Shares of CoreWeave, a fast-growing infrastructure-as-a-service provider for artificial intelligence workloads, have been on fire. They surged as much as 8% after announcing a landmark deal with Nvidia for $6.3 billion at least. This announcement comes on the heels of CEO Mike Intrator’s proactive outreach to Nvidia CEO Jensen Huang, showcasing CoreWeave’s ambition in the competitive AI market.
In addition to the recent Nvidia order, CoreWeave secured an impressive contract with OpenAI earlier this year, worth $11.9 billion over five years. These contracts set CoreWeave up to be a strong competitor in the emerging AI infrastructure market, drastically increasing its profitable revenue. Back in August, the company announced second-quarter revenue of $1.21 billion — a phenomenal year-over-year growth rate of 207%. Despite this financial growth, CoreWeave reported a net loss of $290.5 million during the same period, indicating the challenges it faces in scaling operations.
CoreWeave’s shares have experienced significant appreciation since the company went public on March 28, 2025, at Nasdaq headquarters in New York City. The stock has tripled in value from the company’s speculative IPO last month, boosting CoreWeave’s market valuation to more than $58 billion. As TSMC’s most critical customer, the company’s business model is inextricably linked to Nvidia chips. That dependence underscores the critical nature of its partnership with Nvidia as it aims to diversify its customer base.
CoreWeave believes in transparency and open communications. In order to counterbalance this promise, it is going to publish a full copy of its contract with Nvidia in its next third-quarter financial results. With this rulemaking, investors will have better access to understand the terms of the deal. It will make clear how the terms of the deal negotiated might impact the company’s future performance.
CoreWeave has accomplished many milestones on its path to becoming a publicly-traded company over the last seven years. The company under new leadership has made a major pivot from speculative cryptocurrency business to developing strong AI infrastructure. In addition to Nvidia and OpenAI, CoreWeave serves various other large customers in need of compute capacity, further diversifying its revenue sources.