Company intelligence
CoreWeave is a cloud infrastructure provider built specifically for GPU-intensive AI workloads, one of the first AI-infrastructure companies to IPO.
CoreWeave was formed as a Delaware limited liability company in 2017, converted to a corporation in 2018, and is headquartered in Livingston, New Jersey.[1] CoreWeave has grown partly by buying startups: it acquired AI developer platform Weights & Biases in March 2025, for $1.7 billion according to The Information.[2],[3] In September 2025 it bought agent-training startup OpenPipe on undisclosed terms.[4],[3] The same week CoreWeave acquired Marimo, an open source notebook tool, for an undisclosed sum.[5] In December 2025 CoreWeave joined the New Jersey Economic Development Authority in a $20 million investment to support a fund for startups tied to the NJ AI Hub.[6],[3]
CoreWeave rents Nvidia GPUs to AI labs, went public at $40 in March 2025, and carries a $104B backlog against heavy debt and widening losses.
CoreWeave, based in Livingston, New Jersey, rents Nvidia GPU capacity to AI labs and enterprises from its own data centers; it calls itself the AI Hyperscaler and the Essential Cloud for AI. The company's own description is a platform of technology, tools and teams for building and scaling AI, with AI labs, startups and global enterprises as customers. Through the Weights & Biases acquisition it also sells developer tools for tracking experiments, fine-tuning and serving models, marketed under the CoreWeave Forge name.[1],[2],[3]
The model is capital-heavy and debt-funded: the company borrows against its GPUs to build out data centers, and CEO Michael Intrator has defended that approach while acknowledging concerns about circular deals in the AI industry. On the second-quarter 2026 call he said pricing and margins for its Blackwell and Vera Rubin SKUs were setting new highs, and CFO Nitin Agrawal said rising component costs such as memory were being passed on to customers.[4],[5]
CoreWeave began life as a New Jersey cryptocurrency mining operation called Atlantic Crypto before pivoting to GPU cloud. In December 2023, still private, it sold a minority stake to investors led by Fidelity Management & Research, with Investment Management Corp. of Ontario, Jane Street Capital, JPMorgan Asset Management, Nat Friedman, Daniel Gross, Goanna Capital and Zoom Ventures Partners also participating. Nvidia was also an investor before the IPO.[6],[7],[4]
Fifteen months after listing, CoreWeave was added to the Nasdaq-100 on June 22, 2026, alongside Rocket Lab and Nebius. The Next Web noted at the time that its founders had sold $2.3 billion of stock since the lockup expired and that the company carried nearly $25 billion in debt.[6]
CoreWeave priced its initial public offering on March 27, 2025 at $40.00 per share, selling 37,500,000 Class A shares on Nasdaq under the ticker CRWV and raising $1.5 billion. Of those shares 36,590,000 were sold by the company and 910,000 by selling stockholders, with a 30-day underwriter option on up to 5,625,000 more. Morgan Stanley, J.P. Morgan and Goldman Sachs were joint lead bookrunners. Shares began trading March 28, 2025.[1],[8]
By June 2026 the stock had roughly doubled from the $40 IPO price, giving a market capitalisation of about $54 billion. It has been volatile since: on October 14, 2026 shares fell 15.46% in one session after Chamath Palihapitiya posted a chart showing the yield on CoreWeave's bonds touching 15%. In January 2026 Nvidia, already a holder, bought $2 billion of Class A shares at $87.20 per share to help fund a plan to add more than 5 gigawatts of AI computing capacity by 2030. No current market capitalization figure from a reachable source is more recent than June 2026.[6],[8],[4]
Second-quarter 2026 revenue rose 112% to $2.58 billion, ahead of the $2.56 billion analysts expected, but the net loss widened from $290 million a year earlier to $626 million. CoreWeave said its revenue backlog stood at $104 billion of booked but unfulfilled orders, excluding about $25 billion of new commitments signed in the current quarter, and guided to third-quarter revenue of $3.4 billion to $3.6 billion.[5]
On September 9, 2025 CoreWeave launched CoreWeave Ventures to back founders building AI infrastructure and applications with capital, compute and technical expertise. The company says the group is already working with foundation-model developers and vertical AI application companies. No individual CoreWeave Ventures investments with disclosed amounts were found in reachable sources.[2]
CoreWeave has been a steady acquirer of developer tooling. It bought AI developer platform Weights & Biases in March 2025 for an undisclosed sum that The Information put at $1.7 billion, and completed the deal on May 5, 2025. It then announced OpenPipe, a reinforcement-learning company, on September 3, 2025; Monolith, which extends the platform into manufacturing, automotive and aerospace, on October 6, 2025; and Marimo, creator of the marimo notebook, on October 30, 2025. Prices for those three were not disclosed.[9],[3],[10],[11],[12],[13]
The one big deal that failed was Core Scientific. The proposed all-stock acquisition of the data-center operator was terminated on October 30, 2025, when Core Scientific ended the merger agreement after its stockholders did not approve it.[13]
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CoreWeave is an AI infra company, based in Livingston, New Jersey, USA, founded 2017 by Michael Intrator, Brian Venturo, Brannin McBee. Total funding ~$7.65B raised privately before IPO (As of Mar 2025).
| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Nov 13, 2024 | Secondary salenot counted: no new capital | — | $23.0Bpost-money | Jane StreetunverifiedMacquarie Capitalunverified WithMagnetar CapitalFidelity Management | MarketScreener (Reuters) |
| May 1, 2024 | Series C | $1.1B | $19.0Bpost-money | Coatue Managementunverified | The Register |
| Dec 4, 2023 | Secondary salenot counted: no new capital | — | $7.0Bpost-money | Fidelity Investmentsunverified | Crunchbase News |
| May 31, 2023 | Series B | $421M (incl. $200M extension) | $2.0Bpost-money | — WithMagnetar Capital | TelecomTV / Verdict |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Sep 22, 2026 | debt | $4.2B | — | The Information | |
| Sep 17, 2026 | Convertible notes | $3B | — | Pulse story | |
| Mar 27, 2025 | ipo | $40.00/share, 37.5M shares | — | CoreWeave |
Before its IPO it said it had raised over $14.5 billion in debt and equity across 12 financings.[1] Its Series C convertible preferred stock carried an original issue price of $38.95 per share.[1] CoreWeave priced its IPO at $40 in March 2025, below the $47 to $50 range it had set.[3] It raised $1.5 billion and ended its first day with a $14 billion market cap.[3] At the same time OpenAI received $350.0 million of Class A stock, or 8,750,000 shares at the IPO price.[1] Weights & Biases had been valued at $1.25 billion in 2023.[2] In October 2025 Core Scientific shareholders rejected CoreWeave's all-stock offer, valued at $9 billion when made.[5],[3]
| As of | Value | Method | Source |
|---|---|---|---|
| Sep 5, 2026 | $49.28B | Reported | companiesmarketcap.com · disputed |
| Nov 13, 2024 | $23.0B | Reported | MarketScreener (Reuters) |
| May 1, 2024 | $19.0B | Reported | The RegisterAlso reported by MarketScreener (Reuters) |
| Dec 4, 2023 | $7.0B | Reported | Crunchbase NewsAlso reported by The Register |
| May 31, 2023 | $2.0B | Reported | TelecomTV / VerdictAlso reported by Crunchbase News |
Junior-tranche yields on AI infrastructure financing rose from 8.5% on Project Big Sky to above 10% on Anthropic's Project North Star, while CoreWeave's bonds trade near 15%, a rising cost of capital across three separate deals.
Wall Street is split on whether CoreWeave's bond selloff and Firmus Grid's pulled $30B IPO mean a real crack in AI financing or just markets misreading a boom that's still intact.
LPs who think they've diversified away from AI-equity risk by also holding private-credit or infrastructure-debt funds may be making the same AI-demand bet twice, just through different legal structures.
Two numbers from this week -- CoreWeave's bonds near a 15% yield and cybersecurity startups raising $6.8B in Q3 -- show AI-adjacent investing splitting into a stressed infrastructure trade and a hot applied-AI trade.
CoreWeave's stock and bonds sold off after investors focused on the roughly $52 billion in debt and leases behind its AI data centers, reviving doubts about who actually pays if AI demand cools.
Lambda disclosed its third GPU-backed loan of 2026 this week, the latest sign that AI infrastructure financing is leaning harder on debt as CoreWeave carries $35 billion and climbing.
CoreWeave completed an upsized $4.2 billion offering of 2.875% convertible senior notes due 2033, well above its original $3 billion target, spending roughly $566 million on capped-call hedges to limit future equity dilution.
Crusoe's $3.9B raise and CoreWeave's roughly $6B combined debt-and-equity push this week total nearly $10B, against Pulse's own tracker showing $129.9B across 347 startup deals over the past 17 weeks.
CoreWeave is raising up to $3.5 billion via convertible notes due 2033 and opened a 35 million-share ATM program, pushing toward an investment-grade credit profile to fund its AI data-center buildout.
CoreWeave's stock jumped roughly 20% after second-quarter revenue nearly doubled from a year earlier to $2.58 billion and the company disclosed a $104 billion revenue backlog anchored by AI cloud demand.
CoreWeave fell 12.1% Tuesday as the 30-year Treasury yield hit 5.32%, its highest since early 2024, spotlighting a company financing multibillion-dollar data centers with debt whose interest cost -- and whose discount rate on future cash flows -- both rise with yields.
CoreWeave shares rose 19% and Nebius jumped 34% after both neocloud companies reported results showing surging AI compute demand, with CoreWeave's backlog reaching $104 billion and Nebius's run rate up 598%.
Before its IPO it said it had raised over $14.5 billion in debt and equity across 12 financings.[1]
Second-quarter 2026 revenue was $2,575 million, up from $1,212 million a year earlier.[7]
CoreWeave priced its IPO at $40 in March 2025, below the $47 to $50 range it had set.[3]
CoreWeave was formed as a Delaware limited liability company in 2017, converted to a corporation in 2018, and is headquartered in Livingston, New Jersey.[1]
Lead investors in CoreWeave's sourced funding rounds include Coatue Management. Per round: its May 2024 Series C was led by Coatue Management.
CoreWeave was founded in 2017 and is headquartered in Livingston, New Jersey, USA, according to Wikipedia.
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.
Withheld from the headline: market cap — sources disagree for the same period and a review is pending.
