FY2023 – FY2025 · CRWV · CIK 1769628 · IPO March 28, 2025
CoreWeave Financials
Annual revenue (FY2023 $229M → FY2025 $5.1B), Microsoft 67% customer concentration, capex intensity (capex 2x revenue in FY2025), $60.7B RPO contracted backlog, GPU data-center footprint (43 sites / 850+ MW active / 3.1 GW contracted), debt-financed buildout, and the early-2026 ~$11B financing wave — every chart point sourced to a 10-K or 8-K filing. EDGAR XBRL pulled live.
Top customer % of revenue (FY2025)
67%
Microsoft, per the FY2025 10-K Risk Factors.
RPO / contracted backlog (FY2025)
$60.7B
Weighted-avg contract duration ~5 years.
Capex / revenue (FY2025)
2.0x
Capex $10.31B / revenue $5.13B.
Stock price (CRWV)
Live current price plus the post-IPO history. CoreWeave debuted on NASDAQ on March 28, 2025 at $40/share — so the chart shows the entire trading history of the stock. Updates during US market hours (9:30 a.m. – 4:00 p.m. Eastern, Monday – Friday) via TradingView's embed widget.
Most recent CoreWeave SEC filings
The freshness frontier — the latest filing of each material form type, fetched live from EDGAR. The 10-K marked “Anchors this page” is the source of the income-statement values below; the others are surfaced for transparency and feed the “Post-FY2025 events” section.
8 material filings have been filed since the anchor 10-K above (6 8-K, 1 DEF 14A, 1 ARS). The annual financial metrics on this page are still anchored to the 10-K because those values are filed annually; the 8-Ks cover material financing and customer-contract events surfaced in the “Post-FY2025 events” section above.
Annual revenue
As reported on the consolidated statement of operations. Pulled live from SEC EDGAR XBRL (RevenueFromContractWithCustomerExcludingAssessedTax). The post-IPO history is short — CoreWeave IPO'd in March 2025 and the first 10-K covers FY2025; FY2023 and FY2024 are presented as comparison columns in that 10-K. The chart is honest about the three-year window.
Show table
| FY | Revenue | YoY | Source |
|---|---|---|---|
| FY2023 | $229M | 10-K filed 2026-03-02 | |
| FY2024 | $1.92B | +736% | 10-K filed 2026-03-02 |
| FY2025 | $5.13B | +168% | 10-K filed 2026-03-02 |
Capital expenditures
Capex is the most distinctive line on CoreWeave's financial statements. Building GPU data centers is structurally capital-intensive, and capex has exceeded revenue every year of the disclosed history — by 12.8x in FY2023, narrowing to 2.0x in FY2025 as the revenue base scales. Live from SEC EDGAR XBRL (PaymentsToAcquirePropertyPlantAndEquipment).
Show table
| FY | Capex | Revenue | Capex / Rev |
|---|---|---|---|
| FY2023 | $2.94B | $229M | 12.9x |
| FY2024 | $8.70B | $1.92B | 4.5x |
| FY2025 | $10.31B | $5.13B | 2.0x |
Remaining performance obligations (contracted backlog)
RPO is contracted future revenue not yet recognized — the most informative forward indicator on the page. CoreWeave's RPO grew from $15.1B at FY2024 close to $60.7B at FY2025 close (a 4x increase), with a weighted-average contract duration of approximately 5 years. The FY2025 RPO is roughly 12x FY2025 revenue — the contracted pipeline is much larger than the run-rate.
Show table
| FY | RPO | Revenue | RPO / Rev | Source |
|---|---|---|---|---|
| FY2024 | $15.1B | $1.92B | 7.9x | 10-K filed 2026-03-02 |
| FY2025 | $60.7B | $5.13B | 11.8x | 10-K filed 2026-03-02 |
Customer concentration
From the Risk Factors section and the Concentration of Credit Risk and Significant Customers note in the latest 10-K. Customer concentration is the single most-cited risk factor on CoreWeave's filings; the page reproduces the disclosure verbatim from the underlying note rather than the marketing version.
CoreWeave's revenue is heavily concentrated in a small number of large customers. For FY2025, Microsoft accounted for approximately 67% of total revenue, up from 62% in FY2024 (when Microsoft was the top of the top-two customers that together represented 77% of revenue). For FY2023, the top three customers accounted for approximately 73% of total revenue. No customer other than Microsoft represented 10% or more of FY2025 revenue. In May 2025, CoreWeave entered a master services agreement with OpenAI; in September 2025, an order form under that MSA committed OpenAI to up to approximately $6.5 billion through May 31, 2031. Meta is also a disclosed customer, with a master services agreement dating to December 2023; CoreWeave disclosed an additional Meta order form in March 2026.
