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상류이자 자금 후원자이고, OpenAI·MS·메타가 수요, 버티브·코어사이언티픽이 전력·호스팅.","analysis_en":"CoreWeave's thesis is a high-leverage neocloud that sells only GPUs. It buys NVIDIA GPUs on debt and rents them to hyperscalers and AI labs, so the NVIDIA circular structure ($2bn equity plus unsold-capacity purchases), Blackstone-led $7.5bn debt and a ~$100bn backlog are both the growth engine and the source of risk. Revenue more than doubled in a year, but the crux is how fast the backlog converts and whether utilization outruns GPU depreciation and interest. Risks are GPU obsolescence, rates and customer concentration (OpenAI is a top-two customer). Graph propagation: NVIDIA is both upstream supply and financial backer, OpenAI/MS/Meta are demand, and Vertiv/Core Scientific provide power and hosting.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"OpenAI","counterparty_slug":"openai","confidence":"high","metric":{"type":"contract","unit":"USD","basis":"OpenAI 총 컴퓨트 약정 ~$224억(2대 고객). CoreWeave 백로그 Q1 2026 $99.4B, FY2026 매출 가이던스 $12~13B","value":22400000000,"period":"multi-year","basis_en":"OpenAI total compute commitment ~$22.4B (a top-2 customer). CoreWeave backlog $99.4B (Q1 2026), FY2026 revenue guidance $12-13B","qualifier":"backlog_context"},"note":"OpenAI에 GPU 클라우드 컴퓨트 임대.","note_en":"Rents GPU-cloud compute to openai.","sources":[{"stance":"confirms","publisher":"CoreWeave IR","publisher_en":"CoreWeave IR","kind":"filing","lang":"en","published_at":"2026-05-07","url":"https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-First-Quarter-2026-Results/","title":"CoreWeave 2026년 1분기 실적(백로그 $99.4B)","title_en":"CoreWeave Reports Strong First Quarter 2026 Results","excerpt":"Q1 2026 매출 $2.1B(+112% YoY)·백로그 $99.4B(+50% QoQ)·10개 고객이 각 $10억+ 약정. FY2026 가이던스 $12~13B, 2027 exit ARR >$30B(75%+ 계약).","excerpt_en":"Q1 2026 revenue $2.1B (+112% YoY), backlog $99.4B (+50% QoQ), 10 clients each committed $1B+. FY2026 guidance $12-13B; 2027 exit ARR >$30B (75%+ contracted)."},{"stance":"confirms","publisher":"MarketWise","publisher_en":"MarketWise","kind":"research","lang":"en","published_at":"2025-12-09","url":"https://marketwise.com/investing/coreweaves-55-billion-backlog-marks-the-next-phase-of-the-neocloud-boom/","title":"CoreWeave 556억 달러 백로그와 네오클라우드 붐","title_en":"CoreWeave's $55.6B Backlog Marks the Next Phase of the Neocloud Boom","excerpt":"OpenAI가 CoreWeave에 총 224억 달러 컴퓨트 지급 약정.","excerpt_en":"OpenAI is paying $22.4B for CoreWeave cloud-computing capacity."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-09-16","url":"https://zdnet.co.kr/view/?no=20250916175927","title":"엔비디아 덕에 잘 나가는 코어위브, 상장 때보다 3배 폭등","title_en":"NVIDIA-fueled CoreWeave triples since IPO","excerpt":"OpenAI가 코어위브 2대 고객으로 GPU 클라우드 임차.","excerpt_en":"OpenAI is a top-2 CoreWeave customer renting GPU cloud."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아 GPU 대량 조달($63억+ 주문), 엔비디아 $20억 투자·미판매 용량 매입.","note_en":"Buys NVIDIA GPUs at scale ($6.3B+ orders); NVIDIA invests $2B and backstops unsold capacity.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRWV&type=10-K","title":"CoreWeave 연차보고서(10-K, SEC)","title_en":"CoreWeave annual report (10-K, SEC)","excerpt":"CoreWeave 10-K: 엔비디아 GPU 의존·고객 구조.","excerpt_en":"CoreWeave 10-K: NVIDIA-GPU dependence and customer structure."