CoreWeave Is a Time Bomb
wheresyoured.at
wheresyoured.at
Don't have access to the article, but in the S-1 they say:
NVIDIA Master Services Agreement
In April 2023, we entered into a Master Services Agreement (the “Master Services Agreement”) with NVIDIA, a beneficial owner of more than 5% of our outstanding capital stock, pursuant to which we provide NVIDIA with our infrastructure and platform services through fulfillment of order forms submitted to us by NVIDIA. As of December 31, 2024, NVIDIA has paid us an aggregate of approximately $320 million pursuant to the Master Services Agreement and related order forms. Either party may terminate the Master Services Agreement (i) upon 30 days’ written notice to the other party of a breach or (ii) if the other party becomes subject to a bankruptcy petition or other insolvency proceeding, receivership, liquidation or assignment for the benefit of creditors and such proceedings are not dismissed within 90 days.
They say they booked $320 million in 2024 from NVidia. As they also mention that outside of these top 2 customers, no other customer represents >10% of revenues, the only possibility is that this second mysterious customer is indeed NVidia.
Of course it'd be very uncomfortable to admit on your S1 one of your biggest customers just got chased off their payment provider for the kind of content they primarily generate.