CoreWeave IPO: A Future Giant or Just WeWork with GPUs?

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CoreWeave IPO: A Future Giant or Just WeWork with GPUs?

CJ Gustafson

Mar 08, 2025

Transcript

This is the CoreWeave IPO breakdown. I studied their S1 filing so you don’t have to.

What we’ll cover:

What CoreWeave does
Their business model
Their financials
Key themes heading into IPO
Investors
Bull, Bear and Base cases for the stock

This is not investment advice.

Discussion about this video

Run the Numbers

Run the Numbers is a twice-weekly podcast about financial metrics and business models, designed for ambitious people operating tech startups. It's a collection of things host CJ Gustafson (CFO at Partstech and writer of Mostly Metrics) has learned and thought about in the trenches as a tech CFO.

This show is meant to serve as a playbook of sorts for the stuff CJ wishes he knew earlier in his career, both from experience and from copying people smarter than himself.

Topics frequently touch upon Startup SaaS Metrics, Annual Budgeting, Financial Forecasting, Headcount, Equity, Dilution, and Fundraising – and how all of these drive business performance and growth.

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