},{"stance":"confirms","publisher":"와우테일","publisher_en":"Wowtale","kind":"news","lang":"ko","published_at":"2026-01-27","url":"https://wowtale.net/2026/01/27/253840/","title":"엔비디아, 코어위브에 $20억 투자…2030년까지 5GW AI 팩토리","title_en":"NVIDIA invests $2B in CoreWeave; 5GW AI factory by 2030","excerpt":"엔비디아가 코어위브에 $20억 투자, 미판매 클라우드 용량 매입 약정(순환).","excerpt_en":"NVIDIA invests $2B in CoreWeave and agrees to buy unsold capacity (circular)."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-09-16","url":"https://zdnet.co.kr/view/?no=20250916175927","title":"엔비디아 덕에 잘 나가는 코어위브, 상장 때보다 3배 폭등","title_en":"NVIDIA-fueled CoreWeave triples since IPO","excerpt":"엔비디아가 코어위브에 $20억 투자, 미판매 클라우드 용량 매입 약정(순환).","excerpt_en":"NVIDIA invests $2B in CoreWeave and agrees to buy unsold capacity (circular)."},{"stance":"confirms","publisher":"Mostly Metrics","publisher_en":"Mostly Metrics","kind":"research","lang":"en","published_at":"2025-03-09","url":"https://www.mostlymetrics.com/p/coreweave-ipo-s1-breakdown","title":"CoreWeave IPO S1 분석","title_en":"CoreWeave IPO: S1 Breakdown","excerpt":"엔비디아에서 GPU를 사서 마진 붙여 임대.","excerpt_en":"CoreWeave buys GPUs from NVIDIA and rents them out at a markup."}]},{"direction":"investor","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아가 코어위브에 $20억 투자.","note_en":"NVIDIA invests $2B in CoreWeave.","sources":[{"stance":"confirms","publisher":"와우테일","publisher_en":"Wowtale","kind":"news","lang":"ko","published_at":"2026-01-27","url":"https://wowtale.net/2026/01/27/253840/","title":"엔비디아, 코어위브에 $20억 투자…2030년까지 5GW AI 팩토리","title_en":"NVIDIA invests $2B in CoreWeave; 5GW AI factory by 2030","excerpt":"엔비디아가 코어위브에 $20억 투자.","excerpt_en":"NVIDIA invests $2B in CoreWeave."},{"stance":"confirms","publisher":"Mostly Metrics","publisher_en":"Mostly Metrics","kind":"research","lang":"en","published_at":"2025-03-09","url":"https://www.mostlymetrics.com/p/coreweave-ipo-s1-breakdown","title":"CoreWeave IPO S1 분석","title_en":"CoreWeave IPO: S1 Breakdown","excerpt":"엔비디아가 CoreWeave 지분 약 1% 보유.","excerpt_en":"NVIDIA owns about 1% of CoreWeave."}]},{"direction":"cost","counterparty":"Core Scientific","counterparty_slug":"core-scientific","confidence":"high","metric":null,"note":"GPU를 코어사이언티픽 590MW 인프라에 호스팅. CoreWeave의 약 $90억(주식교환) 코어사이언티픽 인수는 2025-10-30 CS 주주 부결로 무산돼, 양사는 인수 없이 호스팅 공급 관계를 유지한다.","note_en":"Hosts GPUs in Core Scientific 590MW infrastructure. CoreWeave's ~$9B all-stock acquisition of Core Scientific was terminated on 2025-10-30 after CS shareholders rejected it, so the two maintain a hosting-supply relationship without a merger.","sources":[{"stance":"confirms","publisher":"Core Scientific IR","publisher_en":"Core Scientific IR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://investors.corescientific.com/news-events/press-releases/detail/124/core-scientific-announces-termination-of-merger-agreement-with-coreweave","title":"Core Scientific, CoreWeave 합병계약 종료 발표(주주 부결)","title_en":"Core Scientific Announces Termination of Merger Agreement with CoreWeave","excerpt":"2025-10-30 CS 주주총회에서 CoreWeave 합병안 부결(찬성 2,075만·반대 2억345만), 합병계약 즉시 종료. 