CRWV on Nasdaq

CoreWeave, Inc.

CoreWeave, Inc. is an American prepackaged software services company based in Livingston.1 Its shares trade on Nasdaq under the symbol CRWV.1

Price unavailable

Last updated Oct 21, 2026.

Overview

$5.1BRevenue, fiscal 20252
-$1.2BNet income, fiscal 20252

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  • TickerCRWV on Nasdaq1
  • IndustryServices-Prepackaged Software1
  • HeadquartersLivingston, New Jersey1
  • Incorporated inDE3
  • Business address290 W. Mt. Pleasant Avenue, Suite 4100, Livingston, Nj 070393
  • Filer categoryNon-accelerated filer3
  • Legal formCorporation

CoreWeave is The Essential Cloud for AI TM , 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.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-0.9%Operating margin2
-22.7%Net margin2
167.9%Revenue growth, 20252
-35.0%Return on equity2
4.40×Debt to equity2
-$7.3BFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 94% of the revenue CoreWeave, Inc. broke down this way in fiscal 2025.

  1. United States$4.8B294%up 167% from 2024
  2. Outside the United States$330.0M26%up 180% from 2024
Regions by year
Regions202320242025
United States$201.0M$1.8B$4.8B
Outside the United States$28.0M$118.0M$330.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue28¢$1.5B
  • Research and development7¢$352.0M
  • Other costs64¢$3.3B
  • Income tax1¢$48.0M

Out of $5.1B in revenue.2 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$10.3B

Out of $3.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Revenue2$5.1B in 2025+2141% since 2023
0$2.0B$4.0B$6.0B2023: $229.0M$229.0M20232024: $1.9B$1.9B2024+736%2025: $5.1B$5.1B2025+168%
Operating income2-$46.0M in 2025+229% since 2023
-$100.0M0$100.0M$200.0M$300.0M$400.0M2023: -$14.0M-$14.0M20232024: $324.0M$324.0M20242025: -$46.0M-$46.0M2025
Net income2-$1.2B in 2025+96% since 2023
-$1.5B-$1.0B-$500.0M02023: -$594.0M-$594.0M20232024: -$863.0M-$863.0M2024+45%2025: -$1.2B-$1.2B2025+35%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue$5.1B$1.9B$229.0M
Cost of revenue$1.5B$493.0M$69.0M
Technology and infrastructure$2.9B$961.0M$131.0M
Sales and marketing$144.0M$18.0M$13.0M
General and administrative$651.0M$119.0M$30.0M
Total operating expenses$5.2B$1.6B$243.0M
Operating income (loss)-$46.0M$324.0M-$14.0M
Gain (loss) on fair value adjustments$27.0M-$756.0M-$534.0M
Interest expense, net-$1.2B-$361.0M-$28.0M
Other income, net$33.0M$49.0M$18.0M
Loss before income taxes-$1.2B-$744.0M-$558.0M
Provision for (benefit from) income taxes-$48.0M$119.0M$36.0M
Net loss and comprehensive loss-$1.2B-$863.0M-$594.0M
Net loss attributable to common stockholders, basic-$1.2B-$937.0M-$594.0M
Net loss attributable to common stockholders, diluted-$1.2B-$937.0M-$594.0M
Net loss per share attributable to common stockholders, basic (in usd per share )-$2.75-$4.30-$3.09
Net loss per share attributable to common stockholders, diluted (in usd per share )-$2.81-$4.30-$3.09
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)435.0M shares218.0M shares192.0M shares
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)436.0M shares218.0M shares192.0M shares

Compare CoreWeave, Inc. with another company

Corporate structure

CoreWeave, Inc. sits at the top of its group. 10 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CoreWeave, Inc.

