Ticker Teardown Dossier
CoreWeave ($CRWV), taken apart the way the desk does.
CoreWeave (CRWV) Teardown Dossier · As of 2026-11-10, refreshed after Q2 2026 results
The CRWV dossier is the desk's CoreWeave teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of CoreWeave's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
2,159 words · about 9 min to read · 10 sections · data as of 10 November 2026 · last refreshed after Q2 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: one job
- The order book: company figures
- The growth: it is real
- What the backlog does not cover
- The balance sheet: here is why
- The peer map: still a neocloud
- The tape: the close
- The level: be honest
- The verdict: under the ceiling
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-09-25, with prices as of 2026-09-25. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-10.
The setup
CoreWeave rents out more than 250,000 NVIDIA GPUs to the labs building frontier AI. It is also 41% below its high. And it owes more than the entire company is worth: $51.6 billion of debt against a $49.7 billion market value. Broken, or on sale?
The business: one job
CoreWeave runs a cloud built for one job: GPU accelerated work, which in practice means training and serving large models. Thirty plus data centres, rented out under multi year contracts. It listed in March 2025 as the first pure play AI cloud on the public market. It is not a hyperscaler. It does one thing.
The order book: company figures
The reason anyone owns it is the order book. CoreWeave reports $103.7 billion of remaining performance obligations, its contracted backlog, at June 30, 2026, 41% of it expected to be recognized within 24 months. The anchor customers are OpenAI, Meta and Anthropic. Set that against trailing twelve month revenue of $7.59 billion. Those are company figures, not an analyst model. The book is close to 14x everything the company has ever billed in a year.
Corrected 2026-11-03: the teardown first said "about $67 billion of contracted revenue backlog, roughly $88 billion including its Anthropic agreement" and "close to 9x". Those figures predate the quarter. CoreWeave's Form 10-Q for the quarter ended June 30, 2026 (filed 2026-08-12, before this teardown) reports $103.7 billion of remaining performance obligations: 41% within 24 months, 39% in months 25 to 48, the rest in months 49 to 78.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q3 2025 | Q1 2025 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
| Source filing | 10-Q 2025-11-13 | 10-Q 2025-05-15 | 10-Q 2025-05-15 | 10-Q 2025-08-13 | 10-Q 2025-11-13 | 10-K 2026-03-02 | 10-Q 2026-05-08 | 10-Q 2026-08-12 |
| Revenue | 583.9 | 747.0 | 982.0 | 1,212 | 1,365 | 1,572 | 2,078 | 2,575 |
| Gross margin | 75.5% | 75.7% | 73.3% | 74.2% | 73.0% | 67.6% | 65.5% | 65.9% |
| Operating income | 117.1 | 112.3 | -27.0 | 19.0 | 51.9 | -89.6 | -144.0 | -49.0 |
| Net income | -359.8 | -50.9 | -315.0 | -290.0 | -110.1 | -451.7 | -740.0 | -626.0 |
| Operating cash flow | 641.2 | 186.6 | 61.0 | -251.0 | 1,689 | 1,559 | 2,984 | 679.0 |
| Capex | -1,215 | -3,498 | -1,407 | -2,453 | -2,389 | -4,060 | -7,695 | -6,422 |
| Free cash flow | -573.9 | -3,311 | -1,346 | -2,704 | -700.2 | -2,501 | -4,711 | -5,743 |
| Cash and equivalents | 1,355 | 1,361 | 1,276 | 1,153 | 1,894 | 3,127 | 2,244 | 5,524 |
| Debt (book, excl. leases) | n/r | 7,926 | 8,712 | 11,052 | 14,035 | 21,373 | 24,859 | 35,551 |
| Diluted shares (M) | 213.8 | 218.0* | 249.0 | 487.0 | 497.9 | 436.0* | 527.0 | 551.0 |
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $CRWV and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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