CRWV · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

CoreWeave

25 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Microsoft

earns from · approximately 67% of our revenuenamed as a risk

We recognized an aggregate of approximately 67% of our revenue from our top customer, Microsoft, for the year ended December 31, 2025.Risk factors (Item 1A)

Also named by AAOI, AAON, AES, AJG, AMD, BLK, CDW, CEG and 13 more

OpenAI

earns from · approximately $11.9 billion through October 2030named as a risk

For example, in March 2025, we entered into a master services agreement with OpenAI, a private company, pursuant to which OpenAI has committed to pay us up to approximately $11.9 billion through October 2030.Risk factors (Item 1A)

Also named by AMD, COMP, HOOD, MRNA, MSFT, NVDA, NYT, PVH and 3 more

OpenAI

earns from · approximately $6.5 billion through May 31, 2031named as a risk

In May 2025, we entered into a master services agreement with OpenAI OpCo, LLC ("OpenAI") and in September 2025, we entered into an order form under this master services agreement pursuant to which OpenAI has committed to pay us up to approximately $6.5 billion through May 31, 2031 and, as a result, we expect OpenAI to be a significant customer in future periods.Risk factors (Item 1A)

Also named by AMD, COMP, HOOD, MRNA, MSFT, NVDA, NYT, PVH and 3 more

Meta Platforms, Inc.

earns from · approximately $14.2 billion through December 2031named as a risk

Similarly, in September 2025, we entered into an order form under an existing master services agreement pursuant to which Meta Platforms, Inc. ("Meta") initially committed to pay us up to approximately $14.2 billion through December 2031 and, as a result, we also expect Meta to be a significant customer in future periods.Risk factors (Item 1A)

Also named by CLS, ETR, OKLO

Suppliers

NVIDIA Corporation

depends on · all of the GPUsnamed as a risk

For example, as a result of our obligations in our current customer contracts, all of the GPUs used in our infrastructure today are NVIDIA GPUs.Risk factors (Item 1A)

Also named by AKAM, CSCO, HPQ, MRVL

Top three suppliers

concentrated in · 23%, 20%, and 17% of total purchasesnamed as a risk

Additionally, for the year ended December 31, 2025, three suppliers accounted for 23%, 20%, and 17% of total purchases, for the year ended December 31, 2024, three suppliers accounted for 46%, 16%, and 14% of total purchases, and for the year ended December 31, 2023, three suppliers account for 57%, 22%, and 11% of total purchases.Risk factors (Item 1A)

Also named by QXO

Taiwan Semiconductor Manufacturing Co. (TSMC)

depends onnamed as a risk

For example, NVIDIA relies on suppliers such as Taiwan Semiconductor Manufacturing Company for semiconductor fabrication and other manufacturers for compute and networking components.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, AVGO, ENTG, FTNT, INTC, KLAC and 6 more

Third-party data center providers

depends onnamed as a risk

Any failure by our third-party data center providers to timely deliver on their agreements with us would have an adverse effect on our business, operating results, financial condition, and prospects.Risk factors (Item 1A)

Also named by DOCN, ORCL

Other companies

Monolith AI Limited

named as a risk

There can be no assurance that we will be successful in our efforts to integrate Monolith AI Limited, its employees, and its products into our platform.Risk factors (Item 1A)

Weights & Biases

With Weights & Biases (acquired by CoreWeave in 2025), we provide a comprehensive, proven AI development platform and cutting-edge tools for AI development—including model pre-training (W&B Models), post-training (W&B Training), model serving (W&B Inference), and agent evaluation and monitoring (W&B Weave).Business (Item 1)

