CoreWeave, Inc.
Latest List Rankings
Current Synopsis
CoreWeave is the most scaled public AI cloud specialist: $5.13B FY25 revenue, $3.09B adjusted EBITDA, and a $66.8B revenue backlog at year-end. It is already operating at a size most neo-clouds are still pitching toward, with 43 active data centers, more than 850 MW active power, and more than 3.1 GW contracted power. FY25 revenue grew 168% YoY, while Q4 revenue reached $1.57B, up 110% YoY. The business is capital-intensive and GAAP-negative, with FY25 net loss of $1.17B and substantial debt, but the visibility is unusually high because backlog grew more than 4x from the start of 2025. CoreWeave also keeps widening the platform beyond raw GPUs through Mission Control, AI Object Storage, Serverless RL, Monolith, Marimo, and enterprise/federal expansion.
Current Pillar Scores
The setup still offers a favorable risk/reward versus consensus if the gpu cloud hpc thesis keeps working.
Accelerated cloud demand persists beyond training into inference
May 2x refresh: CRWV’s catalyst is scaled, contracted AI compute utility economics. The $66.8B backlog gives rare forward revenue visibility, while more than 850 MW active power and more than 3.1 GW contracted power show real capacity, not vaporware. Customer wins include Cognition, CrowdStrike, Cursor, Mercado Libre, Midjourney, Runway, and hyperscaler expansions. The thesis is not small-company discovery; it is whether the dominant AI compute specialist keeps compounding backlog into cash flow.
Current setup is based on the May refresh using live price, beta, and volatility inputs. Beta 1.00 and annualized volatility 107.8% influence the more aggressive tiers.
May refresh uses the real BRRR Buzz Score engine, not the fallback volume proxy. Current Buzz Score: 47.5/100, built from Google 50.0; Reddit 40.0; Wikipedia 50.0; Options 60.0; Short interest 40.0. Divergence read: Buzz + price both falling = DOWNTREND.
If backlog converts on schedule and 2026 capex is demonstrably tied to contracted revenue, CoreWeave can move from levered AI capex gamble to AI infrastructure utility with hyperscale visibility. Sustained 50%+ adjusted EBITDA margin with improving GAAP loss trajectory would be the rerating trigger. The 2x path requires investors to believe today’s massive capex is pre-sold infrastructure, not speculative overbuild.
Current Path to Target
If backlog converts on schedule and 2026 capex is demonstrably tied to contracted revenue, CoreWeave can move from levered AI capex gamble to AI infrastructure utility with hyperscale visibility. Sustained 50%+ adjusted EBITDA margin with improving GAAP loss trajectory would be the rerating trigger. The 2x path requires investors to believe today’s massive capex is pre-sold infrastructure, not speculative overbuild.
Current Key Risk
Leverage and capex intensity. CRWV carries substantial debt and generated FY25 capex of roughly $14.9B; execution delays, customer concentration, GPU depreciation, or financing stress could pressure equity value.
Current Key Metrics
BRRR Appearance History
Current analysis stays canonical. This is the compact scoreboard of where the name has shown up across monthly BRRR lists.
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