CoreWeave, Inc. CRWV
CoreWeave is The Essential Cloud for AITM, purpose-built to accelerate breakthroughs by AI pioneers, from leading research labs to enterprises fueling business growth. Our CoreWeave Cloud platform enables the full lifecycle of AI, including large-scale model training, inference, data movement, continuous iteration, and agentic workflows. CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale.
AI workloads demand a fundamentally different approach to infrastructure versus general purpose cloud environments. Both training and inference require high-density compute, advanced networking, optimized storage, and software capable of managing complex distributed systems. General-purpose cloud infrastructure was not designed to meet these requirements. We address them by integrating purpose-built infrastructure with AI-native software and managed services into a single, vertically integrated platform optimized for performance, reliability, and scalability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $5.13B | $1.92B | $229.0M | — |
| Cost of revenue | $1.45B | $493.0M | $69.0M | — |
| Gross profit | $3.68B | $1.42B | $160.0M | — |
| R&D | $352.0M | $56.0M | $21.0M | — |
| SG&A | $651.0M | $119.0M | $30.0M | — |
| Total operating expenses | $5.18B | $1.59B | $243.0M | — |
| Operating income | -$46.0M | $324.0M | -$14.0M | — |
| Pre-tax income | -$1.22B | -$744.0M | -$558.0M | — |
| Income tax | $48.0M | $119.0M | $36.0M | — |
| Net income | -$1.17B | -$863.0M | -$594.0M | — |
| EPS, basic | -2.75 | -4.30 | -3.09 | — |
| EPS, diluted | -2.81 | -4.30 | -3.09 | — |
| Shares, diluted (wtd. avg.) | $436.0M | $218.0M | $192.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $3.13B | $1.36B | $217.0M | $7.0M |
| Short-term investments | $34.0M | $0 | — | — |
| Receivables | $3.17B | $417.0M | — | — |
| Total current assets | $7.49B | $1.92B | — | — |
| Property, plant and equipment | $30.56B | $11.91B | — | — |
| Goodwill | $1.10B | $20.0M | $0 | — |
| Other intangibles | $235.0M | $5.0M | — | — |
| Total assets | $49.30B | $17.83B | — | — |
| Accounts payable | $1.62B | $868.0M | — | — |
| Short-term debt | $6.71B | $2.47B | — | — |
| Total current liabilities | $16.44B | $4.96B | — | — |
| Long-term debt | $14.66B | $5.46B | — | — |
| Total liabilities | $45.97B | $16.52B | — | — |
| Retained earnings | -$2.64B | -$1.48B | — | — |
| Total equity | $3.33B | -$414.0M | -$597.0M | -$11.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $3.06B | $2.75B | $1.83B | — |
| Depreciation and amortisation | $2.45B | $863.0M | $103.0M | — |
| Stock-based compensation | $630.0M | $31.0M | $15.0M | — |
| Capital expenditure | $10.31B | $8.70B | $2.94B | — |
| Investing cash flow | -$10.27B | -$8.66B | -$3.15B | — |
| Financing cash flow | $9.31B | $7.46B | $1.79B | — |
| Buybacks | — | $2.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001769628-26-000191.
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