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Eleven-chapter profile of CoreWeave — the only Platinum-tier neocloud, with $35B+ in known multi-year enterprise commitments and a 2025 IPO. The single most important company in the neocloud landscape.

Scope & audience

CoreWeave's origin (from crypto mining), its scale today, the major customer commitments (Microsoft, Meta, OpenAI-adjacent), the NVIDIA strategic relationship, financial shape, and where the company goes from here.

Key framings to carry

  1. CoreWeave is structurally different from other neoclouds. The Microsoft and Meta commitments mean a meaningful fraction of revenue is committed multi-year. That's a financial and strategic posture other neoclouds don't have.
  2. NVIDIA is a customer, supplier, and shareholder. The three-way relationship creates allocation advantages other clouds can't match. Understanding this dependence is critical to the company's risk profile.
  3. The capital-intensity / leverage question is the bear case. CoreWeave has taken on debt to fund GPU purchases. If demand softens or GPU prices fall faster than the depreciation schedule assumes, the leverage cuts the wrong way.

Reading order

01 (history) → 02 (infrastructure) → 03–05 (the major commercial relationships) → 06–08 (product, customers, financials) → 09–10 (positioning + outlook). The customer-deal chapters are the most consequential.