CoreWeave @ RAISE 2025: Building the Next Generation of Cloud in Europe

Strategic Acquisition of Core Scientific

• Announced an all-stock transaction to acquire Core Scientific, with completion targeted within the next six months.
• The deal provides access to 1.3 gigawatts of available power in the U.S., including 850 megawatts already contracted or building.
• CoreWeave aims to eliminate intermediary margins to improve cost competitiveness for data center services.
• This move accelerates capacity deployment for customers, addressing the industry's primary bottleneck in securing large-scale power.

Company Evolution and Market Position

• Founded in 2017 in the crypto sector; pivoted to AI during the "crypto winter" by acquiring cheap assets and building AI clusters (e.g., the Eleuthero/Conjecture 100-inference cluster).
• Revenue grew from $15.8 million in 2022 to nearly $2 billion in 2024, driven by a selective strategy focusing on large training clusters rather than rapid, indiscriminate expansion.
• Launched H100 GPUs to market in March 2023, three to four months after ChatGPT's release, remaining sold out continuously since.
• Maintains a first-to-market advantage by stress-testing and deploying new NVIDIA infrastructure (H200, GB200, and GB300) immediately upon availability.

European Expansion and Sovereignty Strategy

• Expanded European footprint from zero to six data centers within 12 months, exceeding the initial target of three to four, with a seventh planned for launch in approximately 90 days.
• Committed capital deployment of $2.2 billion in Europe and £1 billion in the UK, alongside building a local team of 120.
• Addresses European "sovereignty" debates by prioritizing operational compliance (GDPR) and local management (European/UK staff) over waiting for fully domestic capital or hardware chains, which are currently unavailable.
• Highlights France and Paris (specifically Station F) as leading models for ecosystem building, noting government investment and a robust pipeline of local companies.
• Deepens ties with European AI leaders, having supported Mistral AI's earliest deployments and infrastructure needs in both the U.S. and Europe.

Fundraising, IPO, and Competitive Landscape

• CoreWeave recently completed a successful IPO, leveraging innovative financing structures by collateralizing credit-worthy contracts and video infrastructure to secure debt.
• Leadership advises AI startups to prioritize product differentiation, flawless execution, and speed-to-market, asserting that capital will follow unique value propositions.
• Emphasizes that building a cloud is a "physical exercise" requiring complex coordination of construction, engineering, and operations to connect and manage 100,000+ GPUs flawlessly.
• Predicts market consolidation in the next few years but views talent migration rather than M&A as the primary mechanism for this shift, as employees will move to environments enabling faster progress.
• Maintains a strategic focus on execution and speed, dismissing concerns about competitors in favor of rapid response to customer demand.

Forward-Looking Roadmap

• Immediate launch of GB300 GPUs to the market, with further announcements expected within the next month.
• Continued deployment of Blackwell architecture across European data centers, with plans to integrate "Rubin Next" chips.
• Commitment to rapid scaling: CoreWeave intends to deploy infrastructure immediately upon observing market demand signals.