CoreWeave, Inc. Class A Common Stock CRWV

The business

CoreWeave rents accelerated computing. It buys NVIDIA hardware, installs it in data centres it leases or builds, and sells the capacity to artificial-intelligence labs and cloud companies under multi-year contracts. The pitch against the large cloud providers is that it does only this, so it deploys new chip generations faster and configures them specifically for training.

The model is straightforward and brutal: sign a long contract, borrow against it, buy the hardware, deliver. The margin is the spread between what the customer pays and what the debt and depreciation cost.