CoreWeave's top three customers drive 70% of revenue, Vellante says

TheCUBE Pod's discussion of CoreWeave comes ahead of the company's Fully Connected event, and theCUBE's analysts framed it as a promising but tenuous position: CoreWeave drew attention when it completed the industry's first bring-up and validation of Nvidia's Vera Rubin NVL72 system, yet questions remain over whether its financing is sustainable.

On the podcast, Vellante contrasted CoreWeave's big customers with mainstream enterprises, noting that Dell is getting a massive return on its best AI investments while mainstream enterprises are not: he said CoreWeave's top three customers, which he believes are OpenAI, Microsoft and Meta, will spend like crazy with CoreWeave, but asked whether the end customer can monetize. Vellante also noted that while the market has typically been deflationary, right now it is inflationary, meaning CoreWeave is currently being kept afloat by the scarcity of GPUs.

Furrier took a different, more optimistic view, calling neoclouds a new infrastructure layer that will become AI clouds tomorrow. On the podcast's broader theme of agents and security, Vellante argued that security can no longer be a layer but has to be orthogonal, and that attackers will always have an advantage because they only have to be right once. For CoreWeave, the outcome appears to hinge on whether it can diversify beyond a handful of deep-pocketed customers. For enterprise IT teams weighing it as a provider, the disclosed customer concentration and the debate over sustainable financing are likely the practical test.