# CoreWeave, Inc. (CRWV)

> Source: Nexqual · https://nexqual.com/CRWV · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, CoreWeave, Inc. (CRWV), nexqual.com/CRWV" · informational, not investment advice.

**Price:** USD 54.24 (-2.46% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 55.6 · day 54.01–56.11 · 52w 53.5–141.79 · market cap $29.9B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.59B, net income -$1.93B (-25.4% margin), free cash flow -$13.7B (SEC filings).
- 1 of 80 tracked superinvestors hold CRWV (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.14 on a 1–5 scale) (42 analysts), mean target USD 135.82 (range 39–278).
- Total return with dividends: 1Y -59.1% vs S&P 500 +13.4%; 5Y +35.6% vs S&P 500 +76.9%.
- Next earnings: 2026-11-11, EPS estimate USD -1.55, revenue estimate $3.54B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $229M | $1.92B | $5.13B | $7.59B |
| Gross profit | $160M | $1.42B | $3.68B | — |
| Operating income | -$14.0M | $324M | -$46.0M | -$231M |
| Net income | -$594M | -$863M | -$1.17B | -$1.93B |
| EPS (diluted) | -$3.09 | -$4.30 | -$2.81 | — |
| Free cash flow | -$1.11B | -$5.95B | -$7.25B | -$13.7B |
| Gross margin | 69.9% | 74.3% | 71.7% | — |
| Operating margin | -6.1% | 16.9% | -0.9% | -3.0% |
| Net margin | -259.4% | -45.1% | -22.7% | -25.4% |
| Revenue growth | — | +736.2% | +167.9% | — |
| Cash + short-term investments | $217M | $1.36B | $3.16B | — |
| Total debt | — | $7.93B | $21.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 3.9x · P/B 6.0x · FCF yield -45.65% · Earnings yield -6.44%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CRWV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Tepper | Appaloosa Management | 1.44% | $107M | New position |

## Analysts
Consensus Buy (mean 2.14 on a 1–5 scale), 42 analysts; mean target USD 135.82 (low 39, high 278).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | UBS | Target lowered | Buy | $120 → $105 |
| 2026-10-23 | Morgan Stanley | Target lowered | Equal-Weight | $99 → $70 |
| 2026-10-21 | Piper Sandler | Target lowered | Overweight | $153 → $124 |
| 2026-10-20 | HSBC | Reiterated | Reduce | $39 |
| 2026-10-19 | Goldman Sachs | Upgrade | Neutral → Buy | $106 |
| 2026-10-15 | Mizuho | Target lowered | Neutral | $115 → $88 |
| 2026-10-05 | Freedom Capital Markets | Maintained | Buy | $151 |
| 2026-10-02 | Cantor Fitzgerald | Reiterated | Overweight | $176 |
| 2026-10-01 | Rosenblatt | Maintained | Buy | $250 |
| 2026-09-30 | William Blair | Initiated | Outperform |  |
| 2026-09-30 | Freedom Capital Markets | Maintained | Buy | $151 |
| 2026-09-24 | JP Morgan | Upgrade | Neutral → Overweight | $120 → $125 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2025-03-24) |
|---|---|---|
| Total return | -59.1% | +35.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -59.2% | +21.2% |
| Volatility (annualized) | 95.5% | 101.1% |
| Max drawdown | -61.2% (Oct 2025→Oct 2026) | -70.5% (Jun 2025→Oct 2026) |

## Peers (Software - Infrastructure)
MDB (MongoDB, Inc.) USD 371.09 +2.44% · VRSN (VeriSign, Inc.) USD 300.32 -1.40% · CPAY (Corpay, Inc.) USD 408.46 -1.58% · RBRK (Rubrik, Inc.) USD 128.74 +6.62% · IOT (Samsara Inc.) USD 44.92 +2.60% · FFIV (F5, Inc.) USD 455.42 +1.19%

