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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- All other countries
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $4.80B | $1.80B | $201.0M |
| All other countries | $330.0M | $118.0M | $28.0M |
As the company reported it, from the “Geographic Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $229.0M | $1.92B | $5.13B |
| Gross profit | — | $160.0M | $1.42B | $3.68B |
| Net income | — | -$594.0M | -$863.0M | -$1.17B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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| SHOP | SHOPIFY INC. | $218.48B | 179.4x | 30.1% |
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| NOW | ServiceNow, Inc. | $164.36B | 95.2x | 20.9% |
| NET | Cloudflare, Inc. | $115.42B | — | 29.8% |