CoreWeave
Specialised GPU Cloud for AI
- Market Cap
- $35B+(post-IPO, Jun 2026)
- Total Funding
- $14B+ raised pre-IPO;$1.5B IPO proceeds
- Revenue
- $5.131B(FY2025), +170% YoY; Q2 2026 revenue $2.58B, +112%
- Profit Status
- Pre-profit;high capex; $8B+ long-term debt
- Employees
- ~1,500(2025)
About CoreWeave
CoreWeave is the leading specialised cloud provider for AI/GPU workloads, operating over 250,000 NVIDIA GPUs across 32 data centres. Originally a crypto mining company, it pivoted to GPU cloud in 2019 and rode the AI training boom to become one of the fastest-growing cloud infrastructure companies ever. CoreWeave completed a $23B IPO in March 2025 — the largest US tech IPO since Arm Holdings. Customers include Microsoft, Cohere, OpenAI (via Stargate), and IBM. It acquired Weights & Biases for $1.7B in July 2025 to add ML observability to its stack.
Company History
CoreWeave was founded in 2017 in New Jersey by three commodity traders — Michael Intrator, Brian Venturo, and Brannin McBee — as an Ethereum mining company. When Ethereum transitioned away from proof-of-work in 2022, they pivoted their GPU fleet to AI cloud. They onboarded NVIDIA as an investor in 2023 and signed a blockbuster $10B+ contract with Microsoft. By 2024 CoreWeave operated 32 data centres with 250,000+ NVIDIA H100/H200 GPUs. The $23B IPO (March 2025, NASDAQ: CRWV) validated the specialised GPU cloud model. The W&B acquisition added ML experiment tracking and evaluation to their platform.
Company Timeline
7 milestones- 2017Founded as NJ-based cryptocurrency mining company using Ethereum
- 2019Pivoted to GPU cloud as crypto margins compressed
- 2023Microsoft signs multi-year agreement worth $10B+
- Apr 2023NVIDIA invests in Series B; becomes preferred hyperscaler for NVIDIA GPUs
- Aug 2023$2.3B Series C at $7B valuation
- Mar 2025$23B IPO on NASDAQ — largest US tech IPO since Arm Holdings
- Jul 2025Acquired Weights & Biases (W&B) for $1.7B
Funding Rounds
4 rounds| Date | Round | Amount | Investors |
|---|---|---|---|
| Apr 2023 | Series B | $221M | NVIDIA, Magnetar Capital |
| Aug 2023 | Series C | $2.3B | Magnetar, Coatue, $7B valuation |
| May 2024 | Series C+ | $7.5B | Coatue, Blackstone, $19B valuation |
| Mar 2025 | IPO | $1.5B | Public markets; $23B valuation at IPO |
Products & Services
5- CoreWeave Cloud (GPU compute)
- Kubernetes on NVIDIA GPUs
- NVIDIA H100/H200/GB200 clusters
- CoreWeave Storage (VAST)
- Weights & Biases (acquired Jul 2025)
People & ecosystem
Key People
- Michael Intrator (CEO / Co-founder)
- Brian Venturo (CSO / Co-founder)
- Brannin McBee (CCO / Co-founder)
Key Investors
- Microsoft (large customer + investor)
- NVIDIA
- Magnetar Capital
- Blackstone
- Coatue
Competitive Landscape
- AWS (SageMaker/Bedrock)
- Google Cloud (Vertex)
- Azure
- Lambda Labs
- Together AI