## More
Full page: https://nexqual.com/CRWV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRWV's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1769628/000176962826000104/crwv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "For example, NVIDIA relies on suppliers such as Taiwan Semiconductor Manufacturing Company for semiconductor fabrication and other manufacturers for compute and networking components." |
| Customer | NVIDIA (NVDA) | "deploy the industry's most advanced hardware and architectures first—including NVIDIA GB200 and GB300 NVL72 systems for mission-critical AI—gives our customers a measurable edge in performance, efficiency, and scale." |
| Customer | Microsoft (MSFT) | "We recognized an aggregate of approximately 67% of our revenue from our top customer, Microsoft, for the year ended December 31, 2025." |
| Customer | OpenAI | "In May 2025, we entered into a master services agreement with OpenAI OpCo, LLC ("OpenAI") and in September 2025, we entered into an order form under this master services agreement pursuant to which OpenAI has committed t…" |
| Customer | Meta Platforms (META) | "Similarly, in September 2025, we entered into an order form under an existing master services agreement pursuant to which Meta Platforms, Inc. ("Meta") initially committed to pay us up to approximately $14.2 billion thro…" |
| Customer | AMD (AMD) | "CoreWeave clusters also use cutting edge CPUs, including AMD and Intel chips, to power compute-intensive projects and to help our customers get more out of GPU compute." |
| Customer | Intel (INTC) | "CoreWeave clusters also use cutting edge CPUs, including AMD and Intel chips, to power compute-intensive projects and to help our customers get more out of GPU compute." |
| Customer | Weights & Biases | "This first joint offering from Weights & Biases and OpenPipe enhances our customers' ability to train with RL—quickly, easily, and at scale." |
| Customer | OpenPipe | "This first joint offering from Weights & Biases and OpenPipe enhances our customers' ability to train with RL—quickly, easily, and at scale." |
| Competitor | Amazon (AMZN) | "Key competitors that offer general purpose cloud computing services as part of a broader, diversified product portfolio include Amazon (AWS), Google (Google Cloud Platform), Microsoft (Azure), and Oracle, a number of whi…" |
| Competitor | Alphabet (Google) (GOOGL) | "Key competitors that offer general purpose cloud computing services as part of a broader, diversified product portfolio include Amazon (AWS), Google (Google Cloud Platform), Microsoft (Azure), and Oracle, a number of whi…" |
| Competitor | Oracle (ORCL) | "Key competitors that offer general purpose cloud computing services as part of a broader, diversified product portfolio include Amazon (AWS), Google (Google Cloud Platform), Microsoft (Azure), and Oracle, a number of whi…" |

Other companies that name CRWV in their own reports (relationship from CRWV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | IREN Ltd (IREN) | 10-K 2026-08-27 | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers,…" |
| competitor | ChronoScale Holdings Corp (CHRN) | 10-K 2026-08-19 | "Our primary competitors are cloud service providers, such as CoreWeave, Crusoe Energy, Lambda Labs, and Nebius Group." |
| partner | Applied Digital Corp. (APLD) | 10-K 2026-07-29 | "Each lease is a direct, long-term agreement with CoreWeave or an investment-grade hyperscaler, is structured" |
| competitor | HIVE Digital Technologies Ltd. (HIVE) | 10-K 2026-06-02 | "We face competition from established data-center operators and infrastructure providers with significant capital resources, brand recognition and technical expertise, such as Equinix, Crusoe Cloud, Ap…" |
| competitor | Nebius Group N.V. (NBIS) | 20-F 2026-04-30 | "For our core AI infrastructure business, our key competitors are specialized cloud service providers focused on AI, including CoreWeave, Crusoe and Lambda." |
| competitor | Digi Power X Inc. (DGXX) | 10-K 2026-03-31 | "Realty Trust, Inc., and CoreWeave, Inc., among others, as well as certain of our bitcoin mining competitors." |
| competitor | Soluna Holdings, Inc (SLNH) | 10-K 2026-03-30 | "Our emerging HPC Business competes with leading data center firms such as Applied Digital, Digital Realty, NeoCloud companies such as Crusoe, CoreWeave, Lambda, FluidStack and Nebius." |
| competitor | Bit Digital, Inc (BTBT) | 10-K 2026-03-27 | "operators in the U.S. WhiteFiber's primary competitors in the cloud service business are CoreWeave, Crusoe Energy, Nebius," |
| competitor | WhiteFiber, Inc. (WYFI) | 10-K 2026-03-26 | "in the U.S. Our primary competitors in the cloud service business are CoreWeave, Crusoe Energy, Nebius, and Lambda Labs." |
| supplier | Core Scientific, Inc./tx (CORZ) | 10-K 2026-03-02 | "CoreWeave for 200 MW of leased customer power capacity." |
| supplier | Galaxy Digital Inc. (GLXY) | 10-K 2026-02-26 | "We expect that our AI/HPC data center business will initially be highly dependent on a single customer, CoreWeave, and may continue to derive a significant portion of the revenue of our Data Centers o…" |
| competitor | Cipher Digital Inc. (CIFR) | 10-K 2026-02-24 | "Several companies compete in this industry, including: CoreWeave, Digital Realty, Equinix, Vantage Data Centers and Aligned Data Centers." |
| competitor | CLEANSPARK, INC. (CLSK) | 10-K 2025-11-25 | "These competitors include Equinix, Inc., Digital Realty Trust, Inc., and CoreWeave, Inc., among others, as well as certain of our bitcoin mining competitors." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.39B | 92.8% | +108.1% |
| All other countries | $186.0M | 7.2% | +190.6% |
| Total revenue | $2.58B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 36%, 26%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Company outlook (8-K filed 2026-08-11)

- "Webcast and Conference Call Information CoreWeave will host an audio webcast to discuss the results for the second quarter of 2026, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.55 | $-1.31 | +18.3% | $3.54B | 18 |
| Next quarter (ends 2026-12-31) | $-1.08 | $-0.80 | +35.4% | $4.69B | 18 |
| Current fiscal year (ends 2026-12-31) | $-5.18 | $-4.92 | +5.2% | $12.87B | 23 |
| Next fiscal year (ends 2027-12-31) | $-4.59 | $-3.67 | +24.8% | $26.47B | 23 |