# Who Are CoreWeave’s Customers? Microsoft, Meta, OpenAI and More > Every CoreWeave customer contract with a disclosed value, term and filing, how the largest customer’s share fell from 67% (Microsoft, 2025) to 36% (an unnamed customer, Q2 2026), and what the numbers do and do not promise. Source: https://www.exent.ai/resources/who-are-coreweaves-customers · Reviewed by David, Senior Analyst, Exent · Published Nov 2, 2026 · Updated Nov 2, 2026 ## Key takeaways - CoreWeave’s largest customer has been Microsoft: about 67% of 2025 revenue (10-K). In Q2 2026 the largest customer, not named, was 36% of revenue and the top three were 72%, so concentration fell but remains high. - Disclosed contracts: Meta up to about $14.2B (Sep 2025) plus about $21B (Mar 2026), OpenAI up to about $22.4B in total, NVIDIA $6.3B of capacity it must buy if unsold, and Jane Street about $6B. - These are commitments “up to” a value over many years, subject to CoreWeave delivering capacity. They are not cash in hand, and they are not fully additive: part of Meta’s $21B came from exercising its earlier option. - Microsoft’s own contract value was never disclosed; its master agreement dates from February 2023. - Peers show the same pattern: Nebius’s Microsoft deal is $17.4B through 2031, and its three largest customers were 24%, 21% and 14% of Q2 2026 revenue. ## Who are CoreWeave’s biggest customers? Microsoft, OpenAI and Meta are CoreWeave’s best-documented customers, with Microsoft the largest by revenue so far. CoreWeave’s 10-K says Microsoft provided about 67% of its 2025 revenue. Its June 2026 10-Q names Microsoft, OpenAI and Jane Street as significant customers but reports concentration only as unnamed “Customer A, B and C”: 36%, 26% and 10% of Q2 2026 revenue. Scope: customers of CoreWeave (CRWV) and, for comparison, of Nebius and IREN, using only SEC filings and company releases. Values are the contract figures the companies disclosed, not estimates from press reports. Excluded: customers named in marketing without any financial term, and private neoclouds. For the business model behind these contracts, start with [what is a neocloud](https://www.exent.ai/resources/what-is-a-neocloud). ## Which CoreWeave contracts have a disclosed value? Seven listed commitments carry a dollar figure; most others are announced without one. Values are as stated by CoreWeave, usually “up to”, and each is subject to CoreWeave delivering the capacity. | Customer | Value as disclosed | Term | Signed | Filing | | --- | --- | --- | --- | --- | | OpenAI | Up to ~$11.9B | Through Oct 2030 | Master agreement, 2025 (prospectus: March; later filings: May 8) | IPO prospectus, Mar 31, 2025 | | OpenAI | $4B expansion | Not disclosed | Q2 2025 | Q2 2025 results, Aug 12, 2025 | | OpenAI | Up to ~$6.5B (total up to ~$22.4B) | Through May 31, 2031 | Sep 23, 2025 | 8-K, Sep 25, 2025 | | Meta | Up to ~$14.2B, option to expand | Through Dec 14, 2031 | Sep 25, 2025 | 8-K, Sep 30, 2025 | | Meta | ~$21B, incl. exercise of the earlier option | Through Dec 20, 2032 | Mar 31, 2026 | 8-K, Apr 9, 2026 | | NVIDIA | $6.3B initial value; buys unsold capacity | Through Apr 13, 2032 | Sep 9, 2025 | 8-K, Sep 15, 2025 | | Jane Street | ~$6B (plus $1B equity investment) | Not disclosed | Apr 2026 | 8-K, Apr 15, 2026 | | Microsoft | Not disclosed | Not disclosed | Master agreement Feb 22, 2023 | 10-K, Mar 2, 2026 | | Anthropic | Not disclosed (“multi-year”) | Not disclosed | Apr 10, 2026 | CoreWeave newsroom | | Poolside | Not disclosed (40,000+ GPUs) | Not disclosed | Oct 15, 2025 | CoreWeave newsroom | IBM, Mistral, Perplexity, Databricks, Cognition and others appear as named customer wins in CoreWeave’s releases without values. The NVIDIA agreement is unusual: NVIDIA, also a CoreWeave supplier and shareholder ($2B invested in January 2026), committed to buy any capacity CoreWeave cannot sell. That supports utilization, and it ties CoreWeave further to one partner. See the [NVDA](https://www.exent.ai/stocks/nvda) page for the supplier’s side. ## How dependent is CoreWeave on Microsoft? The filings no longer say. Microsoft was about 67% of 2025 revenue; in Q2 2026 the largest customer, unnamed, was 36%. Concentration fell; whether Microsoft’s own share fell is not disclosed. The share of the largest customer, from CoreWeave’s