AI neocloud · GPU rental
CoreWeave
A neocloud specialized in GPU compute. In 2025: 32 datacenters, 250k GPUs; Q1 2026 revenue $2.08B (>2x YoY), backlog ~$100B. OpenAI, Anthropic, Microsoft and Meta are key customers. NVIDIA invested $2B and agreed to buy unsold cloud capacity (a circular structure). First to offer NVIDIA GB200 via cloud.
CRWV Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, CoreWeave is directly linked to 9 companies (4 supply, 4 revenue, 2 investment relationships) and reaches 62 companies within two hops; the links are backed by 11 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Q1 2026 revenue $2.08B, ~$100B backlog
- Customer concentration · OpenAI a top-2 customer; NVIDIA $2B investment.
- Segments · GPU cloud (rental) · AI infrastructure
Revenue from
- OpenAI High confidence· contract $22.4B · multi-year · OpenAI total compute commitment ~$22.4B (a top-2 customer). CoreWeave backlog $99.4B (Q1 2026), FY2026 revenue guidance $12-13B
Rents GPU-cloud compute to openai.Confirms EN MarketWise Published Dec 9, 2025: CoreWeave's $55.6B Backlog Marks the Next Phase of the Neocloud Boom - Microsoft Medium confidence
Rents GPU-cloud compute to microsoft. - Meta Platforms Medium confidence
Rents GPU-cloud compute to meta.Confirms EN MarketWise Published Dec 9, 2025: CoreWeave's $55.6B Backlog Marks the Next Phase of the Neocloud Boom - Anthropic Medium confidence
Rents GPU-cloud compute to anthropic.
Pays to
- NVIDIA High confidence
Buys NVIDIA GPUs at scale ($6.3B+ orders); NVIDIA invests $2B and backstops unsold capacity. - Core Scientific High confidence
Hosts GPUs in Core Scientific 590MW infrastructure. CoreWeave's ~$9B all-stock acquisition of Core Scientific was terminated on 2025-10-30 after CS shareholders rejected it, so the two maintain a hosting-supply relationship without a merger.Confirms EN Core Scientific IR Published Oct 30, 2025: Core Scientific Announces Termination of Merger Agreement with CoreWeaveConfirms EN Core Scientific Published Jun 1, 2025: Core Scientific to provide CoreWeave HPC infrastructure - Vertiv High confidence
Sources datacenter power/cooling from Vertiv. - Super Micro Medium confidence
AI servers to CoreWeave. - datacenter · power (undisclosed) Medium confidence
Datacenter lease, power and buildout costs.
Investors
- NVIDIA High confidence
NVIDIA invests $2B in CoreWeave. - Blackstone Medium confidence· Amount 7.5 USD10억 · 2024-05 · CoreWeave debt financing led by Blackstone
CoreWeave secured a $7.5 billion debt financing led by Blackstone in May 2024. Blackstone was the lead capital provider, backing CoreWeave's data center expansion against its NVIDIA GPUs as collateral.Confirms EN Blackstone Published May 17, 2024: CoreWeave Secures $7.5 Billion Debt Financing Facility led by Blackstone and Magnetar
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Starbucks Corp | lead2 | +11.1 | -13.2 | -1.2 | -2.5 | -5.3 | +26.3 |
| Johnson Controls | lead2 | +77.4 | -19.3 | -7.6 | +39.8 | +53 | +21.7 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Illinois Tool Works Inc. | lead2 | +23.6 | -8.5 | +21.6 | -1 | -0.4 | +11 |
| Parker-Hannifin Corporation | lead2 | +18.3 | -6.9 | +60.8 | +39.6 | +39.5 | +10.2 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Costco Wholesale | lead2 | +51.8 | -19 | +49 | +39.6 | -5.4 | +6.7 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Walmart Inc | lead2 | +2 | -0.5 | +12.9 | +74 | +24.5 | -3.2 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| Shopify | lead2 | +21.7 | -74.8 | +124.4 | +36.5 | +51.4 | -9.9 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Boston Scientific Corporation | lead2 | +18.2 | +8.9 | +24.9 | +54.5 | +6.8 | -49.9 |
| Microsoft | lead1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| CoreWeave | node | · | · | · | · | · | +24.8 |
| Vertiv | benef1 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +73.2 |
