Slug: coreweave · Date: 2026-09-21 · Theme: ai-infra (GPU Cloud)
Spot (interruptible, discounted) → On-demand PAYG GPU/CPU hours → Reserved / committed capacity (up to 60% off on-demand) → Multi-year take-or-pay enterprise & hyperscaler contracts (+ storage/networking/managed software).
Unlike freemium SaaS, CoreWeave has no $0 consumer free tier on the published rate card; land is on-demand/spot self-serve; expand is reserved + long-term contracts that dominate revenue.
| SKU | On-demand / hr | Spot / hr | Inference single-GPU / hr (where listed) |
|---|---|---|---|
| HGX H100 (8×) | $49.24 | $19.71 | $6.16 |
| HGX H200 (8×) | $50.44 | $20.93 | $6.31 |
| HGX B200 (8×) | $68.80 | $34.11 | $8.60 |
| GB200 NVL72 (4) | $42.00 | N/A | $10.50 |
| GH200 (1) | $6.50 | N/A | $6.50 |
| A100 (8×) | $21.60 | $9.65 | $2.70 |
| L40S (8×) | $18.00 | $7.88 | $2.25 |
| L40 (8×) | $10.00 | $6.27 | $1.25 |
| RTX PRO 6000 Blackwell HM (8×) | $20.00 | $11.09 | $2.50 |
# CoreWeave — research brief **Slug:** coreweave · **Date:** 2026-09-21 · **Theme:** ai-infra (GPU Cloud) ## Labels - **FACT** — primary company page, pricing, or IR release - **SECONDARY** — press / analyst paraphrase of filings - **INFERENCE** — model teaching, explicitly labeled ## Company snapshot - **Legal:** CoreWeave, Inc. (Nasdaq: **CRWV**); IPO March 2025 (FACT — company about / IR) - **HQ:** Livingston, NJ (FACT — site footer) - **Founded:** 2017 (FACT — schema.org / about) - **Positioning:** “The Essential Cloud for AI™” — specialized AI hyperscaler / GPU cloud (FACT — homepage, IR) ## Teaching arc (revenue ladder) **Spot (interruptible, discounted) → On-demand PAYG GPU/CPU hours → Reserved / committed capacity (up to 60% off on-demand) → Multi-year take-or-pay enterprise & hyperscaler contracts (+ storage/networking/managed software).** Unlike freemium SaaS, CoreWeave has no $0 consumer free tier on the published rate card; land is on-demand/spot self-serve; expand is reserved + long-term contracts that dominate revenue. ## Pricing (FACT — coreweave.com/pricing, North America unless noted) | SKU | On-demand / hr | Spot / hr | Inference single-GPU / hr (where listed) | |---|---:|---:|---:| | HGX H100 (8×) | $49.24 | $19.71 | $6.16 | | HGX H200 (8×) | $50.44 | $20.93 | $6.31 | | HGX B200 (8×) | $68.80 | $34.11 | $8.60 | | GB200 NVL72 (4) | $42.00 | N/A | $10.50 | | GH200 (1) | $6.50 | N/A | $6.50 | | A100 (8×) | $21.60 | $9.65 | $2.70 | | L40S (8×) | $18.00 | $7.88 | $2.25 | | L40 (8×) | $10.00 | $6.27 | $1.25 | | RTX PRO 6000 Blackwell HM (8×) | $20.00 | $11.09 | $2.50 | - **Reserved compute:** up to **60%** discount vs on-demand (FACT — pricing page); contact sales - **Storage:** AI Object Storage Hot $0.06 / Warm $0.03 / Cold $0.015 / Archive $0.0125 per GB-mo; Distributed File $0.070/GB-mo; **egress free** (FACT) - **Networking:** NAT, internet transfer, VPC free; Public IP $4/mo; Direct Connect e.g. 10G $1,250 dedicated / $1,500 virtual (FACT) - **Kubernetes control plane / SUNK:** Free (excl. CPU for SUNK) (FACT) ## Financials (FACT — FY2025 IR release 2026-02-26) - FY2025 revenue **$5.131B** (vs $1.915B FY2024) - Q4’25 revenue **$1.572B** (vs $747M Q4’24) - Revenue backlog **$66.8B** as of 2025-12-31 (company definition: RPO + estimated future under committed contracts) - Active power >**850 MW**; contracted power ~**3.1 GW** YE2025 (IR) - Adj. EBITDA FY2025 **$3.093B** (non-GAAP; see IR reconciliation) ## Customers / partners (FACT — IR highlights + company news) - Named: Cognition, CrowdStrike, Cursor, Mercado Libre, Midjourney, Runway; expanded hyperscaler relationships - Historical / S-1 era named ecosystem: Microsoft, OpenAI, Meta, IBM, Cohere, Mistral, NVIDIA (S-1 / company news — treat as disclosed relationships; concentration evolves) - OpenAI infrastructure agreement (company news Mar 2025; up to $11.9B contract value claim) - NVIDIA Exemplar Cloud for GB200 NVL72 training; NVIDIA collaboration / investment news (Jan 2026 company/NVIDIA release) - Acquisitions noted in FY25 IR: OpenPipe, Marimo, Monolith (platform expansion) ## Products - GPU / CPU compute, storage, networking, managed software, Mission Control, Kubernetes-native platform, serverless RL, CoreWeave Federal (IR + homepage) ## Sources 1. https://www.coreweave.com/pricing 2. https://www.coreweave.com/ 3. https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Fourth-Quarter-and-Fiscal-Year-2025-Results/ 4. https://www.coreweave.com/news/coreweave-announces-agreement-with-openai-to-deliver-ai-infrastructure 5. https://www.coreweave.com/news/nvidia-and-coreweave-strengthen-collaboration-to-accelerate-buildout-of-ai-factories