filings: - - - - - The 2026 figures are unnamed, and CoreWeave warns that the letters “may represent different customers” from one period to the next, so do not assume Customer A is still Microsoft. What changed is the spread: in Q2 2026 Customer B was 26% and Customer C 10%, so the top three still made up 72%. Why the mix moved is not stated in the filing; deliveries to Meta and OpenAI under the contracts above are a plausible reason (our interpretation). ## How much revenue does each top customer bring in? In Q2 2026, roughly $1.85B of CoreWeave’s $2,575M revenue came from three customers. The arithmetic, using the 10-Q percentages: | Customer (unnamed in the 10-Q) | Share of Q2 2026 revenue | Revenue | Annualized (× 4) | | --- | --- | --- | --- | | Customer A | 36% | $2,575M × 0.36 = $927M | $3.7B | | Customer B | 26% | $2,575M × 0.26 = $670M | $2.7B | | Customer C | 10% | $2,575M × 0.10 = $258M | $1.0B | | Top three | 72% | $1,854M | $7.4B | | Everyone else | 28% | $721M | $2.9B | Interpretation (ours): if one of the top two stopped paying, about a quarter to a third of quarterly revenue would be at stake, while the debt behind the capacity would stay. That is one reason CoreWeave’s delayed-draw loans are backed by specific infrastructure, and why the customer’s own ability to pay matters as much as the contract value. The same concentration check works for any company; see single-stock concentration for the portfolio version. ## How do the contracts relate to the $104 billion backlog? The disclosed contracts are a large part of the backlog but cannot be added up to it. CoreWeave reported revenue backlog of about $104B at June 30, 2026, which includes remaining performance obligations plus other amounts it expects under committed contracts, subject to delivery, and excludes more than $25B signed in early Q3. The disclosed values above total about $70B on paper (22.4 + 14.2 + 21 + 6.3 + 6), but that sum overstates: part of Meta’s $21B is the earlier $14.2B option being exercised, amounts already delivered and recognized as revenue are no longer in backlog, and Microsoft’s contract, the largest source of revenue so far, has no disclosed value at all. How backlog, RPO and ARR differ is in [backlog, RPO and ARR explained](https://www.exent.ai/resources/backlog-rpo-arr-explained). ## Who are Nebius’s and IREN’s customers? The same two hyperscalers anchor the peers: Microsoft and Meta at Nebius, Microsoft at IREN. Disclosed in their filings: | Company | Customer | Value as disclosed | Term | Filing | | --- | --- | --- | --- | --- | | Nebius | Microsoft | ~$17.4B, up to ~$19.4B with extra services | Five years, through 2031 | 6-K, Sep 8, 2025 | | Nebius | Meta | ~$2.9B | Five years | 6-K, Nov 12, 2025 | | Nebius | Meta | Up to ~$27B: $12B dedicated + up to $15B of unsold capacity | Five-year orders from early 2027 | 6-K, Mar 16, 2026 | | IREN | Microsoft | ~$9.7B, 20% prepaid per tranche | Five-year average term, through 2031 | 8-K, Nov 3, 2025 | | IREN | NVIDIA | ~$3.4B | Five years | 10-K, Aug 27, 2026 | | IREN | A frontier AI lab (unnamed) | Not disclosed | Multi-year | 10-K, Aug 27, 2026 | Two details change how much these figures are worth. Meta’s $15B at Nebius is a backstop: Nebius intends to sell that capacity to other customers, and Meta buys only what remains unsold. Nebius’s Microsoft obligations began only once Nebius confirmed it had the financing. Nebius does not name its largest customers by revenue; its three largest were 24%, 21% and 14% of Q2 2026 revenue. Company numbers side by side are in [neocloud stocks compared](https://www.exent.ai/compare/neocloud-stocks-compared), and the stock pages are [CRWV](https://www.exent.ai/stocks/crwv) and [NBIS](https://www.exent.ai/stocks/nbis). ## Who does CoreWeave rent its data centers from? CoreWeave is itself a large tenant of former bitcoin miners, which links their revenue to CoreWeave’s health. Disclosed leases: | Landlord | Capacity | Term | Value as disclosed | Filing | | --- | --- | --- | --- | --- | | Applied Digital (Polaris Forge 1) | 400 MW critical IT | ~15 years | ~$11B anticipated lease revenue | 8-K, Aug 29, 2025 | | Galaxy (Helios) | 526 MW critical IT (800 MW gross) | 15-year base + two 5-year options | $1.2B+ average annual revenue | Q2 2026 results | | Core Scientific | ~590 MW