| Super Micro | benef1 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| NVIDIA | benef1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Core Scientific | benef1 | · | · | · | · | +3.6 | +22.9 |
| Blackstone | benef1 | +107.1 | -40 | +82.7 | +35.1 | -7.8 | -8.9 |
| Moderna | benef2 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +393.6 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Nan Ya PCB | benef2 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +172.1 |
| Nebius Group | benef2 | · | · | · | · | +202.2 | +170.5 |
| Kioxia | benef2 | · | · | · | · | +1082.1 | +155 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +149.3 |
| Lumentum | benef2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +139.1 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +138.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| Murata Manufacturing | benef2 | -14 | -11.7 | +24.7 | -16.5 | +29.9 | +131.5 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +86.6 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +61 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Wistron | benef2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| Coherent | benef2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +52.7 |
| Delta Electronics | benef2 | -3.4 | +10.4 | -0.3 | +59.2 | +183.8 | +50.4 |
| Quanta Services | benef2 | +59.5 | +24.6 | +51.7 | +46.6 | +33.7 | +48 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +43 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| onsemi | benef2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +35.5 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Eoptolink | benef2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +29.1 |
| InnoLight | benef2 | -30.7 | -18.3 | +253.7 | +12 | +468.1 | +25.6 |
| Digital Realty | benef2 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| Amphenol | benef2 | +34.4 | -12.5 | +30.8 | +40.7 | +95.3 | +22.7 |
| ABB | benef2 | +23.9 | +7.3 | +18.9 | +39 | +36.1 | +18.4 |
| BlackRock | benef2 | +29.4 | -20.4 | +17.9 | +29.3 | +6.6 | +6 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +5.6 |
| Medtronic plc | benef2 | -9.8 | -22.6 | +9.6 | +0.3 | +24 | -0.3 |
| King Yuan Electronics (KYEC) | benef2 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | -6.7 |
| TE Connectivity | benef2 | +35.1 | -27.7 | +24.6 | +3.5 | +61.1 | -7.3 |
| Recursion Pharmaceuticals | benef2 | · | -55 | +27.9 | -31.4 | -39.5 | -11.2 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
CoreWeave operates across Nasdaq, AI neocloud, GPU rental. It stayed steadily positive in recent years and is +24.8% in 2026. Demand side (avg -1.2%), the stock (+24.8%) and supply side (avg +38.8%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Vertiv (+73.2%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. First to offer NVIDIA GB200 via cloud.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 2 · Sell 1 · Avg. target $141 · Price $89.36 (09-04) · Upside +58%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Sanford C. Bernstein · Madison Rezaei | Underperform | — | Jun 11, 2026 | Report ↗ |
| Cantor Fitzgerald · Brett Knoblauch | Overweight | $167 | Jun 11, 2026 | Report ↗ |
| BNP Paribas Exane · Stefan Slowinski | Outperform | $192 | Jun 2, 2026 | Report ↗ |
| DA Davidson · Gil Luria | Neutral | $100 | May 18, 2026 | Report ↗ |
| JPMorgan · Mark Murphy | Neutral | $105 | May 8, 2026 | Report ↗ |
Reiterated Underperform, citing the debt-funded buildout and heavy concentration in a few large customers.
Analyses covering this node
- Capital that funds the boom runs on the rate clock: banks, asset managers, Berkshire Jul 9, 2026
- Turn your assets into AI infrastructure and your clock changes: miners and telcos Jul 9, 2026
- AI money stays inside the chain: consumption and capital run on other clocks Jul 5, 2026
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026