Source: 10-K covering FY ending 2025-12-31, filed 2026-03-02. Paraphrased from the Risk Factors section and Note on Concentration of Credit Risk and Significant Customers in the FY2025 10-K filed 2026-03-02. CoreWeave anonymizes customers as 'Customer A' / 'Customer B' / 'Customer C' in the concentration footnote; the Risk Factors section names Microsoft directly as the top customer for FY2025 and confirms OpenAI and Meta as additional disclosed customers.
| FY | Customer A | Customer B | Customer C | Top aggregate |
|---|---|---|---|---|
| FY2023 | 35% | 17% | 21% | 73% (top three customers) |
| FY2024 | 62% | 15% | — | 77% (top two customers) |
| FY2025 | 67% | — | — | 67% (top customer (Microsoft) only — no other customer was 10% or more) |
CoreWeave anonymizes individual customers as "Customer A / B / C" in the concentration footnote and confirms in the Risk Factors section that Customer A in FY2025 is Microsoft. Customer references may shift between filings (the labels A/B/C aren't consistent across years).
Operating metrics — data centers, active power, contracted power
CoreWeave operates a fleet of GPU data centers. Power capacity (in megawatts of active power, with multi-year contracted power booked but not yet deployed) is a more informative scaling metric than simple data-center count. From the Business / Operations section of each year's 10-K — these are not exposed in EDGAR XBRL.
As of December 31, 2025, CoreWeave operated 43 data centers supported by over 850 MW of active power, with total contracted power of approximately 3.1 GW expected to roll out over the coming years.
| FY end | Data centers | Active power | Contracted power | Source |
|---|---|---|---|---|
| FY2023 | 10 | approximately 70 MW | — | 10-K filed 2026-03-02 |
| FY2024 | 32 | approximately 360 MW | — | 10-K filed 2026-03-02 |
| FY2025 | 43 | over 850 MW | 3.1 GW | 10-K filed 2026-03-02 |
Operating income (loss) & net loss
CoreWeave's operating result has oscillated near the zero line — operating loss in FY2023 (-$14M), positive operating income in FY2024 (+$324M), back to operating loss in FY2025 (-$46M) as depreciation on the rapidly-expanded GPU fleet caught up. Net losses have been much larger because of interest expense on the debt-financed capex (-$1.23B of net interest expense in FY2025 alone) plus volatile fair-value adjustments on legacy convertible / warrant instruments. Live from SEC EDGAR XBRL (OperatingIncomeLoss, NetIncomeLoss).
Show table (operating result + net loss)
| FY | Operating result | Net loss |
|---|---|---|
| FY2023 | -$14M | -$594M |
| FY2024 | $324M | -$863M |
| FY2025 | -$46M | -$1.17B |
Technology & Infrastructure expense
CoreWeave reports operating expenses as Cost of revenue / Technology and infrastructure / Sales and marketing / G&A — there is no standalone "Research and development" line on the income statement. The Technology & Infrastructure line is the closest analog: it's where the cost of running the GPU fleet, data-center operations, and product engineering all sit. The percentage in each label is T&I as a share of revenue. Hand-curated from each year's 10-K income statement; the underlying us-gaap:ResearchAndDevelopmentExpense XBRL tag captures only a portion of T&I and is not used here.
Operating cash flow
Operating cash flow has been substantially positive every year, driven by deferred revenue from contract pre-payments — large customers fund GPU buildouts in advance of capacity delivery. The gap between operating cash flow ($3.1B in FY2025) and capex ($10.3B in FY2025) is the structural reason CoreWeave has needed external debt and equity financing at scale. Live from SEC EDGAR XBRL (NetCashProvidedByUsedInOperatingActivities).
Debt & financing structure
CoreWeave finances its GPU and data-center buildout primarily with secured debt — including a series of "DDTL" (delayed-draw term loan) facilities backed by the underlying GPU servers and customer contracts. Long-term debt grew from $7.93B at FY2024 close to $21.37B at FY2025 close (a 2.7x increase). The "Post-FY2025 events" section below adds another ~$11.25B of new financing capacity announced through April 2026. Live from SEC EDGAR XBRL (LongTermDebt).
| FY end | Long-term debt | Cash & equivalents |
|---|---|---|
| FY2024 | $7.93B | $1.36B |
| FY2025 | $21.37B | $3.13B |
Stock-based compensation
SBC stepped up sharply in FY2025 ($630M, ~12% of revenue) as post-IPO RSU grants began vesting. Pre-IPO SBC was modest ($15M / $31M for FY2023 / FY2024). Live from SEC EDGAR XBRL (ShareBasedCompensation).
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Stock-Based Compensation | $15M | $31M | $630M |
Year-end headcount
Full-time employees as of each fiscal year-end. The disclosed history is short — FY2024 headcount comes from the S-1/A filed during the IPO process, FY2025 from the first 10-K. Headcount more than doubled year-over-year (881 → 2,189) as CoreWeave staffed the post-IPO data-center buildout.
| FY end | Employees | Source |
|---|---|---|
| FY2024 | 881 | S-1/A filed 2025-03-20 |
| FY2025 | 2,189 | 10-K filed 2026-03-02 |
Post-FY2025 events
Material events that occurred after the FY2025 fiscal year-end (December 31, 2025) and are therefore not reflected in the FY2025 10-K's primary financial statements. CoreWeave has been unusually active in the financing and customer-contract dimensions in early 2026; each card below is sourced to the underlying 8-K. These will land in the FY2026 10-K's MD&A and Subsequent Events when it is filed in early 2027.
