CoreWeave rents cloud computing to AI labs and businesses that train models and run them in production for research and commercial applications. Its platform combines NVIDIA graphics chips, storage, networking, and software built for demanding AI workloads across connected clusters scaled to fit each project. CoreWeave Forge connects tools for tracking experiments, testing models, and improving AI systems using feedback from production. Customers rent computing capacity through committed contracts or usage charges, while managed services handle the infrastructure needed to keep large workloads running. CoreWeave was founded in 2017 and is headquartered in Livingston, New Jersey.
Company Size
1,001-5,000
Company Stage
IPO
Headquarters
Livingston, New Jersey
Founded
2017
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CoreWeave stock fell nearly 15% on Wednesday, a day after Jim Cramer told CNBC viewers it was the only "neocloud" company he trusts. The shares traded at $65.93, below the lowest analyst target of $74. The slide followed a bond sell-off that pushed yields on $1.25 billion of notes due 2032 to a record close of 14.5%, up from 9.625% at issue in June. CoreWeave rents Nvidia chips to artificial intelligence (AI) developers. Its debt reached about $52 billion by June, more than its roughly $37 billion market value. Interest costs rose to $640 million in the April-to-June quarter from $267 million a year earlier, and it lost $626 million on revenue of $2.58 billion. Nebius fell about 10% and Oracle 7% in the same session.
CoreWeave is growing far faster than Amazon Web Services (AWS), but is unlikely to overtake the cloud leader soon. AWS holds about 28% of the cloud infrastructure market. In the second quarter, AWS revenue rose 37% year over year to $42.2 billion. CoreWeave's revenue grew 112% to $2.1 billion, making AWS about 20 times larger. AWS has a backlog of $496 billion, against nearly $100 billion for CoreWeave. If both kept their current growth rates, CoreWeave would need almost seven years to match AWS, which is unlikely. CoreWeave also is not profitable. Unlike Amazon, it has no profitable business to fund its expansion, so it must take on debt and issue shares to build data centres.
ARK Invest, led by Cathie Wood, sold $23.7 million worth of Robinhood shares over two days whilst purchasing $27.8 million in CoreWeave stock. The firm sold 215,349 Robinhood shares and bought 312,228 CoreWeave shares between 6 and 7 October. Robinhood remains among ARK's largest holdings despite its shares falling 28% over the past year. The trading app recently added $25 million of bitcoin to its corporate balance sheet. CoreWeave, which pivoted from crypto mining to AI infrastructure, provides computing capacity to clients including Microsoft, Google, Anthropic, and OpenAI. The company announced it is entering the Indian market through a collaboration with AdaniConneX. CoreWeave shares have dropped 40% over the past year.
CoreWeave invests billions in data centers in India. Today 14:34 CoreWeave will use 240 megawatts of capacity at the AdaniConneX facility in Navi Mumbai, with the possibility of doubling the capacity. The investment is expected to amount to several billion dollars over the project's lifetime, and the first data centers are to be commissioned in mid-2028, Bloomberg writes. The facilities will be equipped with Nvidia's Vera Rubin chips.
CoreWeave expands to India with Adani data center venture. Vlad Schepkov Investing.com - CoreWeave Inc. announced today it will establish its first data centers in India through a partnership with AdaniConneX Pvt., a joint venture between Adani Group and EdgeConneX. The AI cloud-computing provider will utilize 240 megawatts of capacity at AdaniConneX's Taloja campus in Navi Mumbai, with an option to expand to 480 megawatts. The New Jersey-based company also plans to open an office in India. The total investment is projected to reach multiple billions of dollars throughout the project's duration. The first data centers are scheduled to begin operations in mid-2028. CoreWeave will install Nvidia Corp. Vera Rubin chips at the facilities for tasks including training and operating models, managing reasoning functions, and supporting AI agents. The move represents CoreWeave's continued geographic expansion in Asia. The company revealed its initial Asian entry in August with projects in Indonesia. Last month, CEO Mike Intrator stated the company is "largely sold out" of capacity. CoreWeave reported approximately 4.2 gigawatts of contracted power in August, comparable to the output of four nuclear reactors. AdaniConneX is separately involved in a large-scale data center project in India for Alphabet Inc.'s Google. According to a July Wood Mackenzie report, India's data center capacity is expected to grow from 2.2 gigawatts built over three decades to 12 gigawatts by 2030. AI-specific capacity is forecast to increase nearly 24-fold to 6.5 gigawatts. CoreWeave shares traded about 2% lower in pre-market trading today after rising 4.95% on Tuesday. Original Article