CoreWeave vs NVIDIA: Revenue, Profit and Business Model
CoreWeave reported $5.1B of revenue in FY2025 and a net loss of $1.2B. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B of net income.
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.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
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 |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | 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.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
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.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about CoreWeave vs NVIDIA
Which company has higher revenue — CoreWeave, Inc. or NVIDIA Corporation?
CoreWeave, Inc. reported $5.1B (FY2025), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with CoreWeave, Inc. reporting 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 NVIDIA Corporation?
CoreWeave, Inc.'s market capitalisation stands at $44.0B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to CoreWeave, Inc..
Which is more financially efficient — CoreWeave, Inc. or NVIDIA Corporation?
CoreWeave, Inc. generates $2.34M / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do CoreWeave, Inc. and NVIDIA Corporation make money?
CoreWeave, Inc. and NVIDIA Corporation generate revenue in fundamentally different ways. CoreWeave, Inc.: CoreWeave makes money by renting GPU compute, plus storage, networking and software, to AI developers. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — CoreWeave, Inc. or NVIDIA Corporation?
On a price-to-sales (P/S) basis, CoreWeave, Inc. trades at 8.6x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to CoreWeave, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is CoreWeave, Inc. bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to CoreWeave, Inc. ($5.1B (FY2025)). 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 NVIDIA overview