  • Brannin McBee Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Aug 14, 2026 (3 filings since May 15, 2025)
  • Brian M. Venturo Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Aug 14, 2026 (3 filings since May 15, 2025)
  • Michael N. Intrator Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Aug 14, 2026 (2 filings since May 15, 2025)
  • Goldman Sachs Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Aug 12, 2026 (2 filings since May 7, 2026)
  • JANE STREET GROUP, LLC Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Aug 12, 2026 (4 filings since Aug 20, 2025)
  • CW Opportunity LLC Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Jun 23, 2026 (2 filings since Apr 1, 2025)
  • Magnetar Financial LLC Filed SCHEDULE 13G/A on CoreWeave, Inc., latest May 6, 2026 (3 filings since Apr 1, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Mar 26, 2026 (2 filings since Jan 30, 2026)
  • FMR LLC Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Feb 5, 2026 (3 filings since May 12, 2025)
  • Nvidia Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Jan 26, 2026 (2 filings since May 15, 2025)
  • KOPACC LLC Filed SCHEDULE 13G on CoreWeave, Inc., latest Nov 14, 2025 (3 filings since May 22, 2025)
  • Linden West Trust Filed SCHEDULE 13G/A on CoreWeave, Inc., latest Nov 13, 2025 (2 filings since May 15, 2025)
  • CoreWeave, Inc. Livingston, New Jersey
    • Applied Digital Corp. Stake · Dallas, Texas, United States
    • Sysorex, Inc. Stake · Herndon, Virginia, United States
    • CCAC IV Spain, S.L.U Subsidiary · Spain
    • CCAC IV Sweden AB Subsidiary · Sweden
    • CCAC IV UK Limited Subsidiary · United Kingdom
    • CoreWeave Norway AS Subsidiary · Norway
    • CoreWeave Sweden AB Subsidiary · Sweden
    • CoreWeave UK Limited Subsidiary · United Kingdom
    • Reserve CoreWeave Spain, S.L. Subsidiary · Spain

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (2 companies). Each entity in the chart links to its source.

What it owns

What CoreWeave, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$33.9B2 Dec 31, 2025$12.9B2 Dec 31, 2024+163.5%
Accumulated depreciation$3.4B2 Dec 31, 2025$965.0M2 Dec 31, 2024+250.7%
Property and equipment, net$30.6B2 Dec 31, 2025$11.9B2 Dec 31, 2024+156.5%
Finance-lease assets$444.0M2 Dec 31, 2025$134.0M2 Dec 31, 2024+231.3%
Operating-lease assets (leased space)$8.2B2 Dec 31, 2025$2.6B2 Dec 31, 2024+217.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.1B2 Dec 31, 2025$1.4B2 Dec 31, 2024+129.8%
Marketable securities, current$34.0M2 Dec 31, 2025$02 Dec 31, 2024
Marketable securities, non-current$02 Dec 31, 2025$29.0M2 Dec 31, 2024−100.0%
Stakes in other companies (equity method)$51.0M2 Dec 31, 2025$02 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$1.1B2 Dec 31, 2025$20.0M2 Dec 31, 2024+5405.0%
Intangible assets, net (excluding goodwill)$235.0M2 Dec 31, 2025$5.0M2 Dec 31, 2024+4600.0%
Finite-lived intangibles, gross$267.0M2 Dec 31, 2025$9.0M2 Dec 31, 2024+2866.7%
Accumulated amortization$32.0M2 Dec 31, 2025$4.0M2 Dec 31, 2024+700.0%
Finite-lived intangibles, net$235.0M2 Dec 31, 2025$5.0M2 Dec 31, 2024+4600.0%

Properties, in its own words

We are headquartered in Livingston, New Jersey. We also lease office space in various parts of the United States, such as New York, the State of Washington, and California, as well as internationally in the United Kingdom. Additionally, we lease space to operate data centers worldwide, including in the United States, the United Kingdom, Spain, Sweden, and Norway. We believe that our current facilities are adequate to meet our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.

