The Index › AI compute › Whose business is AI itself?
CoreWeave
CRWVCoreWeave rents graphics processing chips by the hour from data centers built for artificial intelligence. We follow it because its business is artificial intelligence itself.
Checked against the company's own business description in its latest annual filing. · entry updated 2026-10-19
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- CRWV
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The living report
Bears on our standing view that spending on the AI build is running ahead of its revenue. It is proved wrong if cloud revenue keeps pace with contracted backlog through the next two rounds of reports, and no other big buyer starts renting out spare capacity.
last revised 19 Oct 2026 · next scheduled disclosure not yet announced
The full report
Members: queues this company for a report on a coming night.
The market record
Free during the preview. Each figure shows only where two independent data providers, Massive and Yahoo, agree on it to the cent; a figure they do not agree on is left out. Dated, not live. It describes; it does not recommend.
Last close$46.40
close of 6 Nov 2026 · Massive and Yahoo agree
close of 6 Nov 2026 · Massive and Yahoo agree
52-week range$40.58 – $138.25
intraday low 5 Nov 2026 · intraday high 6 May 2026 · 251 sessions to 6 Nov 2026 · both providers agree
intraday low 5 Nov 2026 · intraday high 6 May 2026 · 251 sessions to 6 Nov 2026 · both providers agree
Filings
Newest first, from EDGAR. Where a piece read a filing, one line of what it said.
22 Sep 20268-K · period ending 17 Sep 2026
17 Sep 20268-K · period ending 17 Sep 2026
12 Aug 202610-Q · period ending 30 Jun 2026
Its quarterly filing (Form 10-Q) for the period ended 30 June 2026 said revenue recognized from customer commitments was 98% of the quarter’s total, and reported $103.7 billion of unsatisfied RPO, 41% of it expected to be recognized over the initial 24 months. the piece
Its quarterly filing (Form 10-Q) for the period ended 30 June 2026 said revenue recognized from customer commitments was 98% of the quarter’s total, and reported $103.7 billion of unsatisfied RPO, 41% of it expected to be recognized over the initial 24 months. the piece
11 Aug 20268-K · period ending 11 Aug 2026
10 Aug 20268-K · period ending 7 Aug 2026
18 Jun 20268-K · period ending 18 Jun 2026
11 Jun 20268-K · period ending 11 Jun 2026
10 Jun 20268-K · period ending 8 Jun 2026
18 May 20268-K · period ending 15 May 2026
8 May 202610-Q · period ending 31 Mar 2026
7 May 20268-K · period ending 7 May 2026
21 Apr 20268-K · period ending 16 Apr 2026
15 Apr 20268-K · period ending 15 Apr 2026
14 Apr 20268-K · period ending 9 Apr 2026
9 Apr 20268-K · period ending 31 Mar 2026
9 Apr 20268-K · period ending 9 Apr 2026
31 Mar 20268-K · period ending 30 Mar 2026
2 Mar 202610-K · period ending 31 Dec 2025
26 Feb 20268-K · period ending 26 Feb 2026
26 Jan 20268-K · period ending 23 Jan 2026
2 Jan 20268-K · period ending 31 Dec 2025
11 Dec 20258-K · period ending 8 Dec 2025
13 Nov 202510-Q · period ending 30 Sep 2025
10 Nov 20258-K · period ending 10 Nov 2025
31 Oct 20258-K · period ending 30 Oct 2025
6 Oct 20258-K · period ending 25 Sep 2025
2 Oct 20258-K · period ending 29 Sep 2025
30 Sep 20258-K · period ending 25 Sep 2025
25 Sep 20258-K · period ending 23 Sep 2025
15 Sep 20258-K · period ending 9 Sep 2025
Where it sits in the frame
AI compute is now two businesses
AI compute has split into a rented market and a government-funded one.
Tested by
Spending on the AI build is running ahead of its revenue OPEN
Reports next
not yet announced
Latest disclosed
10-Q · filed 2026-08-12 · period ending 2026-06-30
Machine-readable
What it has disclosed
Newest first. Every figure traces to a filing; "Show sources" shows which.