Competitors

Amazon Web Services (AWS)

competes withnamed as a risk

Key competitors that offer general purpose cloud computing services as part of a broader, diversified product portfolio include Amazon (AWS), Google (Google Cloud Platform), Microsoft (Azure), and Oracle, a number of which are also our current customers.Risk factors (Item 1A)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Google Cloud Platform

competes withnamed as a risk

Also named by DDOG, DOCN, EXTR, FFIV, INTU, MDB, MELI, OSCR and 5 more

Oracle

competes withnamed as a risk

Also named by AAOI, IBM, MDB, NOW, PTC, RMNI

Places

Taiwan

depends onnamed as a risk

While we do not currently have employees or direct operations in Taiwan, our suppliers rely heavily on semiconductors supplied by Taiwan which are an important component of our platform and any reduction in that supply could materially disrupt our operations.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

California

operates innamed as a risk

For example, certain of our corporate offices and data centers are located in California, a state that frequently experiences earthquakes, flooding, mudslides, wildfires, and resultant air quality impacts and power shutoffs associated with wildfire prevention, heat waves, and droughts.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Kenilworth, New Jersey

operates innamed as a risk

For example, in June 2025, we entered into a joint venture with a third-party infrastructure developer, to support the acquisition and development of a multi-phase data center campus in Kenilworth, New Jersey.Risk factors (Item 1A)

Hazards

Public utility planned power outages

operates innamed as a risk

Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyberattacks, physical attacks on utility infrastructure, war, and any failures of electrical power grids more generally, and planned power outages by public utilities, such as the practice of planned outages by the public utilities in California, Colorado, Texas, and other states to minimize fire risks, could harm our customers and our business.Risk factors (Item 1A)

Commodities and inputs

British pound

exposed to its pricenamed as a risk

We are exposed to foreign currency risks related to our operating expenses denominated in currencies other than the U.S. dollar, primarily the British pound, Canadian dollar, Euro and Swedish krona.Market risk (Item 7A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Electricity

exposed to its pricenamed as a risk

We expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures, which could materially affect our financial forecasting, business, operating results, financial condition, and prospects.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Regulators

U.S. Bureau of Industry and Security (BIS)

subject tonamed as a risk

In addition, we are monitoring the January 29, 2024 proposed rule from the U.S. Department of Commerce, Bureau of Industry and Security ("BIS"), which if implemented as proposed, would impose requirements on Infrastructure-as-a-Service providers and their foreign resellers to verify the identity and beneficial ownership of foreign person customers and to perform related reporting to BIS, as well as provide BIS authority to restrict certain Infrastructure-as-a-Service transactions with foreign persons.Risk factors (Item 1A)

Also named by AAOI, AMD, APH, EXTR, GLW, GTLB, LITE, MTSI and 5 more

Laws and programs

Revolving Credit Facility and DDTL Facilities

exposed to its price · approximately $107 millionnamed as a risk

For every 100-basis point increase or decrease in interest rates, our interest expense could increase or decrease by approximately $107 million based on the total balance of our outstanding debt as of December 31, 2025.Market risk (Item 7A)

U.S. tariffs

exposed to its pricenamed as a risk

For example, increasing use of tariffs, economic sanctions and export controls has impacted and may in the future impact the availability and cost of GPUs and other components of our platform.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

General Data Protection Regulation (GDPR)

subject tonamed as a risk

We are subject to the European Union's General Data Protection Regulation and the United Kingdom's General Data Protection Regulation (collectively, the "GDPR"), which comprehensively regulate our use of personal data, including cross-border transfers of personal data out of the European Economic Area ("EEA") and the U.K.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

For example, the One Big Beautiful Bill Act ("OBBBA") enacted in July 2025 had a significant impact on our effective tax rate for the third quarter of 2025.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

U.S. Export Administration Regulations (EAR)

subject tonamed as a risk

Our platform and related technology are subject to U.S. export controls, including the U.S. Department of Commerce's Export Administration Regulations (also known as "EAR"), and we and our employees, representatives, contractors, agents, intermediaries, and other third parties are also subject to various economic and trade sanctions regulations administered by the U.S. Treasury Department's Office of Foreign Assets Control and other U.S. government agencies.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more