CoreWeave, Inc.
CRWVQ2 2025(CRWV Q1 FY2025)Derived94% AI
AI Revenue %
94%
AI Fair Value
$21.9B
AI Revenue (Q)
$922.7M
Total Revenue (Q)
$981.6M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
CoreWeave Q1 FY2025 revenue was $981.6M, up 420% YoY. Completed IPO in March 2025 at $40/share raising $1.4B. Customer A (believed to be Microsoft) accounted for 72% of revenue. Entered $11.9B commercial agreement with OpenAI. Platform described as delivering 'software and software intelligence needed to manage complex AI infrastructure at scale' supporting 'development and use of ground-breaking models and the delivery of the next generation of AI applications.' Revenue from committed contracts was 98% of total. Single operating segment. No AI vs non-AI revenue split. 94% derived: the entire business model is GPU cloud for AI, but 'high-performance computing' qualifier and potential non-AI edge cases justify 6% haircut. $981,632K × 94% = $922,734K AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $981,632 [thousands] for Three Months Ended March 31, 2025
Condensed Consolidated Statements of Operations, 10-Q for Q1 FY2025
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
Item 2 MD&A Overview, 10-Q for Q1 FY2025
Revenue recognized related to customer commitments...represented 98% of total revenue for the three months ended March 31, 2025
Note 2 Revenue, 10-Q for Q1 FY2025
Customer A 72% [of revenue for Three Months Ended March 31, 2025]
Note 2 Revenue Significant Customers, 10-Q for Q1 FY2025
AI Products Identified (Ring 1)
CoreWeave Cloud PlatformGPU cloud compute (AI training & inference)Committed capacity contractsOpenAI infrastructure services ($11.9B commitment)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Non-AI HPC workloads (rendering, VFX, scientific computing)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI