CRWV·Specialized GPU cloud / "neocloud" infrastructure-as-a-service

CoreWeave

ConvictionModerate

Capital-intensive asset-leasing arbitrage: borrow against Nvidia GPUs, deploy them, and rent compute on multi-year take-or-pay contracts. The economic engine is the spread between rental rates and the combined debt-service + depreciation cost of the fleet. Effectively a leveraged real-asset landlord whose collateral (GPUs) depreciates fast, not a software/SaaS business.

Revenue

$2.078BQ1 FY26); $5.13B FY2025; ~$6.2B LTM [fact]

Rev growth

+111.6% YoYQ1 FY26); +~165% FY25 vs FY24 ($5.13B vs $1.9B) [fact]

Gross margin

65.5%Q1 FY26, GAAP gross profit $1.362B / $2.078B) [fact]

Op margin

-7%Q1 FY26 operating loss -$144M); net margin -36% (net loss -$740M). Adj. EBITDA margin 56% ($1.157B) [fact]

Capex intensity

~370% of revenuein Q1 FY26 ($7.70B capex / $2.08B rev); FY26 capex guide $31-35B vs $12-13B revenue guide => ~2.5x revenue [fact/guidance]

Market cap

~$55B equity capenterprise value ~$89B (EV reflects ~$25B debt; mid/late-Jun 2026) [fact]

Across the boards

The thesis on this name

position · shortWeak

State of AI Compute

Full context

book · short

State of AI Compute

Full context

opportunityModerate

State of Data-Center Power

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-02. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’25

$5.1B

Margins & balance sheet — FY’25

Operating margin-0.9%

Net margin-22.7%

Net debt$22.6B

The read

Where our coverage leans

Coverage leans bearish

Members only

Full financial intelligence for CoreWeave

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.

CRWV·Specialized GPU cloud / "neocloud" infrastructure-as-a-service

CoreWeave

ConvictionModerate

Revenue

$2.078BQ1 FY26); $5.13B FY2025; ~$6.2B LTM [fact]

Rev growth

+111.6% YoYQ1 FY26); +~165% FY25 vs FY24 ($5.13B vs $1.9B) [fact]

Gross margin

65.5%Q1 FY26, GAAP gross profit $1.362B / $2.078B) [fact]

Op margin

-7%Q1 FY26 operating loss -$144M); net margin -36% (net loss -$740M). Adj. EBITDA margin 56% ($1.157B) [fact]

Capex intensity

~370% of revenuein Q1 FY26 ($7.70B capex / $2.08B rev); FY26 capex guide $31-35B vs $12-13B revenue guide => ~2.5x revenue [fact/guidance]

Market cap

~$55B equity capenterprise value ~$89B (EV reflects ~$25B debt; mid/late-Jun 2026) [fact]

Across the boards

The thesis on this name

position · shortWeak

State of AI Compute

Full context

book · short

State of AI Compute

Full context

opportunityModerate

State of Data-Center Power

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-03-02. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’25

$5.1B

Margins & balance sheet — FY’25

Operating margin-0.9%

Net margin-22.7%

Net debt$22.6B

The read

Where our coverage leans

Coverage leans bearish

Members only

Full financial intelligence for CoreWeave

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.