American "neocloud" company that rents out access to artificial-intelligence computing power. CoreWeave started life as a cryptocurrency miner. It listed on the stock exchange in March 2025 and by July its market value had risen by over 300%, to around $75bn.
Two years before its listing, CoreWeave generated roughly $200m a year in revenue. By 2025 analysts expected it to make over $5bn in sales. As of January 2025 it operated 28 data centres, with ten more being added that year. As of March 2025 it had $10.6bn of net debt, equivalent to around six times its annualised operating profit (before depreciation and amortisation), including novel loans backed by the value of AI chips.
On July 7th 2025 CoreWeave announced a plan to acquire Core Scientific, a cryptocurrency miner, in a $9bn all-stock deal. The transaction gives CoreWeave ready-built data centres and power agreements with local utilities. The company expects savings of around $10bn over 12 years from the deal.
Microsoft accounted for 72% of CoreWeave's revenue in the first quarter of 2025. Microsoft leases CoreWeave's capacity to serve its own cloud-computing customers when demand outstrips what it can supply, and has signed a five-year $10bn leasing deal. To reduce dependence on its biggest customer, CoreWeave struck a deal worth $12bn over five years with OpenAI. In June 2025 Alphabet announced that it would rent data-centre capacity from CoreWeave as well.
CoreWeave has borrowed liberally from private-credit funds and bond investors to buy chips from Nvidia, using its chips as collateral.
Nvidia is CoreWeave's principal chip supplier and owns around 7% of the company. CoreWeave is expected to spend more than $10bn on Nvidia's chips in 2025; Nvidia recently signed a $6bn agreement to guarantee CoreWeave's revenue. Nvidia wants CoreWeave to succeed because the neocloud weakens the bargaining power of the cloud giants, which are Nvidia's biggest customers. OpenAI also holds a stake in CoreWeave.
Rival neoclouds include Lambda, one of the first AI-focused cloud providers; Crusoe Energy, another former crypto miner; and Nebius, spun off from Yandex, Russia's answer to Alphabet.
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