CoreWeave is a cloud infrastructure company that operates GPU clusters accessible to AI developers, enterprises, and AI labs on a contracted basis. Unlike general-purpose cloud providers that offer GPU access as one of many services, CoreWeave is purpose-built around GPU compute, offering large-scale, dedicated GPU infrastructure for AI training and inference workloads. The company was founded in 2017 as a cryptocurrency mining operation and pivoted to GPU cloud services in 2019.

The economics of frontier AI model development have created strong demand for dedicated GPU cloud capacity. Training large language models requires sustained access to thousands of GPUs for weeks or months, often under contracts that guarantee availability rather than the on-demand pricing common in general cloud services. CoreWeave's model—long-term contracts for dedicated GPU capacity—aligns with how serious AI developers procure compute. Its customer base includes OpenAI, Microsoft, and Meta, and its revenue backlog of $25.9B reflects the multi-year committed spending typical of its contracts.

CoreWeave IPO'd in March 2025, raising $1.5B, and reported revenue of $982M in Q1 2025, up 420% YoY. The company signed an $11.9B multi-year contract with OpenAI and a $14.2B contract with Meta, anchoring its backlog. Full-year 2025 revenue is guided to $5.05–5.15B. CoreWeave is expanding data center capacity across the US and internationally to convert its contracted backlog into delivered revenue.