critical IT | 12 years | $10.2B total contracted revenue | 8-K, Feb 26, 2025 | CoreWeave also tried to buy Core Scientific in 2025; Core Scientific’s stockholders did not approve the deal and the merger agreement was terminated on October 30, 2025. ## What happens if a big customer cancels? The contracts are commitments to pay for capacity once delivered, so the larger risks are late delivery and a customer’s own ability to pay, rather than a simple cancellation. The filings describe the commitments as subject to delivery and availability of service; if capacity arrives late, revenue moves later while interest on the debt that built it does not. What to check, in each new filing: - The 10-Q concentration note: did the top customer’s share rise or fall, and how many customers are above 10%? - New 8-K order forms: value, end date, and whether it is new money or an option being exercised. - Backlog vs revenue: backlog growing while delivered revenue lags means more execution risk ahead. - The customer’s side: how the largest customers fund their own commitments (for Microsoft and Meta, see big-tech capex). - Who should not lean on this page: anyone treating “up to” values as revenue. They are ceilings spread over several years. The spending that ultimately pays for these contracts is tracked in [big-tech AI spending in 2026](https://www.exent.ai/resources/big-tech-ai-spending-2026). ## Add market context with Exent Market intel Market intel provides market context, cross-asset analysis, an events calendar and regular written notes. These can inform your review of an existing plan; they do not reliably predict crashes or guarantee better outcomes. 1. An events calendar with earnings dates, so you know when the next 10-Q with customer concentration and backlog arrives. 2. Regular written notes that read cross-asset ratios such as high-beta vs low-volatility stocks and stocks vs bonds, the risk appetite that prices concentrated growth companies. 3. A reading of US market risk (Risk ON, Neutral or Risk OFF) built on four pillars, with an email when the reading changes. Exent is our product: [Exent Market intel](https://www.exent.ai/intel) ## Frequently asked questions ### Who is CoreWeave’s biggest customer? Microsoft, by revenue to date: about 67% of CoreWeave’s 2025 revenue and 62% of 2024 revenue. In Q2 2026 the 10-Q reports the largest customer only as an unnamed Customer A at 36%. ### What percentage of CoreWeave’s revenue comes from Microsoft? About 67% in 2025, according to the 10-K filed Mar 2, 2026. The 2026 quarterly filings do not name customers by percentage; the top three were 36%, 26% and 10% of Q2 2026 revenue. ### How much is the CoreWeave OpenAI deal worth? Up to about $22.4B in total across three agreements: up to $11.9B through October 2030, a $4B expansion and up to $6.5B through May 31, 2031. The values are ceilings subject to delivery. ### How much is the CoreWeave Meta deal worth? Up to about $14.2B through Dec 14, 2031 (signed Sep 2025) and about $21B through Dec 20, 2032 (signed Mar 31, 2026). The second figure includes the exercise of an option from the first, so the two are not fully additive. ### Does Nvidia buy from CoreWeave? Yes. In September 2025 NVIDIA signed an order with an initial value of $6.3B and agreed to buy capacity CoreWeave cannot sell, through Apr 13, 2032. NVIDIA is also a supplier and invested $2B in CoreWeave shares in January 2026. ### Is Anthropic a CoreWeave customer? Yes. CoreWeave announced a multi-year agreement with Anthropic on Apr 10, 2026, with compute coming online later that year. No contract value was disclosed. ### Who are Nebius’s customers? Microsoft (about $17.4B through 2031, up to $19.4B) and Meta (about $2.9B from November 2025 and up to $27B from March 2026, of which $15B is a backstop for unsold capacity), plus many smaller AI companies. Its three largest customers were 24%, 21% and 14% of Q2 2026 revenue. ### Why does Microsoft rent from neoclouds? Microsoft has not stated its reasons in these filings. Commonly cited explanations are speed, since neoclouds can offer powered GPU capacity sooner, and flexibility, since a five-year contract commits less capital than building and owning the data center. ## Sources 1. [NVIDIA and CoreWeave strengthen collaboration to accelerate buildout of AI