CoreWeave (CRWV) has a very large customer concentration, and the customer sits on both sides of its competitive map. Microsoft (MSFT) accounted for roughly two-thirds of CoreWeave’s revenue in the latest disclosed periods. CoreWeave also names Microsoft Azure as a competitor. The cloud industry, apparently, has decided the cleanest business relationship is a complicated one.

CoreWeave puts the number in black and white:

"We recognized an aggregate of approximately 67% and 65% of our revenue for the three months ended September 30, 2025 and 2024, from our largest customer, Microsoft."

CoreWeave / SEC filing / May 8, 2026

Microsoft is therefore disclosed as CoreWeave’s largest customer, while also appearing in the list of general-purpose cloud competitors. CoreWeave says several of those competitors are also current customers, making the customer list look less like a neat supply chain and more like a shared office kitchen.

Meta Platforms (META) is also named as a customer in the filings. In September 2025, Meta committed to pay CoreWeave up to approximately $14.2 billion through December 2031 under an existing master services agreement.

CoreWeave describes that commitment this way:

"Similarly, in September 2025, we entered into an order form under an existing master services agreement pursuant to which Meta Platforms, Inc. (“Meta”) has initially committed to pay us up to approximately $14.2 billion through December 2031 and, as a result…"

CoreWeave / SEC filing / November 13, 2025

The filing describes a long-dated customer commitment, not a generic list of prospects. Microsoft and Meta Platforms are the two customer relationships supplied in the disclosures, with Microsoft carrying the quantified historical concentration and Meta carrying the multiyear commitment.

On the infrastructure side, CoreWeave names NVIDIA (NVDA) as a partner. It also describes NVIDIA’s own supply chain, including Taiwan Semiconductor Manufacturing Company (TSM), which CoreWeave identifies as a supplier to NVIDIA for semiconductor fabrication. That is a disclosed chain around the business, not a statement that CoreWeave directly buys wafers from TSM.

CoreWeave’s filing says:

"For example, NVIDIA relies on suppliers such as Taiwan Semiconductor Manufacturing Company for semiconductor fabrication and other manufacturers for compute and networking components."

CoreWeave / SEC filing / May 8, 2026

And on NVIDIA itself:

"For example, in January 2026, we announced that we entered into a collaboration framework with NVIDIA Corporation to expand our long-standing complementary relationship to advance AI adoption at global scale."

CoreWeave / SEC filing / May 8, 2026

The map also includes a lender. CoreWeave disclosed a revolving credit facility entered into with JPMorgan Chase Bank (JPM), acting as administrative agent and collateral agent, alongside the facility’s other parties.

Its named competitors include Amazon (AMZN), through AWS, Microsoft Azure, and Oracle (ORCL). CoreWeave says a number of those competitors are also current customers, with Microsoft the clearest example in the supplied disclosures.

Other filings add a wider ring around CoreWeave. Galaxy Digital (GLXY) calls it a customer and an investee. Applied Digital (APLD) and Core Scientific (CORZ) call it a partner. Bit Digital (BTBT), DigitalOcean (DOCN), Digi Power X (DGXX), and Cerebras Systems (CBRS) call it a competitor. The result is a disclosed network in which CoreWeave is simultaneously a customer, partner, investee, competitor, borrower-side facility participant, and infrastructure operator tied to the biggest names in cloud and AI.

These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.