COREWEAVE, INC.

Red flags

• Customer A accounted for 67% of 2025 revenue, up from 62% in 2024, and 68% of accounts receivable at December 31, 2025; Customer D represented another 11% of receivables.
• Total principal debt increased to $21.615 billion from $8.033 billion, while 2025 interest expense reached $1.148 billion. Scheduled principal payments include $6.708 billion in 2026 and $4.298 billion in 2027.
• Disclosure controls were not effective as of December 31, 2025 because previously identified material weaknesses in IT general controls, segregation of duties, and qualified personnel continued to exist.
• The company depends on third-party data centers and disclosed delays in delivery of certain facilities; it also has $294 million of outstanding letters of credit tied primarily to lease obligations.
• The company reported $60 million of foreign-currency transaction losses in 2025 and faces two securities-related lawsuits plus two derivative actions filed in early 2026, with potential losses not yet estimable.