Post by Michael Intrator

Today, I'm sharing our first letter to shareholders as a public company. In 2025, we became the fastest cloud platform in history to reach $5 billion in annual revenue, growing 168% year-over-year, and our contracted backlog grew to $66.8 billion. Nine of the top ten model providers now run on CoreWeave Cloud. AI has moved from possibility to prerequisite. But when we started, most people didn't understand what we were building, or why. It turns out, doubt is a powerful motivator. Working from a clean slate, we established a purpose-built AI cloud with an architectural advantage that is both intentional and durable. And we've done it while tying capital deployment directly to long-term contracted demand, creating a new asset class in the process. This letter is a reflection of what our entire team has executed together to earn the trust of the most sophisticated AI builders. Every industry is being reshaped by what comes next: inference, agents, and the systems that will run them at scale. We enter this next chapter proud of what we've built, and grateful for your continued confidence in CoreWeave. Read the full letter here: https://hubs.la/Q04d6mV_0