CoreWeave powers the creation and delivery of the intelligence that drives
innovation.
We are the AI Hyperscaler™ driving the AI revolution(1). Our CoreWeave Cloud
Platform consists of our proprietary software and cloud services that deliver
the software and software intelligence needed to manage complex AI
infrastructure at scale. Our platform supports the development and use of
ground-breaking models and the delivery of the next generation of AI
applications that are changing the way we live and work across the globe—our
platform is trusted by some of the world’s leading AI labs and AI enterprises,
including Cohere Inc. (“Cohere”), International Business Machines Corporation
(“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”),
Mistral AI SAS (“Mistral”), NVIDIA Corporation (“NVIDIA”), and OpenAI OpCo, LLC
(“OpenAI”).
We believe AI is the next frontier for innovation in technology, driving
productivity and efficiency gains and enabling new business models in nearly
every industry and organization. According to IDC, AI will generate a cumulative
global economic impact of $20 trillion, or 3.5% of global GDP, by 2030. The
generalized cloud infrastructure that drove the cloud revolution beginning in
the 2000s was built to host websites, databases, and SaaS apps that have
fundamentally different needs than the high performance requirements of AI. As
workloads and technologies evolve, so too must the infrastructure and cloud
software and services that power them. We believe we are at the start of a new
cloud era that will drive the AI revolution. The opportunity for a purpose-built
AI cloud platform, including the infrastructure and integrated software, is
massive. Based on market research from Bloomberg Intelligence, total spending on
AI inference/fine-tuning, AI workload monitoring, and training infrastructure,
including AI servers, AI storage, training compute, cloud workloads, and
networking, will reach approximately $399 billion by 2028. For AI to reach its
full potential, it needs a purpose-built AI cloud platform with infrastructure
and managed cloud services that are delivered in an efficient, automated, and
highly performant way. Enter CoreWeave, the AI Hyperscaler™.
We purpose-built our CoreWeave Cloud Platform to be the infrastructure and
application platform for AI. Our platform manages the complexity of engineering,
assembling, running, and monitoring state-of-the-art infrastructure at a massive
scale to deliver high performance and efficiency to AI workloads. Through our
proprietary software capabilities, we enable our customers to achieve
substantially higher total system performance and more favorable uptime relative
to other AI offerings within existing infrastructure cloud environments and
unlock speed at scale. By delivering more compute cycles to AI workloads and
thereby reducing the time required to train models, our capabilities can
significantly accelerate the time to solution for customers in the ongoing
hyper-competitive race to build the next bleeding-edge AI models. For example,
in June 2023, our NVIDIA H100 Tensor Core GPU training cluster completed the
MLPerf benchmark test (which benchmarks how quickly a system can train a model
from scratch) in eleven minutes—a record and 29 times faster than the next best
competitor at the time of the benchmark test.
These efficiencies also extend from training to inference use cases, as our
CoreWeave Cloud Platform significantly improves both run-time efficiency for
inference workloads and enables overall higher AI application uptime. These
performance gains help to ensure lower performance-adjusted costs and a superior
end-user experience. The supercomputers we build to power our platform are
optimized to support many types of AI workloads, and they are augmented by our
suite of cloud services to deliver meaningful time and cost savings to customers
through our orchestration, automation, and monitoring capabilities.
Our multidisciplinary, customer-centric team has a proven ability to
conceptualize, design, and implement solutions to solve the most complex
engineering challenges in the pursuit of furthering AI. We hire individuals who
help contribute to and maintain a culture centered around solving the most
complex AI infrastructure scaling, performance, and reliability challenges.
Customers utilize our platform through a set of cloud services comprising
Infrastructure Services, Managed Software Services, and Application Software
Services, all augmented by our Mission Control and Observability software. Our
comprehensive and integrated cloud services work together as a suite to deliver
state-of-the-art compute, networking, and storage. These services enable the
provisioning of infrastructure, the orchestration of workloads, and the
proactive monitoring of our customers’ training and inference environments to
increase performance and minimize interruptions.
Our CoreWeave Cloud Platform is hosted in our distributed network of active
purpose-built data centers that are interconnected using low latency connections
to major metropolitan areas, and incorporate state-of-the-art data center
networking equipment, enhanced access to power and, where appropriate, the
latest liquid cooling technologies. As of December 31, 2024, our 32 data centers
were running more than 250,000 GPUs in total, and were supported by more than
360 MW of active power. Our total contracted power extends to approximately 1.3
GW as of December 31, 2024, which we expect to roll out over the coming years.
We benefit from robust collaborations with leading chipmakers, original
equipment manufacturers (“OEMs”), and software providers to supply us with
infrastructure components and other products. We have a proven track record of
rapidly expanding our power capacity to support the growth of our data center
footprint along with our collection of managed cloud services. We deploy a
sophisticated financing strategy and have efficiently financed the development
of additional compute capacity through the use of asset-backed debt, having
raised total commitments of $12.9 billion in debt through December 31, 2024 to
support the development of our platform.
Our customers include some of the world’s leading AI labs and AI enterprises—the
builders and integrators of AI—who depend on our platform for their core
products and most promising innovations. We deliver significant benefits to our
customers in terms of overall performance, time to market, and reduced cost of
ownership, which results in our customers making large, long-term initial
commitments and expanding those commitments with us over time. The vast majority
of our revenue today is from multi-year committed contracts, whereby a customer
purchases access to our platform over the contract term on a take-or-pay basis.
We also sell access to our platform on an on-demand basis through a
pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining
performance obligations reflecting an increase of 53%, from $9.9 billion as of
December 31, 2023. Microsoft, our largest customer for the years ended
December 31, 2023 and 2024, will represent less than 50% of our expected future
committed contract revenues when combining our RPO balance of $15.1 billion as
of December 31, 2024 and up to $11.55 billion of future revenue from our
recently signed Master Services Agreement with OpenAI, as described herein.
Our ability to abstract away the complexity our customers would face in
assembling, managing, and deploying this infrastructure themselves establishes
us as a critical partner and leads to long-term, durable relationships that have
the potential to expand over time. As evidence of this, three of our top five
committed contract customers by total contract value (“TCV”) as of December 31,
2024 signed agreements for additional capacity within 12 months of their
respective initial purchase dates. These agreements, measured during each
respective 12-month period from the initial date of signing, represent a
cumulative increase of approximately $7.8 billion in committed spend and a
multiple of approximately 4x on initial contract value. Our deep relationships
with customers are a competitive advantage, and our first-to-market track record
with highly performant technology gives customers confidence in choosing
CoreWeave.
(1) Based on our exclusive focus on AI cloud computing at the scale and with the
capabilities of our platform, solutions, and services as compared to
competing hyperscalers and our customer relationships with leading AI labs
and AI enterprises, which position us to be among the first to experience
and solve the challenges facing the AI cloud computing industry at scale.
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We were formed in September 2017 as a Delaware limited liability company under
the name The Atlantic Crypto Corporation LLC and converted to a Delaware
corporation in September 2018 under the name Atlantic Crypto Corporation. In
December 2019, we changed our name to “CoreWeave, Inc.” Our principal executive
offices are located at 290 W Mt. Pleasant Ave., Suite 4100, Livingston, NJ
07039. Our telephone number is (973) 270-9737. Our website address is
www.coreweave.com.
