2 Customers Account for 77% of CoreWeave Revenue

Financial analysts typically express concern when any firm’s customer base is too concentrated. Consider that, In 2024, CoreWeave’s top two customers (Microsoft and “Customer C”) accounted for 77 percent of revenue. 

Based on available information, CoreWeave’s largest customers by revenue contribution are primarily Microsoft, with other notable customers including OpenAI, Meta, NVIDIA, IBM, and Cohere. 

Customer	Revenue Contribution (2024)	Importance
Microsoft	62%	Largest customer in 2023 (35%) and 2024. Significant reliance noted in S-1 filing.
Customer C	15%	Unnamed second-largest customer, contributing to 77% of 2024 revenue with Microsoft.
OpenAI	Not specified (future revenue)	Signed a $11.9B five-year contract in March 2025, expected to reduce Microsoft’s share to <50%.
Meta	<10%	Confirmed customer, but no individual revenue share above 10% in 2024.
NVIDIA	Not specified	Customer and investor; $250M order during IPO, but no specific revenue share.
IBM	Not specified	Using CoreWeave for Granite AI training; no specific revenue share.
Cohere	Not specified	AI startup customer; no specific revenue share reported.