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NeocloudsSEC filings
CoreWeave (CRWV)
Pure-play GPU cloud, long-term contracts with hyperscalers + AI labs
Modeled AI capex flow
$10.2B
from Big 5 forward AI-attributable spend
Hyperscaler exposure
60.0%
of revenue (latest 10-K)
Top hyperscaler customer
AMZN
modeled $3.2B flow
Contracted revenue
$30.0B
Q4 2025 10-Q
Forward visibility: Contracted revenue
The leading indicator AM analysts read as capex commitments convert to supplier revenue.
Multi-year take-or-pay commitments from MSFT + OpenAI + Meta. Counterparty concentration high: read alongside hyperscaler capex commentary.
As of: Q4 2025 10-QSource filing
Flow attribution by hyperscaler
Modeled dollars from each hyperscaler's AI-attributable forward capex.
| Customer | Modeled flow | % of total |
|---|---|---|
| Amazon (AMZN) | $3.2B | 31.2% |
| Microsoft (MSFT) | $2.6B | 25.5% |
| Meta Platforms (META) | $2.3B | 22.2% |
| Alphabet (GOOGL) | $2.2B | 21.2% |
Computed from disclosed customer concentration and per-hyperscaler accelerator preferences. Per-edge values can be reconstructed from the Methodology page.
Notes & source
MSFT was ~62% of FY24 revenue per S-1; OpenAI and Meta deals signed 2025. Counterparty risk ↔ capex flow.
View SEC filings page