CoreWeave's top-3 customers now 72% of revenue, down from Microsoft alone at 71% a year ago

AccBalanced · x · 2026-08-17

Analysis arguing neocloud customer concentration signals the capex cycle is still early:

• A year ago Microsoft was 71% of CoreWeave revenue; this quarter the top 3 customers were 36%, 26%, and 10%.
• Demand is broadening beyond frontier labs into software, industry (Caterpillar on Vera Rubin for physical AI), life sciences (Isomorphic Labs), financial services (Flow Traders, IMC), and public sector (Leidos).
• The Caterpillar deal is an underappreciated note from the earnings call: physical AI was only 1% of Q1 revenue backlog and wasn't disclosed this quarter, but with the world's largest construction company signed, growth is clearly coming.
• Current scale: 0.47GW.

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