Item 2 of the 10-K filed Mar 2, 2026.5

Leadership

Who has led CoreWeave, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (11)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorErnie Rogers named May 30, 202421

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CCAC IV Spain, S.L.U Spain4
  • CCAC IV Sweden AB Sweden4
  • CCAC IV UK Limited United Kingdom4
  • CoreWeave Norway AS Norway4
  • CoreWeave Sweden AB Sweden4
  • CoreWeave UK Limited United Kingdom4
  • Reserve CoreWeave Spain, S.L. Spain4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Atlantic Crypto CorpMar 11, 2019 to Oct 3, 20193

Timeline

  1. Sep 22, 20268-K Entered a material agreement; Unregistered sale of shares; Other events22
  2. Sep 17, 20268-K Regulation FD disclosure; Other events23
  3. Aug 11, 20268-K Results of operations24
  4. Aug 10, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure25
  5. Jun 18, 20268-K Entered a material agreement; New debt or obligation26
  6. Jun 11, 20268-K Regulation FD disclosure27
  7. Jun 10, 20268-K Shareholder vote28
  8. May 18, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure29
  9. May 7, 20268-K Results of operations30
  10. Apr 21, 20268-K Entered a material agreement; New debt or obligation; Other events31
  11. Apr 15, 20268-K Unregistered sale of shares; Regulation FD disclosure32
  12. Apr 14, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares33
  13. Mar 27, 2025New chief executive Michael N. Intrator becomes CEO10

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.31) a share, on Nov 10, 2025.34

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results24
  2. May 7, 2026Reported quarterly or annual results30
  3. Feb 26, 2026Reported quarterly or annual results35
  4. Nov 10, 2025Reported quarterly or annual results36

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

1,138 filings to the SEC since October 2021: 1 annual reports, 5 quarterly reports, 38 major events, 505 insider forms, 33 large holders, 1 private raises, 555 other. The latest 20:

  1. Oct 14, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 14, 20264 PRIMARY DOCUMENT EDGAR
  3. Oct 13, 2026144 EDGAR
  4. Oct 13, 2026144 EDGAR
  5. Oct 13, 2026144 EDGAR
  6. Oct 8, 20264 PRIMARY DOCUMENT EDGAR
  7. Oct 8, 20264 PRIMARY DOCUMENT EDGAR
  8. Oct 6, 2026144 EDGAR
  9. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  10. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  11. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  12. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  13. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  14. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  15. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  16. Oct 2, 20264 PRIMARY DOCUMENT EDGAR
  17. Oct 1, 20264 PRIMARY DOCUMENT EDGAR
  18. Sep 30, 2026144 EDGAR
  19. Sep 30, 2026144 EDGAR
  20. Sep 30, 2026144 EDGAR

The 1,138 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

374 open-market trades by officers, directors and large owners since October 2021: 3 buys and 371 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 22, 2026Intrator Michael NCEO and PresidentSale307,692$86.82$26.7MForm 4
Sep 22, 2026Agrawal NitinChief Financial OfficerSale55,764$86.83$4.8MForm 4
Sep 15, 2026Intrator Michael NCEO and PresidentSale307,692$81.91$25.2MForm 4
Sep 14, 2026Agrawal NitinChief Financial OfficerSale66,576$83.70$5.6MForm 4
Sep 8, 2026McVeety Kristen JGC and SecretarySale97,500$93.94$9.2MForm 4
Sep 8, 2026Intrator Michael NCEO and PresidentSale307,692$100.08$30.8MForm 4
Sep 8, 2026Goldberg ChenEVP, Product & EngineeringSale22,424$95.91$2.2MForm 4
Sep 1, 2026McVeety Kristen JGC and SecretarySale156,000$81.63$12.7MForm 4
Sep 1, 2026Intrator Michael NCEO and PresidentSale307,692$81.67$25.1MForm 4
Aug 26, 2026McVeety Kristen JGC and SecretarySale2,100$88.02$184.9KForm 4
Aug 25, 2026Intrator Michael NCEO and PresidentSale307,692$88.61$27.3MForm 4
Aug 25, 2026Agrawal NitinChief Financial OfficerSale5,509$88.64$488.3KForm 4
Aug 24, 2026McBee BranninChief Development OfficerSale500$85.51$42.8KForm 4
Aug 24, 2026McBee BranninChief Development OfficerSale249,500$85.52$21.3MForm 4
Aug 20, 2026Venturo Brian MChief Strategy OfficerSale5,899$91.88$542.0KForm 4
Aug 20, 2026McVeety Kristen JGC and SecretarySale3,980$91.88$365.7KForm 4
Aug 20, 2026McBee BranninChief Development OfficerSale3,610$91.88$331.7KForm 4
Aug 20, 2026Jain SachinChief Operating OfficerSale6,339$91.88$582.4KForm 4
Aug 20, 2026Intrator Michael NCEO and PresidentSale13,129$91.88$1.2MForm 4
Aug 20, 2026Goldberg ChenEVP, Product & EngineeringSale8,628$91.88$792.7KForm 4