30 Jun 2026CoreWeave revenue from customer commitments, share of total revenue, Q2 2026: 98%CoreWeave, Inc. Form 10-Q for quarter ended June 30, 2026, SEC, 2026 · filing
30 Jun 2026CoreWeave unsatisfied RPO: $103.7 billionCoreWeave, Inc. Form 10-Q for quarter ended June 30, 2026, SEC, 2026 · filing
30 Jun 2026Share of CoreWeave RPO expected to be recognized over initial 24 months: 41%CoreWeave, Inc. Form 10-Q for quarter ended June 30, 2026, SEC, 2026 · filing
30 Jun 2026Initial period for CoreWeave RPO recognition (to 30 June 2028): 24 monthsCoreWeave, Inc. Form 10-Q for quarter ended June 30, 2026, SEC, 2026 · filing
30 Jun 2026CoreWeave cash spending on property and equipment, six months to June 2026: $14,117 millionCoreWeave, Inc. Form 10-Q for quarter ended June 30, 2026, SEC, 2026 · filing
30 Jun 2026CoreWeave 10-Q period end: 30 June 2026CoreWeave, Inc. Form 10-Q for quarter ended June 30, 2026, SEC, 2026 · filing
30 Jun 2026CoreWeave total debt at 30 June 2026 (brief total about $35,068m): about $35.1 billionCoreWeave, Inc., Form 10-Q for the quarter ended June 30, 2026, U.S. SEC, filed Aug 2026 · filing (vs about $21.4bn at end 2025)
30 Jun 2026CoreWeave Q2 2026 interest expense, net: $640 millionCoreWeave, Inc., Form 10-Q for the quarter ended June 30, 2026, U.S. SEC, filed Aug 2026 · filing (vs $267 million a year earlier)
30 Jun 2026CoreWeave Q2 2026 operating loss: $49 millionCoreWeave, Inc., Form 10-Q for the quarter ended June 30, 2026, U.S. SEC, filed Aug 2026 · filing
30 Jun 2026CoreWeave total liquidity at 30 June 2026 (brief $15,553m): $15.553 billionCoreWeave, Inc., Form 10-Q for the quarter ended June 30, 2026, U.S. SEC, filed Aug 2026 · filing
31 Dec 2025CoreWeave total debt at 31 December 2025 (brief about $21,373m): $21.4 billionCoreWeave, Inc., Form 10-Q for the quarter ended June 30, 2026, U.S. SEC, filed Aug 2026 · filing (vs about $35.1bn at 30 June 2026)
30 Jun 2025CoreWeave Q2 2025 interest expense, net (year earlier): $267 millionCoreWeave, Inc., Form 10-Q for the quarter ended June 30, 2026, U.S. SEC, filed Aug 2026 · filing (year earlier, vs $640m)
Mentioned in
Every piece that names this company, newest first: what it said, and the standing view it bore on. Written when the piece is committed; never edited, never removed.
21 Oct 2026Backlog and capital spending are two measures, not yet two businesses
Bears on our standing view that spending on the AI build is running ahead of its revenue.
Bears on our standing view that spending on the AI build is running ahead of its revenue.
19 Oct 2026Supplier order books held through the AI share slide
Bears on our standing view that the market is paying less for earnings, not doubting the businesses.
Bears on our standing view that the market is paying less for earnings, not doubting the businesses.
Same question
Other companies under Whose business is AI itself?
This entry
19 Oct 2026Figures added from "Last week's artificial intelligence slide: a bubble bursting, dearer money, or neither?".
19 Oct 2026Entry rewritten in plain words: what the company sells, and why we follow it.
12 Oct 2026Verified against the 10-Q filed 2026-08-12 at launch.
Prices on this page are dated market records, shown free during the preview, each confirmed by two independent data providers. None is a recommendation.
Record
Written according to the Grant Bishop standard — machine-researched, machine-checked, human-judged; then read and committed by the publisher. Every number traces to a filing or a dated market record; every claim carries a date and what would prove it wrong.
- Verification
- multi-source verified, machine-drafted, human-gated
- As of
- 2026-08-12
- Position disclosure
- The publisher holds index-level U.S. equity exposure and no direct position in any single name discussed.
- Not advice
- General commentary for a general audience. Not advice for your situation.
Sources (12)
18-K, filed 22 Sep 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm
28-K, filed 17 Sep 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000429/crwv-20260917.htm
310-Q, filed 12 Aug 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm
48-K, filed 11 Aug 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000362/crwv-20260811.htm
58-K, filed 10 Aug 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/crwv-20260807.htm
68-K, filed 18 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000291/crwv-20260618.htm
78-K, filed 11 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000278/crwv-20260611.htm
88-K, filed 10 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000270/crwv-20260608.htm
98-K, filed 18 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000236/crwv-20260515.htm
1010-Q, filed 8 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm
118-K, filed 7 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000220/crwv-20260507.htm
128-K, filed 21 Apr 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000183/crwv-20260416.htm