{
  "generatedAt": "2026-10-22T04:12:33Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "coreweave",
  "name": "CoreWeave",
  "ticker": "CRWV",
  "url": "https://deepstack.ltd/companies/coreweave/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/coreweave.json",
  "summary": "CoreWeave is named in 6 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper.",
  "parts": [
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 3,
      "section": "Lede",
      "excerpt": "CoreWeave rose 19 percent on what a bear called “banner revenue”.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 3,
      "section": "Lede",
      "excerpt": "On CNBC, CoreWeave’s chief executive said the company was renting out 2020-vintage GPUs on contracts running to 2029 at full freight.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 3,
      "section": "Demand has teeth",
      "excerpt": "Depressed valuations for Oracle and CoreWeave were already pricing that discomfort.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 5,
      "section": "The pair breaks",
      "excerpt": "CoreWeave wrote debt covenants against an OpenAI contract.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 6,
      "section": "Politics sets the price",
      "excerpt": "A local moratorium may change the map without changing demand, as CoreWeave management said on its second-quarter call.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 6,
      "section": "The rent will move",
      "excerpt": "CoreWeave offers the strongest case against a simple depreciation story.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 6,
      "section": "The rent will move",
      "excerpt": "Kakashii’s figures are spectacular: CoreWeave revenue rose from $229 million in 2023 to $5.1 billion in 2025, active power from about 70 megawatts to more than 1.5 gigawatts, and backlog to $104.2 billion.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 7,
      "section": "AI meets the rate",
      "excerpt": "CoreWeave priced a convertible at a 2.875% coupon, up from 1.75% in April, and made the deal bigger.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Nvidia now gives investment-grade customers a year to pay, up from 90 days, and some CoreWeave loan covenants tie to its OpenAI contract.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "What lenders actually own",
      "excerpt": "CoreWeave’s convertible coupon rose from 1.75% in April to 2.875% on a larger September deal.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 16,
      "section": "The financed share",
      "excerpt": "CoreWeave's 8-K of September 2025 obliges Nvidia to buy its unsold capacity, on a $6.3 billion order, through April 2032.",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "section": "The loan is a bridge",
      "excerpt": "The 59% that Gaetano counts outside the hyperscalers includes the neoclouds the seller's credit reaches, through commitments such as the $6.3 billion CoreWeave capacity order and the credit-support deals with AI clouds that Nvidia began pausing in August, though it also holds sovereign clouds and enterprises.",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "sides": [
    {
      "part": 3,
      "question": null,
      "side": "borrowing-is-rational",
      "sideLabel": "The borrowing is rational",
      "claim": "Capacity is sold before it is built: AWS backlog reached 496 billion dollars, Microsoft closed June 2026 with 678 billion of commercial RPO up 84 percent year over year, Google Cloud's backlog hit 514 billion; CoreWeave's 2020-era A100s are fully…",
      "date": "2026-08-08",
      "url": "https://www.marketsentiment.co/p/is-the-capex-sustainable",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-debt-behind-the-machines/",
      "sidesUrl": "https://deepstack.ltd/sides/the-debt-behind-the-machines/"
    },
    {
      "part": 6,
      "question": null,
      "side": "scarcity-as-warning",
      "sideLabel": "Scarcity as a warning",
      "claim": "CoreWeave is a contract-financed infrastructure company whose assets become technologically obsolete much faster than the buildings it leases, whose largest customers are competing clouds, and whose only GPU supplier is also an investor, customer…",
      "date": "2026-08-20",
      "url": "https://kakashiii111.substack.com/p/the-nvidia-spv-series-part-2-coreweave",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/power-doesnt-depreciate/",
      "sidesUrl": "https://deepstack.ltd/sides/power-doesnt-depreciate/"
    },
    {
      "part": 10,
      "question": null,
      "side": "a-model-not-a-price",
      "sideLabel": "A model, not a price",
      "claim": "CoreWeave and Nvidia's efforts to show stamina in the pricing of their chips are simply at odds with the depreciation realities lenders actually face.",
      "date": "2026-09-28",
      "url": "https://michaeljburry.substack.com/p/short-thoughts-a-wall-street-titan",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 14,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "The loop's binding constraint is capex finance: hyperscaler free cash flow may go negative in 2027 and investors dislike leverage contingent on speculative returns, as the depressed valuations of Oracle and CoreWeave show, so continued spending…",
      "date": "2026-08-06",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "question": null,
      "side": "the-seller-funds-its-demand",
      "sideLabel": "The seller funds its demand",
      "claim": "CoreWeave exists primarily to generate demand for Nvidia's GPUs, as evidenced by the fact that Nvidia is the sole GPU supplier and also an investor, customer, strategic sponsor, and that cash equipment purchases alone equaled approximately 84…",
      "date": "2026-08-20",
      "url": "https://kakashiii111.substack.com/p/the-nvidia-spv-series-part-2-coreweave",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "question": null,
      "side": "two-labs-carry-the-chain",
      "sideLabel": "Two labs carry the chain",
      "claim": "IREN is the cheapest neocloud in the market at 2.9 million dollars per MW across 5,800 secured MW, which is about one-quarter of Nebius' valuation per MW and one-seventh of CoreWeave's, despite IREN holding the largest secured power position of any…",
      "date": "2026-08-28",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22",
  "market": {
    "price": 61.82,
    "change": -0.31,
    "changePercent": -0.499,
    "marketCap": 34095991067,
    "pe": -16.937,
    "nextEarnings": "2026-11-09",
    "exchange": "NASDAQ",
    "currency": "USD",
    "asOf": "2026-10-21T20:00:00.000Z",
    "source": "Financial Modeling Prep",
    "sourceUrl": "https://financialmodelingprep.com",
    "note": "Delayed quotes."
  }
}