All 374 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

CoreWeave, Inc. has told the SEC it owns more than 5% of 2 companies, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jonathan JonesChief Revenue Officer52$18.6M52
2025Michael IntratorChief Executive Officer and President57$748.9K$3.5M52
2025Brian VenturoChief Strategy Officer and Co-Founder41$748.9K$2.8M52
2025Brannin McBeeChief Development Officer and Co-Founder41$591.5K$2.0M52
2025Nitin AgrawalChief Financial Officer46$499.4K$1.0M52
2024Michael IntratorChief Executive Officer and President57$750.0K$2.8M52
2024Brian VenturoChief Strategy Officer and Co-Founder41$750.0K$2.8M52
2024Brannin McBeeChief Development Officer and Co-Founder41$400.0K$2.4M52

Money raised

Private offerings the company reported to the SEC on Form D.

  1. May 16, 2024Raised $1.1 billion in a private offering of equity Form D: 46 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Magnetar Financial LLC52,062,927$5.2B49.5%−16,503,467
Nvidia Corp47,213,353$4.7B7.4%No change
BlackRock, Inc.24,105,966$2.4B0.0%+14,727,734
Goldman Sachs Group Inc18,103,949$1.8B0.2%+226,302
Vanguard Portfolio Management LLC17,063,815$1.7B0.1%+4,353,457
Vanguard Capital Management LLC15,789,271$1.6B0.0%+3,351,876
Jane Street Group, LLC13,885,024$1.4B0.9%+5,028,333
Invesco Ltd.12,408,675$1.2B0.1%+11,415,570
Alyeska Investment Group, L.P.10,891,267$1.1B2.8%+3,897,741
Value Aligned Research Advisors, LLC10,886,110$1.1B6.5%+2,605,347
Bank Of America Corp /de/8,272,471$823.4M0.1%+2,620,342
Peak6 LLC8,057,406$802.0M19.5%+1,243,505
Situational Awareness LP7,479,558$744.5M3.7%+301,639
State Street Corp7,058,846$702.6M0.0%+4,113,873
Altimeter Capital Management, LP6,073,695$604.6M6.2%+1,574,620
Geode Capital Management, LLC5,904,372$586.3M0.0%+2,826,465
Barclays PLC4,466,809$444.6M0.1%+3,411,597
UBS Group AG4,465,874$444.5M0.1%+867,069
Norges Bank4,320,898$430.1M0.0%New
Jennison Associates LLC4,019,579$400.1M0.2%+2,791,552
Fmr LLC3,938,289$392.0M0.0%+693,950
Morgan Stanley3,679,696$366.3M0.0%+836,492
Two Sigma Investments, LP3,431,074$341.5M0.3%+3,317,458
Lavaca Capital LLC3,323,566$330.8M34.5%+400,000
Clear Street Group Inc.2,846,760$283.4M0.9%−863,482

