"CoreWeave started life in 2017 as Atlantic Crypto, mining Ethereum with racks of GPUs, but the real acceleration hit in 2024, driven by deals with AI labs and enterprises needing scalable compute without building their own data centers. Revenue jumped from $229 million in 2023 to $1.9 billion. The March IPO priced at $40 per share but debuted flat at $23 billion valuation amid market jitters. Shares bottomed at $33 in April before rocketing 322% on AI hype, peaking at $187 per share in June."
"Key to this run has been its strategic partnerships. Nvidia ( NASDAQ:NVDA ) - CoreWeave's top backer - signed a $6.3 billion capacity deal in September, guaranteeing to buy unsold cloud resources. This backstop addresses fears of overbuild, especially after Q2 operating expenses ballooned to $1.19 billion on data center expansions. CoreWeave now runs 33 facilities across the U.S. and Europe, with 420 megawatts act"
CoreWeave shifted from crypto mining to a specialized cloud provider for GPU-intensive AI workloads, driving revenue from $229 million in 2023 to $1.9 billion. The March IPO priced at $40, but shares fell to a post-IPO low near $33 before surging about 322% to roughly $140. Market capitalization now exceeds $70 billion while analysts project a total addressable market of $400 billion by 2028. Management guides 2025 revenue of $5 billion, implying a forward price-to-sales of about 13x. Nvidia signed a $6.3 billion capacity deal guaranteeing purchases of unsold cloud resources. Operating expenses rose to $1.19 billion during data center expansion, and CoreWeave operates 33 facilities across the U.S. and Europe.
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