factories](https://investors.coreweave.com/news/news-details/2026/NVIDIA-and-CoreWeave-Strengthen-Collaboration-to-Accelerate-Buildout-of-AI-Factories/default.aspx) — CoreWeave, 2026-01-26 2. [Form 10-K for the year ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000104/crwv-20251231.htm) — CoreWeave (SEC), 2026-03-02 3. [Form 10-Q for the quarter ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm) — CoreWeave (SEC), 2026-08-12 4. [Form 10-Q for the quarter ended March 31, 2026](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm) — CoreWeave (SEC), 2026-05-08 5. [Prospectus (Form 424B4)](https://www.sec.gov/Archives/edgar/data/1769628/000119312525067651/d899798d424b4.htm) — CoreWeave (SEC), 2025-03-31 6. [Second quarter 2025 results (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1769628/000176962825000039/coreweave2q25earningspress.htm) — CoreWeave (SEC), 2025-08-12 7. [Form 8-K: OpenAI order form](https://www.sec.gov/Archives/edgar/data/1769628/000119312525216497/d17274d8k.htm) — CoreWeave (SEC), 2025-09-25 8. [Third quarter 2025 results (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1769628/000176962825000059/coreweave3q25earningspress.htm) — CoreWeave (SEC), 2025-11-10 9. [Form 8-K: Meta order form](https://www.sec.gov/Archives/edgar/data/1769628/000176962825000050/crwv-20250925.htm) — CoreWeave (SEC), 2025-09-30 10. [Form 8-K: Meta order form (March 2026)](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000154/crwv-20260331.htm) — CoreWeave (SEC), 2026-04-09 11. [Form 8-K: NVIDIA order form](https://www.sec.gov/Archives/edgar/data/1769628/000176962825000047/crwv-20250909.htm) — CoreWeave (SEC), 2025-09-15 12. [NVIDIA investment press release (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000044/ex991pressrelease_final.htm) — CoreWeave (SEC), 2026-01-26 13. [Jane Street agreement press release (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000167/ex991.htm) — CoreWeave (SEC), 2026-04-15 14. [CoreWeave announces multi-year agreement with Anthropic](https://www.coreweave.com/news/coreweave-announces-multi-year-agreement-with-anthropic) — CoreWeave, 2026-04-10 15. [CoreWeave announces partnership with poolside](https://www.coreweave.com/news/coreweave-announces-partnership-with-foundation-model-company-poolside-to-deliver-ai-cloud-services) — CoreWeave, 2025-10-15 16. [CoreWeave Reports Strong Second Quarter 2026 Results (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000362/coreweave2q26earningspress.htm) — CoreWeave (SEC), 2026-08-11 17. [Form 6-K: Microsoft agreement](https://www.sec.gov/Archives/edgar/data/1513845/000110465925088312/tm2525580d1_6k.htm) — Nebius Group (SEC), 2025-09-08 18. [Form 6-K: Meta order (November 2025)](https://www.sec.gov/Archives/edgar/data/1513845/000110465925109803/tm2530882d2_6k.htm) — Nebius Group (SEC), 2025-11-12 19. [Form 6-K: Meta agreement (March 2026)](https://www.sec.gov/Archives/edgar/data/1513845/000110465926027886/tm268879d1_6k.htm) — Nebius Group (SEC), 2026-03-16 20. [Interim financial statements Q2 2026 (Form 6-K, Exhibit 99.2)](https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm) — Nebius Group (SEC), 2026-08-12 21. [Form 8-K: Microsoft contract](https://www.sec.gov/Archives/edgar/data/1878848/000114036125040072/ef20058139_8k.htm) — IREN (SEC), 2025-11-03 22. [Form 10-K for the fiscal year ended June 30, 2026](https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm) — IREN (SEC), 2026-08-27 23. [Applied Digital finalizes additional 150MW lease with CoreWeave (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1144879/000149315225012458/ex99-1.htm) — Applied Digital (SEC), 2025-08-29 24. [Galaxy second quarter 2026 results](https://www.sec.gov/Archives/edgar/data/1859392/000185939226000084/glxy-20260630xpressrelease.htm) — Galaxy Digital (SEC), 2026-08-05 25. [Core Scientific and CoreWeave lease expansion (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1839341/000162828025008312/ex991-coreweavepressrelease.htm) — Core Scientific (SEC), 2025-02-26 26. [Core Scientific terminates merger agreement (Form 8-K, Exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1839341/000114036125039808/ef20057995_ex99-1.htm) — Core Scientific (SEC), 2025-10-30 --- Educational content, not investment advice. Past performance does not guarantee future results.