Diversifying, but Still ConcentratedThin moat

CoreWeave is actively working to reduce its dangerous customer concentration, and it has made real progress: where a single customer (Microsoft) once accounted for around 72% of revenue, the top two now represent roughly 65%¹, and the company reports that ten clients are now committed to spending at least $1 billion each on its services. The addition of enormous commitments from OpenAI (up to around $22 billion) and Meta (around $21 billion)², alongside Microsoft and a growing roster of large customers, genuinely broadens the base and reduces the reliance on any single relationship. This diversification is real, important, and moving in the right direction — a more diversified backlog is a more resilient one, and reaching ten billion-dollar clients is a meaningful milestone toward a sturdier business.

But the honest reality is that CoreWeave remains extraordinarily concentrated, and 'diversifying' is a trajectory, not an achieved state. Microsoft alone was still roughly two-thirds of 2025 revenue, and the top two customers dominate the total; a business where two counterparties drive most of the revenue is concentrated by any standard, however much better than a single customer at 72%. By the June 2026 quarter the largest customer was 36% of revenue, from 71% a year earlier, and three customers each passed 10%.³ Moreover, the new large customers introduce their own concentration and their own risks — OpenAI's financial fragility, the hyperscalers' status as competitors — so diversifying among a handful of giant, entangled AI players reduces single-name risk without escaping the fundamental exposure to a small number of enormous, powerful, and in places fragile counterparties. The diversification is genuine and the direction encouraging, and a broader base of billion-dollar clients would materially strengthen the business over time. But an investor should read it as a concentrated business becoming somewhat less so, not as a diversified one — still dependent on a few giant customers whose spending decisions can make or break the company, with the concentration easing but far from resolved.