Nvidia-backed stock sends a quiet shockwave through the AI world originally appeared on TheStreet.
CoreWeave (CRWV) is the Nvidia (NVDA) -backed AI stock that’s been one of the biggest winners on Wall Street this year.
What started as a crypto side hustle was the best-performing AI tech IPO of 2025, up four times since its March debut.
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Moreover, its power-packed alliance with Nvidia means it gets access to the hottest GPUs first, a key differentiator as everyone scrambles for AI computing.
Now, with July 3’s headline-grabbing move in the books, this Nvidia-backed AI stock is showing just how it plans to scale up while shaking up the cloud hierarchy in the process.
Starting as a crypto mining outfit, CoreWeave is now one of the buzziest names in the AI gold rush.
Launched in 2017 as Atlantic Crypto, the New Jersey business rode the incredible Ethereum wave before pulling back sharply a couple of years later.
It then rebranded and leaned hard into building out GPU-packed data centers, right when the generative AI boom was catching fire.
Fast-forward to today: CoreWeave runs dozens of tailor-made data centers across the U.S. and Europe, offering plug-and-play access to Nvidia’s hottest GPUs.
The big-ticket customers can sidestep the need to build in-house hardware fortresses by renting CoreWeave’s racks for their model training and inference needs.
Related: Google’s quiet AI win spells trouble for Amazon
Corweave’s big competitive edge is its tight partnership with Nvidia, which owns roughly 5% of CoreWeave, funneling its cutting-edge GPUs to the upstart first.
No wonder Mr.Market has noticed.
CoreWeave’s IPO in March has been 2025’s biggest tech story, pricing at $40 per share and raising about $1.5 billion. Since then, its stock has skyrocketed over 270%, peaking above $166 in June.
Behind that surge is serious financial traction.
In the first quarter, CoreWeave brought in $981.6 million in sales, comfortably beating Wall Street’s $852.9 million estimate.
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It’s sitting on a massive $25.9 billion revenue backlog, expecting to post full-year sales of $4.9 billion to $5.1 billion, beating analyst calls near $4.6 billion.
Specifically, its massive five-year, $11.9 billion contract with OpenAI (plus an extension) and its new role supporting Google Cloud’s compute push have caught the tech world’s attention.