About the Company

CoreWeave was founded in 2017, originally under the name Atlantic Crypto, with roots in a New Jersey garage, where it mined Ethereum using graphics cards. As interest in cryptocurrencies waned, the company shifted its focus and began building GPU-based cloud infrastructure — essential for compute-intensive tasks like artificial intelligence, machine learning, and visual effects. The turning point came in 2019, when the company fully exited the crypto space and began offering specialized GPU services in the cloud. Rapid expansion followed in 2023 and 2024, including several investment rounds and the construction of dozens of data centres across the United States. This secured CoreWeave’s position as one of the leading players in AI infrastructure.[1][2]

A $6 Billion Bet

In early July, CoreWeave announced plans to invest up to $6 billion in the construction of a cutting-edge artificial intelligence data centre in Lancaster, Pennsylvania. The new facility is set to become one of the largest of its kind in the region, launching with an initial capacity of 100 megawatts, with plans to scale up to 300 MW if demand increases.

The data centre will serve as a key hub for handling high-performance AI workloads and is expected to provide services to clients both in the U.S. and internationally. The project is projected to create around 600 construction jobs and employ approximately 70 technical and operational staff once operational, with the aim of eventually expanding the workforce to 175. However, the economic impact will go well beyond the facility itself. Local suppliers, manufacturers, and service providers are also expected to benefit from the investment.

The project is being developed in collaboration with Chirisa Technology Parks and Machine Investment Group. The focus extends beyond technology, emphasizing the recruitment of skilled labour and active engagement with the local community. The announcement has drawn the attention of both state and federal officials, who view the investment as a strategic opportunity to turn Pennsylvania into a major region for artificial intelligence and energy innovation, while strengthening the U.S.'s position in global tech competitiveness.[3][4][5]

Uncertain IPO and a Sharp Stock Surge

CoreWeave went public in March 2025, listing on the Nasdaq under the ticker symbol “CRWV.” As part of its initial public offering (IPO), the company sold 37.5 million shares at a price of $40 per share, raising $1.5 billion. It was the largest tech IPO in the U.S. since 2021, although the final price landed at the lower end of the expected range.[6][7]

Despite the cautious start, the stock quickly surged. The company's market value rose from the initial $26.5 billion to nearly $70 billion within just a few months. The share price nearly quadrupled, reaching its highest point on June 20, 2025, up nearly 370% from the IPO price.[8]*

Driving this sharp growth were large-scale compute leasing deals, strategic partnerships with companies like OpenAI, Microsoft, and Nvidia, as well as multiple rounds of capital strengthening. This positioned CoreWeave among the rare publicly traded companies offering investors direct exposure to the artificial intelligence boom.

CoreWeave share price performance since the IPO (Source: tradingview.com)*

Financial Results: Explosive Growth at the Cost of High Expenditures

CoreWeave reported revenue of $981.6 million in the first quarter of 2025, up 420% year-over-year. Nevertheless, it recorded a loss of $314.6 million, mainly caused by high operating costs and one-off expenses related to the IPO.[9]

For the full year 2024, the company reported revenue of $1.92 billion, an increase of 737% compared to 2023. The main driver of this growth was large clients, with Microsoft alone accounting for 62% of the capacity utilization. While this is evidence of strong partnerships, such a high dependence on a single customer also poses a risk in terms of revenue diversification.

According to management estimates, sales in 2025 could reach up to $5.1 billion. Capital expenditures are expected to remain strong, expecting them to be in the range of $20 billion to $23 billion. [1] In this way, CoreWeave continues to build the next generation of data centres and consolidate its position as a leader in the AI cloud.[10]

Conclusion

CoreWeave's massive investment in Pennsylvania is a clear signal of its ambitions, as well as the growing importance of AI infrastructure in the global technology race. Although it faces the challenges of rapid expansion, including high capital costs and dependence on key customers, its growing network of hubs, partnerships with tech leaders, and positive market responses place it among the most important players in the future of AI.

*Past performance is not a guarantee of future results

[1] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate, or on the current economic environment, which is subject to change. Such statements are not a guarantee of future performance. They involve risks and other uncertainties that are difficult to predict. Results could differ materially from those expressed or implied in any forward-looking statements.

[1] https://research.contrary.com/company/coreweave

[2] https://canvasbusinessmodel.com/blogs/brief-history/coreweave-brief-history

[3] https://www.morningstar.com/news/business-wire/20250715975958/coreweave-announces-multi-billion-dollar-commitment-to-ai-infrastructure-in-pennsylvania

[4] https://markets.ft.com/data/announce/detail?dockey=600-202507150530BIZWIRE_USPRX____20250715_BW975958-1

[5] https://www.thestar.com.my/tech/tech-news/2025/07/15/coreweave-commits-6-billion-to-ai-data-center-in-pennsylvania

[6] https://www.cnbc.com/2025/03/28/coreweave-starts-trading-on-nasdaq-at-per-share.html

[7] https://www.prnewswire.com/news-releases/coreweave-announces-pricing-of-initial-public-offering-302413879.html

[8] https://www.morningstar.com/news/marketwatch/20250708333/coreweaves-stock-has-quadrupled-since-the-ipo-and-thats-just-one-reason-some-analysts-are-cautious

[9] https://www.cnbc.com/2025/05/14/coreweave-crwv-q1-2025-earnings-report.html

[10] https://www.tradingview.com/symbols/NASDAQ-CRWV/financials-income-statement/