract value to approximately $22.4 billion.
• September 16, 2025: CoreWeave announced a new £1.5 billion UK investment phase, bringing total UK commitments to £2.5 billion.
• September 9, 2025: CoreWeave launched CoreWeave Ventures to invest capital and compute in companies building for the AI ecosystem.
• September 3, 2025: CoreWeave entered a definitive agreement to acquire OpenPipe to add reinforcement learning and fine-tuning capabilities.
• July 15, 2025: CoreWeave announced intent to invest more than $6 billion in a new data center in Lancaster, Pennsylvania.
• July 9, 2025: CoreWeave became the first cloud to offer NVIDIA RTX PRO 6000 Blackwell Server Edition instances.
• July 7, 2025: CoreWeave signed an agreement to acquire Core Scientific in an all-stock deal to add 1.3 GW of gross power and streamline costs.
• July 3, 2025: CoreWeave became the first AI cloud provider to deploy NVIDIA GB300 NVL72 systems.
• June 18, 2025: CoreWeave launched integrated AI cloud software products enhancing Weights & Biases capabilities.
• May 22, 2025: CoreWeave became Aston Martin Aramco’s Official AI Cloud Computing Partner to modernize engineering workloads.
• May 5, 2025: CoreWeave completed the acquisition of Weights & Biases to deepen its AI developer platform.
• April 15, 2025: CoreWeave launched NVIDIA GB200 Grace Blackwell systems at scale for customers including Cohere, IBM, and Mistral AI.

2. Financial Performance Overview

• OpenAI agreements expanded materially with a new contract up to $6.5 billion on September 25, 2025, taking total contracted value with OpenAI to approximately $22.4 billion.
• Capital deployment is aggressive and global, with a new £1.5 billion UK phase bringing total UK commitments to £2.5 billion and a planned U.S. data center in Pennsylvania with up to $6 billion in allocation.
• The planned acquisition of Core Scientific is expected to eliminate over $10 billion in cumulative future lease overhead and deliver an estimated $500 million annual run-rate cost savings by the end of 2027.
• Efficiency and cost claims include up to 20% higher model utilization, 96% platform goodput, Serverless RL at roughly 40% lower costs versus local H100 setups, and AI Object Storage pricing claiming over 75% lower costs with no egress fees.
• Gap: No revenue, gross margin, operating income, cash balance, cash flow, or capex by period disclosed in the provided documents.

3. Management Effectiveness

• Management is executing a vertical integration strategy through acquisitions of Weights & Biases, OpenPipe, Monolith AI, and Marimo to unite infrastructure, MLOps, RL, and applied software.
• Cost control and asset ownership are addressed via the Core Scientific acquisition to add 1.3 GW of gross power while removing significant lease exposure and improving unit economics.
• Operational excellence is demonstrated by first-to-market deployments of NVIDIA GB200 and GB300 systems and record MLPerf results, supporting claims of superior performance and utilization.
• Go-to-market maturation includes appointing the first CRO and entering the federal market with a FedRAMP path and a Washington, DC presence.
• Ecosystem leverage expands via CoreWeave Ventures, marquee partnerships with NVIDIA and OpenAI, and industry collaborations, which can stabilize demand despite potential customer concentration risk.
• Evidence lacking: Returns on invested capital, sales efficiency, net revenue retention, customer churn, and margin trajectory metrics.

4. Key Quotes from Management

• "America’s economic competitiveness and national security rely on the continued advancement of secure, high-performance AI infrastructure." — Michael Intrator, Co-founder, Chairman, and Chief Executive Officer, CoreWeave (CoreWeave to Enter the U.S. Federal Market, October 28, 2025)
• "We are proud to expand our relationship with OpenAI, a company consistently at the forefront of advancing artificial intelligence." — Michael Intrator, Co-Founder, Chairman and Chief Executive Officer, CoreWeave (CoreWeave Expands Agreement with OpenAI by up to $6.5B, September 25, 2025)
• "Our investment in the UK will establish one of the world’s largest concentrations of state-of-the-art, sustainable compute, unlocking new opportunities for innovation, economic growth, and scientific discovery." — Michael Intrator, Co-Founder, Chairman and Chief Executive Officer, CoreWeave (Investment in AI data center capacity in the United Kingdom, September 16, 2025)
• "We are in a moment of hypergrowth and expanding our leadership team with our first CRO will enable us to meet the scale and complexity of the opportunities ahead," — Michael Intrator, Co-Founder, Chairman and Chief Executive Officer, CoreWeave (CoreWeave Appoints Jon Jones as First Chief Revenue Officer To Lead Next Phase of Rapid Growth, October 16, 2025)
• "This acquisition accelerates our strategy to deploy AI and HPC workloads at scale.” — Michael Intrator, Chief Executive Officer, CoreWeave (Acquisition Agreement between CoreWeave and Core Scientific, July 7, 2025)
• "CoreWeave is built to move faster – and time and again, we've proven it by being first to operationalize the most advanced systems at scale." — Michael Intrator, Co-Founder and Chief Executive Officer, CoreWeave (Launch Announcement of NVIDIA GB200 Grace Blackwell Systems, April 15, 2025)
• "Partnering with OpenAI on this net new contract underscores CoreWeave's proven ability to deliver reliable and performant infrastructure services, powering AI Innovations for world-leading AI labs." — Michael Intrator, Co-Founder and Chief Executive Officer, CoreWeave (Agreement with OpenAI to Deliver AI Infrastructure, March 10, 2025)