CoreWeave is expanding beyond cloud rental into inference, agentic AI, and enterprise services through its Weights & Biases integration and Physical AI Field Engineering program.
Its customer base now spans AI labs, hyperscalers, and enterprises like Meta, Caterpillar, and Bentley Systems, backed by a $104 billion revenue backlog.
CoreWeave is rapidly scaling power capacity, now near 4.2 gigawatts contracted, with Nvidia’s backing supporting a build-out of more than 5 gigawatts by 2030.
The last few years have seen a flurry of flashy IPOs, but I’m more interested in the companies building the infrastructure behind the boom. CoreWeave (NASDAQ: CRWV) — which went public in 2025 — is one of them, and I think its AI cloud business could make it an outperformer by 2028. To see why, it helps to start with what the company actually does behind the scenes.
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The way to think about CoreWeave is to look at what happens behind the scenes when a company wants to train or run a massive model. It needs enormous amounts of compute power, networking, and storage. And with demand for cloud compute outpacing supply, companies find it increasingly challenging to secure it.
CoreWeave packages all those resources in a single AI platform. That matters because building AI infrastructure from scratch is expensive and time-consuming, and most companies lack the expertise required. So, instead of waiting years and spending heavily up front to build their own capacity, companies can simply rent access to infrastructure from neoclouds such as CoreWeave.
But the company has been expanding its AI platform well beyond that. In fact, its recent launches cover inference, agentic workloads, and AI development. It’s also expanding its software capabilities through Weights & Biases, which it acquired in 2025. This means the company is trying to expand across AI workflows rather than just renting out compute.
CoreWeave’s launch of Physical AI Field Engineering is another good example. The company is now adding engineers to customer teams to help them translate proprietary data into AI systems, especially in industries such as automotive, aerospace, and manufacturing.
With its recent launches, CoreWeave is making it harder for potential customers to ignore its AI platform, which is already resonating with an expanding roster of clients.
Meta Platforms recently expanded its relationship with CoreWeave through a multiyear AI infrastructure deal. Anthropic also signed an agreement for compute to support Claude’s development. Wall Street market maker Jane Street announced a multibillion-dollar AI cloud agreement, while companies like Caterpillar, Bentley Systems, and Grammarly have also become customers.
This broad mix of clients shows that CoreWeave is serving more customers spanning AI labs, trading firms, and even hyperscalers with demanding compute needs. That diversification is valuable because it reduces the company’s dependence on any single revenue source or industry.
Strong demand is already showing up in the company’s backlog. CoreWeave reported a revenue backlog of $104 billion as of the end of the second quarter. That doesn’t include the $25 billion in additional net customer commitments it added early in the third quarter.
Granted, it won’t be able to turn that backlog into revenue instantly. CoreWeave still has to build the capacity to deliver on those contracts. Still, it does provide strong visibility into its future revenue growth.
The other side of the equation is capacity. CoreWeave expanded active power to roughly 1.5 gigawatts, and it had 3.7 gigawatts of total contracted power as of the end of the second quarter. From there, contracted power climbed further to 4.2 gigawatts by August, which will make it easier for CoreWeave to fulfill its contracts and meet customer demand.
Not only that, the company announced that it deployed a multi-rack Nvidia Vera Rubin NVL72 cluster, consolidating hundreds of GPUs into a single system optimized for intensive AI workloads.
Speaking of Nvidia, the chipmaker invested $2 billion in CoreWeave earlier in 2026, while the two companies expanded their relationship around deploying more AI factories. CoreWeave said the partnership is meant to accelerate the build-out of more than 5 gigawatts of AI infrastructure by 2030.
The question isn’t whether AI demand will keep growing, but which companies will capture the spending from that growth. CoreWeave stands out for providing the infrastructure that companies need to train and run their models.
Heading into 2028, the setup is already strong. CoreWeave is growing its customer base, adding capacity, and pushing into inference and enterprise AI. So, while investors chase flashier new IPOs, 2025 IPO CoreWeave is better positioned to stand out through 2028.
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Rick Orford has positions in Meta Platforms. The Motley Fool has positions in and recommends Caterpillar, Meta Platforms, and Nvidia. The Motley Fool recommends Bentley Systems. The Motley Fool has a disclosure policy.
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