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🐂 CRWV — Company Profile (Teaching)

Teaching site, not investment advice. Specific market cap / stock price / financial figures change frequently and are intentionally omitted; use the SEC + Yahoo Finance links below to pull real-time data yourself.

📌 Basics

Dimension Content Source
Core business Specialty AI GPU cloud (Neocloud) — 250,000+ NVDA GPUs deployed, offering dedicated-capacity GPU compute as a service wiki + S-1
Founded / HQ 2017 (originally Atlantic Crypto; renamed CoreWeave 2019, pivoted to GPU cloud) / Roseland, New Jersey, USA wiki
CEO Michael Intrator (co-founder, since founding) S-1
Primary listing NASDAQ: CRWV (IPO 2025/03) —
Fiscal year Calendar year (Jan 1 – Dec 31) SEC EDGAR

💡 Real-time market cap / share price / RPO / capex: see SEC primary + IR links below.

🏭 Supply Chain Coordinates (Part 1-C6 framework)

Upstream (Who CRWV Depends On)

Supplier What flows Key dependency
NVDA H100/H200/Blackwell/GB200/GB300/Vera Rubin GPUs + Mellanox networking Highly concentrated — near single-source supplier; NVDA is also strategic investor ($3.66B per Q1 2026 13F, LEDGER F-034)
Datacenter power + site (VRT / ETN) Power / cooling / sites (Abilene Stargate, Nevada, etc.) Critical capex
Debt financing (banks + private credit) GPU procurement financing — capex-intensive model Leverage is the core risk
COHR + LITE 800G/1.6T optical modules (large AI cluster fabric) Dual-source

Downstream (Who Depends on CRWV)

Customer Relationship Concentration
MSFT ~62% of 2024 revenue, ~67% of 2025 revenue Extremely concentrated — dominant customer
OPENAI 5-year dedicated-capacity contract, cumulative ~$22.4B (S-1 + subsequent disclosures) Strategic customer
META $21B AI infrastructure agreement through 2032/12 (incl. initial Vera Rubin deployment); cumulative contracts ~$35B (LEDGER F-033) Strategic customer
IBM + select enterprise AI customers Diversifying Small

Competitors

  • Hyperscalers (public clouds): MSFT Azure / AMZN AWS / GOOGL GCP / ORCL OCI (CRWV's customers are also hyperscalers — complex relationship)
  • Neocloud private peers (no public ticker): Lambda Labs / Crusoe / Together AI / Cerebras Cloud / Voltage Park
  • Sovereign / regional GPU cloud: NBIS Nebius (Netherlands + the closest public peer) / G42 (UAE, private)

💼 Business Model + Value Capture (Part 1-C7 view)

  • Revenue mix: Nearly 100% AI GPU compute (dedicated capacity, primarily long-term contracts)
  • Gross margin: Adjusted EBITDA margin long-term target ~70% (per management); current GAAP net loss (heavy depreciation + interest expense)
  • Pricing power: GPU compute is trending toward commodity, but dedicated capacity + long-term contracts give CRWV pricing support — medium (vs. hyperscalers' stronger pricing)
  • Substitution difficulty: Medium — customer contracts run 5 years, but hyperscaler self-build is the long-term threat

(For specific quarterly revenue / RPO / capex / net debt, see the latest SEC 10-Q.)

🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)

Type Strength (0-1) Source
Brand 0.5 Recognized as Neocloud leader within AI circles; low awareness outside enterprise IT
Switching cost 0.5 Long-term contracts + data migration cost (but GPU + Kubernetes abstraction makes migration less sticky than SaaS)
Network effects 0.3 Not a classic network-effects business
Scale + cost 0.6 250K+ GPU scale + NVDA strategic stake provides priority allocation

Composite: 1.9 / 4 → medium moat; customer concentration + leverage + single upstream supplier are the core reverse risks

⚠️ Key Reverse-Trigger Conditions (Part 3-C5 anti-thesis view)

  • Trigger 1 (low probability, catastrophic): MSFT or OpenAI mega-contract cancellation — revenue collapses (customer concentration is risk #1)
  • Trigger 2 (quarterly): Net debt / EBITDA > 5x — leverage pressure, interest expense compresses net income significantly
  • Trigger 3 (quarterly): NVDA priority allocation to CRWV weakens — GPU supply doesn't keep up with growth
  • Trigger 4 (annual): Hyperscaler self-build capacity + in-house ASIC sufficient — CRWV window closes
  • Trigger 5 (event): GPU compute prices drop sharply (supply glut) — RPO contract value declines

🔗 Teaching Cross-References

📚 SEC Primary Filings (look it up yourself)

Real-time quote: Yahoo Finance CRWV

Teaching use · numbers change — learn the method, not the specific figures · investment decisions are based on your own research + risk tolerance