호스팅 관계는 유지.","excerpt_en":"On 2025-10-30 CS shareholders rejected the CoreWeave merger (20.75M for vs 203.45M against); the agreement terminated immediately. The hosting relationship continues."},{"stance":"confirms","publisher":"Forbes","publisher_en":"Forbes","kind":"news","lang":"en","published_at":"2025-09-22","url":"https://www.forbes.com/sites/rashishrivastava/2025/09/22/coreweaves-29-billion-bet-that-its-debt-fueled-ai-boom-wont-go-bust/","title":"부채로 쌓은 CoreWeave의 290억 달러 베팅","title_en":"CoreWeave's Debt-Fueled AI Boom Bet","excerpt":"데이터센터 Core Scientific 90억 달러 인수(약 1.5GW 전력).","excerpt_en":"Planned $9B acquisition of data-center owner Core Scientific (~1.5GW power)."},{"stance":"confirms","publisher":"Core Scientific","publisher_en":"Core Scientific","kind":"filing","lang":"en","published_at":"2025-06-01","url":"https://investors.corescientific.com/news-events/press-releases/detail/74/core-scientific-to-provide-approximately-200-mw-of-infrastructure-to-host-coreweaves-high-performance-computing-services-capturing-significant-ai-compute-opportunity","title":"CoreScientific, 코어위브 HPC 인프라 제공","title_en":"Core Scientific to provide CoreWeave HPC infrastructure","excerpt":"GPU를 코어사이언티픽 590MW 인프라에 호스팅.","excerpt_en":"Hosts GPUs in Core Scientific 590MW infrastructure."}]},{"direction":"cost","counterparty":"Vertiv","counterparty_slug":"vertiv","confidence":"high","metric":null,"note":"데이터센터 전력·냉각을 Vertiv에서 조달.","note_en":"Sources datacenter power/cooling from Vertiv.","sources":[{"stance":"confirms","publisher":"Vertiv","publisher_en":"Vertiv","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.vertiv.com/en-us/about/news-and-insights/articles/blog-posts/how-vertiv-and-coreweave-are-orchestrating-ai-innovation/","title":"Vertiv·CoreWeave AI 데이터센터 협력","title_en":"Vertiv and CoreWeave orchestrating AI innovation","excerpt":"데이터센터 전력·냉각을 Vertiv에서 조달.","excerpt_en":"Sources datacenter power/cooling from Vertiv."}]},{"direction":"investor","counterparty":"Blackstone","counterparty_slug":"blackstone","confidence":"mid","metric":{"type":"amount","unit":"USD10억","as_of":"2024-05-17","basis":"코어위브 부채금융(블랙스톤 주도)","value":7.5,"period":"2024-05","basis_en":"CoreWeave debt financing led by Blackstone"},"note":"코어위브가 2024년 5월 블랙스톤 주도의 75억 달러 부채금융을 확보했다. 블랙스톤이 최대 자금 공급자로, 코어위브의 엔비디아 GPU를 담보로 데이터센터 확장을 뒷받침했다.","note_en":"CoreWeave secured a $7.5 billion debt financing led by Blackstone in May 2024. Blackstone was the lead capital provider, backing CoreWeave's data center expansion against its NVIDIA GPUs as collateral.","sources":[{"stance":"confirms","publisher":"블랙스톤","publisher_en":"Blackstone","kind":"ir","lang":"en","published_at":"2024-05-17","url":"https://www.blackstone.com/news/press/coreweave-secures-7-5-billion-debt-financing-facility-led-by-blackstone-and-magnetar/","title":"CoreWeave Secures $7.5 Billion Debt Financing Facility led by Blackstone and Magnetar","title_en":"CoreWeave Secures $7.5 Billion Debt Financing Facility led by Blackstone and Magnetar","excerpt":"코어위브가 블랙스톤 주도의 75억 달러 부채금융 계약을 체결했다.","excerpt_en":"CoreWeave signed a $7.5 billion debt financing facility led by Blackstone."