OpenAI-heavy
single-tenant start
Diversified
quant/HFT anchored
How quant/HFT tenants harden CoreWeave's revenue durability
1
2
3
4
62% OpenAI
new commitments
quant/HFT stickiness
durable revenue
From OpenAI-heavy to quant/HFT-anchored revenue
Commitment sources
OpenAI
~62% of FY24 revenue
Meta · Anthropic
Meta ~$21B multi-year
Jane Street · HRT
JS ~$6B + $1B eq
HRT multi-billion
Enterprises & other
> $25B Q3 commitments
on-prem → cloud hybrid
Vera Rubin NVL72
HGX B200
Spectrum-X Ethernet
Direct Connect
high switching cost
62% of FY24
Meta ~$21B
> $25B Q3
quant/HFT commitments
on-prem ↔ cloud
contracted revenue pool
CoreWeave cloud
OpenAI
~62% of revenue
Meta
Anthropic
JS · HRT
enterprises
tenant mix schematic
OpenAI FY25+ not disclosed
revenue durability
single-point exposure