CoreWeave vs Netlify: Revenue, Profit and Business Model
CoreWeave had $5.1B of annual revenue in FY2025 and a net loss of $1.2B. Netlify had $46.3M (unaudited) of annual revenue in FY2024.
Latest financial snapshot
Financial summary
CoreWeave
CoreWeave's revenue was $229 million in 2023, $1.92 billion in 2024 and $5.13 billion in 2025, with a 2025 net loss of about $1.17 billion. Q2 2026 revenue was $2.575 billion versus $1.212 billion a year earlier; adjusted EBITDA was $1.51 billion (59% margin) but GAAP net loss widened to $626 million because of $640 million of net interest expense. The company raised 2026 revenue guidance to $12.4-$13.2 billion and expects an annualized revenue run-rate of $18.5-$19.5 billion by year-end. Total debt was roughly $35.1 billion at June 30, 2026, and market capitalization was about $44 billion in mid-September 2026. CoreWeave is one of the highest-valued AI infrastructure startups in the world, reaching a private market valuation of approximately $19 billion.
Netlify
Netlify is private and does not publish revenue, profit or ARR. The verifiable financial facts are its funding history (about $212 million raised, including a $105 million Series D led by Bessemer Venture Partners in November 2021 at a $2 billion valuation) and company statements such as Europe contributing about 30% of revenue (2022). Third-party revenue estimates vary widely and are not confirmed by the company.
Revenue and profit by year
CoreWeave
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.1B | -$1.2B | -22.7% | +167.9% | Source |
| FY2024 | $1.9B | -$863M | -45.1% | +736.2% | Source |
| FY2023 | $229M | -$594M | -259.4% | — | Source |
Netlify
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 (unaudited) | $46.3M | — | — | — | Source |
| FY2023 (unaudited) | $33M | — | — | — | Source |
| FY2022 run-rate | $24M | — | — | — | Source |
Where the revenue comes from
CoreWeave
- Committed GPU capacity contracts
Majority of revenue
Multi-year take-or-pay contracts for dedicated GPU clusters with AI labs, hyperscalers and enterprises.
- On-demand compute
Not disclosed
Usage-based access to GPU and CPU instances for shorter training, fine-tuning and inference jobs.
- Storage, networking, inference and software
Not disclosed
AI object storage, managed inference (over $100 million ARR as of Q2 2026) and developer tools such as Weights & Biases.
Netlify
- Pro plan
$20 per month
Unlimited seats with a monthly credit allowance. Extra credit packs cost $10 per 1,500 credits.
- Enterprise contracts
Not formally reported
Add SSO, compliance, SLAs and dedicated support.
- Usage credits
Not formally reported
Spent on five meters: bandwidth, compute, web requests, AI inference and production deploys. Netlify dropped per-seat charges in April 2026.
Business model and strategy
CoreWeave
How it makes money
CoreWeave makes money by renting GPU compute, plus storage, networking and software, to AI developers. Most revenue comes from multi-year committed contracts in which a customer reserves a dedicated cluster and pays for it whether or not it is fully used; a smaller share is on-demand usage.
Growth strategy
CoreWeave grows by signing large multi-year contracts first and then financing and building the capacity to serve them. In 2025-2026 it expanded deals with OpenAI (initially about $11.9 billion over five years, later enlarged), Meta (including a $21 billion expansion announced in April 2026) and Anthropic, and broadened its enterprise base with customers such as Caterpillar, Bentley Systems and Databricks.
Competitive advantage
CoreWeave's edge is speed of deployment at scale. It is consistently among the first clouds to bring up new NVIDIA systems (first commercial GB200 NVL72 in early 2025, first GB300 NVL72 in July 2025, and first Vera Rubin NVL72 bring-up in 2026), and its Kubernetes-native platform and Mission Control software are built only for GPU clusters. NVIDIA is also a shareholder, adding a $2 billion investment in January 2026.
Netlify
How it makes money
Netlify makes money from subscriptions and usage on a freemium model. A free plan brings in individual developers and AI-app builders; the Pro plan costs $20 a month with unlimited seats and includes a monthly credit allowance, with extra credit packs at $10 per 1,500 credits; and Enterprise contracts add SSO, compliance, SLAs and dedicated support.
Growth strategy
Netlify is betting that AI agents will turn billions of non-developers into software builders. Its 2025-2026 strategy centers on Agent Runners, AI Gateway, 'Netlify for Agents', a Stripe integration and seat-free pricing, aiming to capture the roughly 40,000 daily sign-ups, most of them new to web development, and convert their usage into credit revenue.
Competitive advantage
Netlify's advantage is a simple path from code or an AI prompt to a live site: connect a repository or agent, and Netlify builds, previews and deploys it globally with no server setup. That workflow, plus framework neutrality and flat $20/month Pro pricing with unlimited seats, has made it a default deploy target for AI builders like Bolt.new.
Questions about CoreWeave vs Netlify
Which company has higher revenue — CoreWeave, Inc. or Netlify?
CoreWeave, Inc. had $5.1B (FY2025), while Netlify had $46.3M (unaudited) (FY2024). By latest annual revenue, CoreWeave, Inc. is the larger business, with Netlify showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of CoreWeave, Inc. vs Netlify?
CoreWeave, Inc. has a market capitalisation of $44.0B. A public market cap figure for Netlify was not available (it may be privately held).
How does revenue per employee compare for CoreWeave, Inc. and Netlify?
CoreWeave, Inc. has $2.34M / employee in revenue per employee, while Netlify has $190k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do CoreWeave, Inc. and Netlify make money?
CoreWeave, Inc. and Netlify generate revenue in fundamentally different ways. CoreWeave, Inc.: CoreWeave makes money by renting GPU compute, plus storage, networking and software, to AI developers. Netlify: Netlify makes money from subscriptions and usage on a freemium model.
Is CoreWeave, Inc. bigger than Netlify?
By last reported revenue, CoreWeave, Inc. ($5.1B (FY2025)) is the larger company compared to Netlify ($46.3M (unaudited) (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the CoreWeave vs Netlify overview