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Dec 11, 2025Cleo FieldsDemocratic, HouseSale$15,001 - $50,000+41.7%Report
Oct 10, 2025Cleo FieldsDemocratic, HouseBuy$1,001 - $15,000−73.8%Report
Oct 9, 2025Cleo FieldsDemocratic, HouseBuy$1,001 - $15,000−72.1%Report
Jun 6, 2025Val T. HoyleDemocratic, HouseBuy$1,001 - $15,000−85.0%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How CoreWeave, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCoreWeave, Inc.1
  • CIK0001769628
  • Employer ID (EIN)82-30600215
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)7372 Services-Prepackaged Software1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address290 W. Mt. Pleasant Avenue, Suite 4100, Livingston, NJ 070391
  • Phone(973) 270-97371
  • Shares outstanding419,028,081 Common Class A shares; 106,660,052 Common Class B shares as of Jan 31, 20265
  • Public float$39.6B as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, San Jose, CA PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 11, 20191
  • Filings1,156 in all: 144 (499), 4 (480), 8-K (37), 425 (24), 3 (19), SCHEDULE 13G/A (19), SCHEDULE 13G (16), CORRESP (8)1
    All 37 form types

    10-Q (5), D (5), UPLOAD (5), 3/A (3), 4/A (3), S-8 (3), DRS/A (2), DRSLTR (2), EFFECT (2), S-1/A (2), S-4/A (2), SC 13D/A (2), SEC STAFF LETTER (2), 10-K (1), 424B3 (1), 424B4 (1), 424B5 (1), 8-A12B (1), 8-K/A (1), ARS (1), CERT (1), D/A (1), DEF 14A (1), DEFA14A (1), DRS (1), S-1 (1), S-3ASR (1), S-4 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 22, 2026
    Latest 8-K (8-K) Sep 22, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, $0.000005 par value per shareCRWVThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks CoreWeave, Inc. names in Item 1A of its 10-K filed Mar 2, 2026: 66 risks under these headings, as written.5

