{
  "url": "https://struct.news/briefs/coreweaves-biggest-customer-is-also-its-cloud-competitor",
  "title": "CoreWeave’s Biggest Customer Is Also Its Cloud Competitor",
  "summary": "CoreWeave’s filings draw a map with Microsoft at the center: its largest customer, a named rival, and part of the infrastructure chain behind the business.",
  "published_at": "2026-08-11T23:51:21.881406+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "CoreWeave, Inc.",
    "ticker": "CRWV",
    "cik": null,
    "sector": "Technology",
    "industry": null
  },
  "source_filing": null,
  "comparison_filing": null,
  "reported_figures": [
    {
      "group": "CoreWeave’s disclosed relationship map",
      "label": "TSM",
      "value": "TSM",
      "display": "TSM",
      "unit": "ticker",
      "period": null,
      "detail": null,
      "source": {
        "kind": "jodie_evidence",
        "label": "Named in SEC filings",
        "as_of": "2026-08-11"
      }
    },
    {
      "group": "CoreWeave’s disclosed relationship map",
      "label": "MSFT",
      "value": "MSFT",
      "display": "MSFT",
      "unit": "ticker",
      "period": null,
      "detail": "67.0% revenue",
      "source": {
        "kind": "jodie_evidence",
        "label": "Named in SEC filings",
        "as_of": "2026-08-11"
      }
    },
    {
      "group": "CoreWeave’s disclosed relationship map",
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      "source": {
        "kind": "jodie_evidence",
        "label": "Named in SEC filings",
        "as_of": "2026-08-11"
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    },
    {
      "group": "CoreWeave’s disclosed relationship map",
      "label": "NVDA",
      "value": "NVDA",
      "display": "NVDA",
      "unit": "ticker",
      "period": null,
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      "source": {
        "kind": "jodie_evidence",
        "label": "Named in SEC filings",
        "as_of": "2026-08-11"
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    },
    {
      "group": "CoreWeave’s disclosed relationship map",
      "label": "JPM",
      "value": "JPM",
      "display": "JPM",
      "unit": "ticker",
      "period": null,
      "detail": null,
      "source": {
        "kind": "jodie_evidence",
        "label": "Named in SEC filings",
        "as_of": "2026-08-11"
      }
    },
    {
      "group": "CoreWeave’s disclosed relationship map",
      "label": "AMZN",
      "value": "AMZN",
      "display": "AMZN",
      "unit": "ticker",
      "period": null,
      "detail": null,
      "source": {
        "kind": "jodie_evidence",
        "label": "Named in SEC filings",
        "as_of": "2026-08-11"
      }
    },
    {
      "group": "CoreWeave’s disclosed relationship map",
      "label": "ORCL",
      "value": "ORCL",
      "display": "ORCL",
      "unit": "ticker",
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        "kind": "jodie_evidence",
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  ],
  "watch_next": [
    {
      "type": "product_pipeline",
      "statement": "Monitor R&D expense changes tied to investments in compute capacity, AI talent, and data supporting product development.",
      "importance": "medium",
      "evidence": "Research and development expenses increased $3.1 billion or 9% driven by continued investments in compute capacity, AI talent, and data to support product development that benefits the entire portfolio, as well as impairment and other related expenses in our XBOX business.",
      "source_date": "2026-07-29"
    },
    {
      "type": "customer_dependency",
      "statement": "Share of total and colocation revenue derived from CoreWeave (filing states colocation revenue is currently derived entirely from a single customer; colocation = 77% of revenue).",
      "importance": "high",
      "evidence": "Our colocation revenue is currently derived entirely from a single customer, CoreWeave, a provider of HPC services.",
      "source_date": "2026-07-28"
    },
    {
      "type": "capital_investment",
      "statement": "Cash used for capital expenditures rose from $21.2B to $55.7B in fiscal 2026, primarily for data center expansion.",
      "importance": "medium",
      "evidence": "Capital Expenditures : Cash used for capital expenditures increased from $21.2 billion in fiscal 2025 to $55.7 billion in fiscal 2026 primarily due to the expansion of our data centers.",
      "source_date": "2026-06-22"
    },
    {
      "type": "product_pipeline",
      "statement": "R&D expense drivers were disclosed with large percentage increases in compute/infrastructure and engineering materials tied to new product introductions.",
      "importance": "medium",
      "evidence": "The increase in research and development expenses for the first quarter of fiscal year 2027 was primarily driven by a 112% increase in compute and infrastructure, a 31% increase in compensation and benefits, including stock-based compensation, reflecting employee growth and compensation increases, and a 204% increase in engineering development materials for new product introductions.",
      "source_date": "2026-05-20"
    }
  ],
  "related_tickers": [
    "AMZN",
    "APLD",
    "BTBT",
    "CORZ",
    "CRWV",
    "GLXY",
    "JPM",
    "META",
    "MSFT",
    "NVDA",
    "ORCL",
    "TSM"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}