CoreWeave, the GPU cloud provider that pivoted from Ethereum mining, will join the Nasdaq-100 on 22 June 2026, just 15 months after its IPO at $40 per share. The company reported $2.1 billion in Q1 2026 revenue (up 112% YoY) and a $99.4 billion revenue backlog from clients including Meta, Anthropic, and OpenAI. However, it carries nearly $25 billion in debt and posted a $740 million net loss in Q1. Its three co-founders have sold $2.3 billion in stock since the lockup expired. Index inclusion will force passive funds to buy shares, and the stock has roughly doubled from its IPO price to a ~$54 billion market cap. Key risks include heavy Microsoft revenue concentration (45% in Q1 2026) and exclusive dependence on Nvidia for GPU supply.
Table of contents
From Ethereum rigs to the Nasdaq-100The numbers behind the hypeConcentration risk cuts both waysThe founders have been sellingWhat Nasdaq-100 inclusion means86 Impressions