TLDR Tech / AI
CoreWeave Takes As Much Financial Engineering As It Does Datacenter Design
CoreWeave's revenue backlog is up to $87.8 billion, with Meta represents 40.1% of that backlog. OpenAI's deals represent 25.5% of extended backlog. CoreWeave only has two dozen named customers, but it likely has more. The company achieved $5.13 billion in sales in 2025, up 2.7x from 2024, and posted a net loss of $1.17 billion. It recently held a private offering of $1.75 billion in notes to cover its data center expansion costs.
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