  • Risks Related to Our Business and Industry
  • Our business would be harmed if we were not able to access sufficient power or by increased costs to procure power, prolonged power outages, shortages, or capacity constraints.
  • We have a limited number of suppliers for significant components of the equipment we use to build and operate our platform and provide our solutions and services. Any disruption in the availability of these components could delay our ability to expand or increase the capacity of our infrastructure or replace defective equipment.
  • If our data center providers fail to meet the requirements of our business, or if the data center facilities experience damage, interruption, or a security breach, our ability to provide access to our infrastructure and maintain the performance of our network could be negatively impacted.
  • Our recent growth may not be indicative of our future growth, and if we do not effectively manage our future growth, our business, operating results, financial condition, and prospects may be adversely affected.
  • A substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spending from one or a few of our top customers would adversely affect our business, operating results, financial condition, and prospects.
  • Our operations require substantial and growing capital expenditures, and we will require additional capital to fund our business and support our growth, and any inability to generate or obtain such capital on acceptable terms, if at all, or to lower our total cost of capital, may adversely affect our business, operating results, financial condition, and prospects.
  • In order to meet the demand for AI cloud infrastructure services, we and our partners may need to expand existing data centers through development projects or add new data centers through construction projects, each of which is a complex and capital-intensive undertaking.
  • If we fail to efficiently enhance our platform and develop and sell new solutions and services and respond effectively to rapidly changing technology, evolving industry standards, changing regulations, and changing customer needs, requirements, or preferences, our platform may become less competitive.
  • The broader adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. Failure by our customers to continue to use our CoreWeave Cloud Platform to support AI use cases in their systems, or our ability to keep up with evolving AI technology requirements and regulatory frameworks, could have a material adverse effect on our business, operating results, financial condition, and prospects.
  • Our operating results may fluctuate significantly, which could make our future results difficult to predict and could cause our operating results to fall below expectations.
  • We face intense competition and could lose market share to our competitors, which would adversely affect our business, operating results, financial condition, and prospects.
The other 55 risks
  • A network or data security incident against us, or our third-party providers, whether actual, alleged, or perceived, could harm our reputation, create liability and regulatory exposure, and adversely impact our business, operating results, financial condition, and prospects.
  • We have a history of generating net losses as a result of the substantial investments we have made to grow our business and develop our platform, anticipate increases in our operating expenses in the future, and may not achieve or, if achieved, sustain profitability. If we cannot achieve and, if achieved, sustain profitability, our business, operating results, financial condition, and prospects will be adversely affected.
  • We make substantial investments in our technology and infrastructure and unsuccessful investments could materially adversely affect our business, operating results, financial condition, and prospects.
  • Our platform is complex and performance problems or defects associated with our platform may adversely affect our business, operating results, financial condition, and prospects.
  • Any failure of our IT systems or those of one or more of our IT service providers, business partners, vendors, suppliers, or other third-party service providers, or any other failure by such third parties to provide services to us may negatively impact our relationships with customers and harm our business.
  • We have a limited operating history at our current scale, which makes it difficult to evaluate our current business and prospects and increases the risks associated with investment in our Class A common stock.
  • We have a limited history selling access to our platform under our current business model and are continuing to scale our operations and evolve our go-to-market strategy, which may make it difficult to evaluate our business and prospects and increase the risks associated with an investment in our Class A common stock.
  • If we are unable to attract new customers, retain existing customers, and/or expand sales of our platform, solutions, and services to such customers, we may not achieve the growth we expect, which would adversely affect our business, operating results, financial condition, and prospects.
  • If we are unable to successfully build, expand, and deploy our sales organization in a timely manner, or at all, or to successfully hire, retain, train, and motivate our sales personnel, our growth and long-term success could be adversely impacted.
  • If we do not or cannot maintain the compatibility of our platform with our customers' existing technology, including third-party technologies that our customers use in their businesses, our business may be adversely affected.
  • If we are not able to maintain and enhance our brand, our business, operating results, financial condition, and prospects may be adversely affected.
  • As we expand our customer base, we may become further subject to counterparty credit risk, which would adversely impact our business, operating results, financial condition, and prospects.
  • Our long-term success depends, in part, on our ability to expand the sale of our platform to customers located outside of the United States and our current, and any further, expansion of our international operations exposes us to risks that could have a material adverse effect on our business, operating results, financial condition, and prospects.
  • Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense.
  • The sales prices of our offerings may decrease, which may reduce our revenue and margins and adversely affect our business, operating results, financial condition, and prospects.
  • Existing and future acquisitions, strategic investments, partnerships, or alliances could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute stockholder value, and adversely affect our business, operating results, financial condition, and prospects.
  • We have in the past, and may in the future, enter into collaborations or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties or if these third parties fail to deliver certain operational services, our business, operating results, financial condition, and prospects could be adversely affected.
  • The anticipated benefits of potential joint ventures may not be fully realized or take longer to realize than expected. In addition, our joint venture investments could expose us to risks and liabilities in connection with the formation of new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.
  • Our ownership stake in the Kenilworth, New Jersey joint venture, and any future acquisitions that include real property, subject us to the general risks associated with the ownership of real property.
