COREWEAVE, INC.
Short public history: daily closes since the IPO are shown instead of the usual monthly series; annual EPS is in the statistics table. Prices: Yahoo Finance, retrieved 4 Oct 2026.
CAPITALIZATION: (6/30/26)
| ($ mill.) | (%) | |
|---|---|---|
| Long-Term Debt | 27,555 | 84.6 |
| Common Equity | 5,024 | 15.4 |
| Total | $32,579 | 100.0 |
Shs. ($0.000005 par) – Cl. A 458.9 mill.; Cl. B 92.7 mill. (7/31/26)
LTD = non-current recourse ($25,170M) and non-recourse ($2,385M) debt; excl. $7,513M current portion and $16.3B of operating leases. $4.2B 2033 convertible notes issued 9/22/26 not included.
INTERIM EARNINGS: (per sh.)
| Qu. | 3/31 | 6/30 | 9/30 | 12/31 |
|---|---|---|---|---|
| 2025 | -1.49 | -0.60 | -0.22 | -0.94 |
| 2026 | -1.40 | -1.14 |
Diluted. From 10-Qs and the 2025 10-K (SEC XBRL); pre-IPO share counts in Q1 2025.
DIVIDENDS:
Nil. No dividends since listing.
BACKGROUND:
CoreWeave rents Nvidia GPU computing capacity to AI developers and large technology companies under multi-year contracts, from leased data centres it equips and operates, together with its own cloud software and the Weights & Biases developer platform (acquired May 2025). Founded in 2017 as Atlantic Crypto Corp. (renamed 2019), it listed on Nasdaq on 3/28/25 after an IPO priced at $40. Microsoft was 67% of 2025 revenue; OpenAI, Meta and Jane Street have signed multi-billion-dollar contracts, and Nvidia is supplier, shareholder and capacity backstop.
RECENT DEVELOPMENTS:
Revenue was $5.13 billion in 2025 (+168%) and $2.58 billion in the June 2026 quarter (+112%), when the net loss was $626 million after $640 million of net interest. Revenue backlog was about $104 billion at 6/30/26. Debt principal reached $35.6 billion, and a further $4.2 billion of 2.875% convertible notes was issued in September 2026. In October 2026 the shares fell to around $62 as yields on the company's bonds rose to about 15%.
PROSPECTS:
Guidance for 2026 is revenue of $12.4–13.2 billion and capital spending of $35–39 billion; consensus EPS is −$5.18 for 2026 and −$4.68 for 2027. With losses expected we value CoreWeave on a revenue multiple (18–35% annual growth from about $12.8 billion of 2026 revenue, 3.0–4.5× 2031 sales, less projected net debt): the Pathos base case implies about 15.1% a year (−12.6% to 42.8% bear–bull). Evidence: weak.
EVIDENCE: Weak. Revenue, backlog and debt are reported in filings, but earnings are negative, every valuation input is an assumption, and with about $30B of net debt small changes in the multiple swing the equity value a lot. Years 1–2 are published consensus; later years and the exit multiple are Pathos assumptions. How we grade evidence.
STATISTICS:
| YEAR | GROSS REVS. ($MILL.) | PROFIT MARGIN % | NET INCOME ($MILL.) | CAPITAL SPENDING ($MILL.) | ASSETS ($MILL.) | SHARES (MILL.) | BOOK VALUE PER SH.$ | EARN. PER SH.$ | DIV. PER SH.$ | DIV. PAY. % | PRICE RANGE | P/E RATIO | AVG. YIELD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 229 | -259.4 | -594 | 2,943 | n/a | n/a | n/a | -3.09 | Nil | Nil | n/a | n/a | Nil |
| 24 | 1,915 | -45.1 | -863 | 8,702 | 17,833 | n/a | n/a | -4.30 | Nil | Nil | n/a | n/a | Nil |
| 25 | 5,131 | -22.7 | -1,167 | 10,309 | 49,302 | n/a | n/a | -2.81 | Nil | Nil | 187.00–33.51 | NM | Nil |
From SEC XBRL data (2025 10-K). EPS diluted; 2023–2024 on pre-IPO share counts. No public price before 3/28/25, so earlier price ranges, P/E and yield are n/a. Net losses make P/E not meaningful. Profit margin = net income ÷ revenues.
INCORPORATED:
Delaware, 2017 (as Atlantic Crypto Corp.; renamed CoreWeave 2019)
PRINCIPAL OFFICE:
290 W. Mt. Pleasant Avenue, Suite 4100, Livingston, NJ 07039
Tel.: (973) 270-9737
ANNUAL MEETING:
June 8, 2026 (virtual)
NUMBER OF STOCKHOLDERS:
Cl. A approx. 304; Cl. B 22 (record, 2025 10-K)
TRANSFER AGENT:
n/a
REGISTRAR:
n/a
SUPERINVESTOR HOLDINGS (DATAROMA):
No. of superinvestors: 1
Shares held: 1,078,248 (13F at 6/30/26)
OFFICERS:
Sources: 10-K 2025 (annual figures, customers, record holders) · 10-Q 6/30/26 (capitalization, debt, shares) · Proxy 4/22/26 (officers, annual meeting, voting control) · SEC XBRL company facts · Yahoo Finance (prices since 3/28/25, consensus, retrieved 31 Oct 2026) · Dataroma (superinvestors) · Pathos note (backlog, debt, valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.
© 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice. Prepared 4 October 2026.