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트에 GPU 클라우드 컴퓨트 임대.","note_en":"Rents GPU-cloud compute to microsoft.","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-09-16","url":"https://zdnet.co.kr/view/?no=20250916175927","title":"엔비디아 덕에 잘 나가는 코어위브, 상장 때보다 3배 폭등","title_en":"NVIDIA-fueled CoreWeave triples since IPO","excerpt":"MS가 코어위브 GPU 클라우드 임차.","excerpt_en":"Microsoft rents CoreWeave GPU cloud."},{"stance":"confirms","publisher":"Mostly Metrics","publisher_en":"Mostly Metrics","kind":"research","lang":"en","published_at":"2025-03-09","url":"https://www.mostlymetrics.com/p/coreweave-ipo-s1-breakdown","title":"CoreWeave IPO S1 분석","title_en":"CoreWeave IPO: S1 Breakdown","excerpt":"2024년 매출의 62%가 마이크로소프트 단일 고객.","excerpt_en":"Microsoft accounted for 62% of CoreWeave's 2024 revenue."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타 플랫폼스에 GPU 클라우드 컴퓨트 임대.","note_en":"Rents GPU-cloud compute to meta.","sources":[{"stance":"confirms","publisher":"MarketWise","publisher_en":"MarketWise","kind":"research","lang":"en","published_at":"2025-12-09","url":"https://marketwise.com/investing/coreweaves-55-billion-backlog-marks-the-next-phase-of-the-neocloud-boom/","title":"CoreWeave 556억 달러 백로그와 네오클라우드 붐","title_en":"CoreWeave's $55.6B Backlog Marks the Next Phase of the Neocloud Boom","excerpt":"메타와 142억 달러 AI 클라우드 인프라 공급 계약.","excerpt_en":"Secured a $14.2B agreement with Meta to supply AI cloud infrastructure."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-09-16","url":"https://zdnet.co.kr/view/?no=20250916175927","title":"엔비디아 덕에 잘 나가는 코어위브, 상장 때보다 3배 폭등","title_en":"NVIDIA-fueled CoreWeave triples since IPO","excerpt":"메타가 코어위브와 대형 컴퓨트 계약.","excerpt_en":"Meta signed a large CoreWeave compute deal."}]},{"direction":"revenue","counterparty":"Anthropic","counterparty_slug":"anthropic","confidence":"mid","metric":null,"note":"Anthropic에 GPU 클라우드 컴퓨트 임대.","note_en":"Rents GPU-cloud compute to anthropic.","sources":[{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-09-16","url":"https://zdnet.co.kr/view/?no=20250916175927","title":"엔비디아 덕에 잘 나가는 코어위브, 상장 때보다 3배 폭등","title_en":"NVIDIA-fueled CoreWeave triples since IPO","excerpt":"Anthropic이 코어위브와 다년 컴퓨트 계약.","excerpt_en":"Anthropic has a multi-year CoreWeave compute deal."}]},{"direction":"cost","counterparty":"Super Micro","counterparty_slug":"super-micro","confidence":"mid","metric":null,"note":"코어위브에 AI 서버 공급.","note_en":"AI servers to CoreWeave.","sources":[{"stance":"confirms","publisher":"와우테일","publisher_en":"Wowtale","kind":"news","lang":"ko","published_at":"2026-01-27","url":"https://wowtale.net/2026/01/27/253840/","title":"엔비디아, 코어위브에 $20억 투자…2030년까지 5GW AI 팩토리","title_en":"NVIDIA invests $2B in CoreWeave; 5GW AI factory by 2030","excerpt":"코어위브에 AI 서버 공급.","excerpt_en":"AI servers to CoreWeave."}]},{"direction":"cost","counterparty":"데이터센터·전력 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"데이터센터 임대·전력·구축 비용(비공개).","note_en":"Datacenter lease, power and buildout costs.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CRWV&type=10-K","title":"CoreWeave 연차보고서(10-K, SEC)","title_en":"CoreWeave annual report (10-K, SEC)","excerpt":"32개 데이터센터 구축·전력에 대규모 자본 투입.","excerpt_en":"Heavy capital into 32 datacenters, buildout and power."}]}]}