  • If negative publicity arises with respect to us, our employees, our third-party suppliers, service providers, or our partners, our business, operating results, financial condition, and prospects could be adversely affected, regardless of whether the negative publicity is true.
  • Our ability to maintain customer satisfaction depends in part on the quality of our customer support and cloud operations services. Our failure to maintain high-quality customer support and cloud operations services could have an adverse effect on our business, operating results, financial condition, and prospects.
  • Risks Related to our People
  • We rely on our management team and other key employees and will need additional personnel to grow our business, and the loss of one or more key employees or our inability to attract and retain qualified personnel, including members of our board of directors, could harm our business.
  • We believe that our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our culture, and our business may be harmed.
  • Risks Related to Our Intellectual Property
  • Failure to obtain, maintain, protect, or enforce our intellectual property and proprietary rights could enable others to copy or use aspects of our platform without compensating us, which could harm our brand, business, operating results, financial condition, and prospects.
  • Third parties may claim that our platform infringes, misappropriates, or otherwise violates their intellectual property rights, and such claims could be time-consuming or costly to defend or settle, result in the loss of significant rights, or harm our relationships with our customers or reputation in the industry.
  • We license technology from third parties for the development of our solutions, and our inability to maintain those licenses could harm our business.
  • Some of our technology incorporates "open-source" software, and failure to comply with the terms of the underlying open-source software licenses could adversely affect our business, results of operations, financial condition, and prospects.
  • Risks Related to Legal and Regulatory Matters
  • We are subject to laws and regulations, including governmental export and import controls, sanctions, and anti-corruption laws, that could impair our ability to compete in our markets and subject us to liability if we are not in full compliance with applicable laws.
  • We are subject to laws, regulations, and industry requirements related to data privacy, data protection and information security, user protection, and AI across different markets where we conduct our business and such laws, regulations, and industry requirements are constantly evolving and changing. Any actual or perceived failure to comply with such laws, regulations, and industry requirements, or our privacy policies, could harm our business.
  • We are involved in litigation that may adversely affect us.
  • Risks Related to Financial and Accounting Matters
  • We have identified material weaknesses in our internal control over financial reporting. If our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
  • We incur significant costs and management resources as a result of operating as a public company.
  • Changes in tax laws and regulations or interpretations thereof may subject us to greater than anticipated tax liabilities and adversely affect our effective tax rate.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • We could be required to collect additional sales, use, value added, digital services, or other similar taxes or be subject to other liabilities with respect to past or future sales, that may increase the costs our customers would have to pay for our solutions and adversely affect our business, operating results, financial condition, and prospects.
  • Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our business, operating results, financial condition, and prospects.
  • If our estimates or judgments relating to our critical accounting policies prove to be incorrect or financial reporting standards or interpretations change, our operating results could be adversely affected.
  • We are exposed to fluctuations in currency exchange rates, which could negatively affect our business, operating results, financial condition, and prospects.
  • Risks Related to Our Indebtedness
  • Our substantial indebtedness could materially adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry, our ability to meet our obligations under our outstanding indebtedness and could divert our cash flow from operations for debt payments, and we may still incur substantially more indebtedness in the future.
  • Certain of our debt agreements impose significant operating and financial restrictions on us and our subsidiaries, which may prevent us from capitalizing on business opportunities.
  • The capped call transactions may affect the value of our Class A common stock.
  • The conditional conversion feature of our 2031 Convertible Notes, if triggered, may adversely affect our financial condition and operating results.
  • Risks Related to Ownership of Our Class A Common Stock
  • The market price of our Class A common stock has been, and may continue to be, volatile, and you could lose all or part of your investment.
  • Sales of substantial amounts of our Class A common stock in the public markets or issuance of additional shares of our Class A common stock or convertible securities, or the perception that they might occur, could cause the market price of our Class A common stock to decline.
  • The multi-class structure of our common stock has the effect of concentrating voting power with our Co-Founders, which will limit your ability to influence the outcome of important transactions, including a change in control.
  • The multi-class structure of our common stock may adversely affect the trading market for our Class A common stock.
  • If financial analysts issue inaccurate or unfavorable research regarding, or do not or cease to cover, our Class A common stock, our stock price and trading volume could decline.
  • We do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Class A common stock.
  • Provisions in our charter documents and under Delaware law could make an acquisition of our company, which may be beneficial to our stockholders, more difficult and may limit attempts by our stockholders to replace or remove our current management and members of our board of directors.
  • Our amended and restated bylaws contain exclusive forum provisions for certain claims, which may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • Any future issuance of our Class C common stock may have the effect of further concentrating voting control in our Class B common stock, may discourage potential acquisitions of our business, and could have an adverse effect on the market price of our Class A common stock.
  • General Risk Factors
  • Adverse global macroeconomic conditions, geopolitical risks, or reduced spending on AI and high performance computing or on cloud infrastructure could adversely affect our business, operating results, financial condition, and prospects.
  • We may be adversely affected by natural disasters, pandemics, and other catastrophic events, and by man-made problems such as war and regional geopolitical conflicts around the world, that could disrupt our business operations, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Investors' expectations of our performance relating to environmental, social, and governance factors may impose additional costs and expose us to new risks.
  • We have in the past and may continue in the future to be subject to securities class action litigation.

Legal proceedings

For more information, refer to Note 9—Commitments and Contingencies — Litigation to the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.5

Sources

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