AI Natives Are Flocking to CoreWeave: What the Enterprise Push Looks Like

Key Highlights

  • CoreWeave added approximately twice as many new reserved instance customers in Q4 2025 as any prior quarter in company history.
  • New customers in Q4 include Cognition, Cursor, Mercado Libre, Midjourney, and Runway.
  • The number of customers committed to spending at least $1 million annually grew by nearly 150% in 2025.
  • Approximately 80% of CoreWeave Cloud customers paying at least $1 million per year have adopted one or more storage products.
  • CoreWeave added hundreds of millions in total contract value from Weights and Biases customers in H2 2025.

 

CoreWeave began as a hyperscaler-dependent Business, with Microsoft accounting for 67% of 2025 Revenue. The Diversification story is now becoming real, with Q4 2025 customer additions representing a meaningful acceleration in the breadth of its customer base.

The Q4 Customer Surge

CoreWeave added approximately twice as many new reserved instance customers in Q4 2025 as in any prior quarter in its history. The names disclosed include Cognition, the AI coding agent startup; Cursor, the developer productivity platform; Mercado Libre, Latin America's largest E-commerce company; Midjourney, the generative image platform; and Runway, the AI video generation company. This cross-section of the AI native ecosystem spans coding assistants, creative tools, and international technology companies beginning to build AI-native infrastructure.

What Reserved Instance Contracts Represent

Reserved instance customers are not on-Demand users. They have made committed, take-or-pay capacity commitments to CoreWeave. Adding twice the historical rate of these customers in a single quarter indicates the AI native segment is transitioning from flexible compute to securing dedicated, long-term infrastructure. For CoreWeave, these contracts represent the same quality of revenue visibility as its hyperscaler relationships.

The $1 Million Club Is Growing Fast

The number of customers committed to spending at least $1 million annually on CoreWeave Cloud grew by nearly 150% during 2025. Management described these as sophisticated multi-product opportunities and the early chapters of enduring platform relationships. Growth in this cohort indicates that CoreWeave's customer base is becoming less dependent on a handful of hyperscale megadeals.

Cross-Selling Is Working

Customer diversification is being accompanied by product depth. Approximately 80% of CoreWeave Cloud customers paying at least $1 million per year have adopted one or more storage products. The Weights and Biases Acquisition, completed in May 2025 for $1.03 billion, has already begun cross-selling into the CoreWeave customer base, with hundreds of millions in total contract value from W&B customers added in H2 2025 alone.

The Enterprise Opportunity Ahead

CEO Intrator highlighted that enterprise customers and smaller AI native companies are using CoreWeave's H100 and A100 infrastructure to serve inference workloads across new use cases. As those products grow in scale, their infrastructure commitments with CoreWeave are expected to grow proportionally. The compounding nature of these relationships is a key element of the long-term bull case for CRWV.

Disclaimer

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