Analysis released December 22, 2025, highlighted CoreWeave’s strong revenue growth. The company boasts a substantial backlog, totaling approximately $56 billion as of September 30.
Despite this momentum, analysts raised significant concerns regarding CoreWeave’s financial structure. The business remains cash flow negative, and its debt is reportedly three times its equity base. This high debt-to-equity ratio increases financial risk and suggests a higher likelihood of future capital raises.
Compounding these issues is a considerable customer concentration risk. In 2024, just two customers accounted for 77% of CoreWeave’s total revenue.