On March 30, 2026, CoreWeave Compute Acquisition Co. VIII, LLC (an indirect subsidiary of CoreWeave) entered into a credit agreement providing for an $8.5 billion delayed-draw term loan facility — the 'DDTL 4.0 Facility'. The facility was entered into primarily to finance capital expenditures required to perform a customer contract, including the acquisition of GPU servers and other infrastructure. The DDTL structure (delayed-draw term loan secured by the underlying GPU and data-center assets) is the same asset-backed financing vehicle CoreWeave has used for prior major capacity expansions; this is the fourth such facility.
Source: 8-K filed 2026-03-31 (accession 0001769628-26-000129).
On March 31, 2026, CoreWeave and Meta Platforms, Inc. entered into a new order form under their existing Master Services Agreement dated December 10, 2023. The order form provides Meta access to additional cloud computing capacity through fulfillment of reserved capacity orders. This is the second publicly-disclosed Meta order form expansion since the original MSA; Meta is one of the 'Customer B' / 'Customer C' positions in CoreWeave's concentration disclosures.
Source: 8-K filed 2026-04-09 (accession 0001769628-26-000154).
On April 14, 2026, CoreWeave completed a previously-announced private offering of $1.75 billion aggregate principal amount of convertible senior notes. The convertible notes complement the asset-backed DDTL financing structure with a more conventional capital-markets instrument. Use of proceeds was disclosed for general corporate purposes including capital expenditures.
Source: 8-K filed 2026-04-14 (accession 0001769628-26-000164).
On April 15, 2026, CoreWeave entered into a Securities Purchase Agreement with Jane Street Global Trading, LLC and on the same day completed the issuance and sale of 9,174,311 shares of CoreWeave's Class A common stock to Jane Street. The issuance is sourced as a private placement to a single qualified institutional buyer, separate from the public-market float.
Source: 8-K filed 2026-04-15 (accession 0001769628-26-000167).
On April 21, 2026, CoreWeave completed a previously-announced private offering of $1.0 billion aggregate principal amount of senior notes. Combined with the $1.75 billion convertible notes (April 14, 2026) and the $8.5 billion DDTL 4.0 facility (March 30, 2026), CoreWeave has added approximately $11.25 billion of new financing capacity since FY2025 close to fund continued capacity expansion.
Source: 8-K filed 2026-04-21 (accession 0001769628-26-000183).
Methodology & data sources
Live data. Annual revenue, operating income (loss), net loss, stock-based compensation, operating cash flow, capital expenditures, long-term debt, and cash & equivalents are sourced live from CoreWeave's SEC EDGAR XBRL company-facts endpoint. If EDGAR is unreachable when the page is being prepared, the page is not updated, so visitors never see stale fallback numbers.
Hand-curated, source-tagged. The Technology & Infrastructure expense line, customer-concentration percentages, RPO history, GPU / data-center / power-capacity operating metrics, year-end headcount, and post-FY2025 8-K-disclosed events are not exposed (or only partly exposed) in the EDGAR companyfacts JSON. Each value is hand-curated from the underlying 10-K or 8-K filing's text and tagged with the filing's accession number. When a newer 10-K is filed than the one a value was last verified against, a “Verification due” banner appears next to the affected section.
Short post-IPO history. CoreWeave IPO'd on NASDAQ on March 28, 2025. The first 10-K covers FY2025 (FYE December 31, 2025) and includes FY2023 / FY2024 as comparison columns; pre-IPO, those years' audited financials originated in the 2024 S-1 / S-1/A. The chart axes are honest about the three-year window.
No standalone R&D line. CoreWeave's income statement reports Cost of revenue / Technology & infrastructure / Sales & marketing / G&A — there is no “Research and development” row. The us-gaap:ResearchAndDevelopmentExpense XBRL tag captures only a portion of T&I, so the page hand-curates the full T&I figure from each year's income statement. T&I is the closest analog to a typical software company's R&D + cloud-ops cost combined.
Refresh cadence. Hand-curated values are re-verified monthly aligned with CoreWeave's filing cadence (10-Q in mid-May / mid-August / mid-November, 10-K in early March, plus 8-Ks any time material financing or customer events warrant disclosure). The recurring refresh task discovers new filings via the EDGAR submissions endpoint and updates the page accordingly.
What's intentionally not here. Live market cap (the page builds periodically; a real-time market-cap calc would be misleading). Forward earnings guidance, analyst estimates, and price targets (out of scope — the page is reported actuals). Editorial framing about whether the stock is over- or under-valued. Comparison to NVIDIA, Lambda, or other AI-infrastructure peers (different business shapes; not a fair comparison on a financials page). The TradingView stock-chart widget at the top is the only live-market data on the page; it loads directly into your browser from TradingView's CDN, not redistributed by this site.
Cross-references. AI Orgs for the broader US-listed AI-pure-play roster that includes CoreWeave. Tech Filings for every CoreWeave SEC filing in chronological order.
Last updated: 2026-04-30 17:23 UTC. Latest 10-K on EDGAR: 0001769628-26-000104 filed 2026-03-02. Hand-curated source-tag anchor: 0001769628-26-000104.