In the rapidly evolving artificial intelligence landscape, few companies are positioned as strategically as CoreWeave to capitalize on the massive infrastructure demands driving the AI revolution. With current market capitalization around $66 billion, CoreWeave presents a compelling case for potentially reaching $660 billion in valuation by the mid-2030s—a tenfold return that could transform early investors’ portfolios.
The Foundation for Explosive Growth
CoreWeave’s recent financial performance provides strong evidence of the company’s growth trajectory. Second-quarter fiscal 2025 revenue surged 207% year-over-year to $1.2 billion, while adjusted EBITDA more than tripled to $753 million, representing an impressive 62% margin. These aren’t just growth metrics—they’re indicators of a company hitting its stride in a supply-constrained market where demand far exceeds available capacity.
The company’s $30.1 billion contracted backlog, which doubled from the start of 2025, offers unprecedented revenue visibility. This pipeline includes significant contract expansions with OpenAI and hyperscaler customers, providing a foundation that management expects will drive fiscal 2025 revenue to between $5.15-5.35 billion.
The Path to $660 Billion: Breaking Down the Math
For CoreWeave to achieve a 10x return by 2035, the company needs to execute on several fronts simultaneously. The mathematical pathway becomes clearer when examining growth projections:
If CoreWeave compounds revenue at 35% annually over the next decade, revenue could climb from approximately $5.25 billion in fiscal 2025 to nearly $105 billion by 2035. This projection aligns with Visible Alpha analysts’ expectations of 106% compounded annual growth from 2024 to 2027, though assumes deceleration in later years as the company matures.
Even applying a conservative 9x price-to-sales multiple—less than half the current 18.4x—would imply a market capitalization of $949 billion, well exceeding the $660 billion target for 10x returns.
Strategic Advantages Driving the Bull Case
Vertical Integration as a Competitive Moat
CoreWeave’s vertical integration strategy represents a crucial differentiator in the AI cloud market. By owning data centers and controlling more of the technology stack, the company can scale infrastructure more quickly while reducing capital costs. The proposed Core Scientific acquisition adds 1.3 gigawatts of gross power capacity and eliminates $10 billion in future lease liabilities, generating an estimated $500 million in annual savings by 2027.
The Nvidia Partnership: Risk Mitigation at Scale
Perhaps most significantly, CoreWeave’s $6.3 billion capacity agreement with Nvidia through April 2032 fundamentally alters the company’s risk profile. With Nvidia guaranteeing to purchase any unsold capacity, CoreWeave can pursue aggressive expansion with limited downside risk. This partnership also ensures early access to advanced GPU technologies like the Blackwell portfolio, maintaining CoreWeave’s competitive edge in serving complex AI workloads.
Expanding Customer Base and Stickiness
The acquisition of Weights & Biases brought 1,600 new enterprise clients and enhanced CoreWeave’s Mission Control system with full-stack observability and inference optimization tools. These capabilities don’t just attract customers—they create switching costs that improve retention and recurring revenue predictability.
The Trillion-Dollar Market Opportunity
The global AI infrastructure market’s projected growth to nearly $998 billion by 2035 provides the addressable market necessary to support CoreWeave’s ambitious growth trajectory. In a supply-constrained environment where powered data center shells are the primary bottleneck, companies that can secure and scale capacity hold significant advantages.
CoreWeave’s expansion from 470 megawatts of active power to a target of over 900 megawatts by end-2025 demonstrates the company’s ability to execute on capacity expansion despite industry constraints.
Risk Factors That Could Derail the 10x Vision
Execution Complexity
Scaling data center capacity while managing power and GPU supply chain constraints requires flawless execution. Any significant delays or cost overruns could impact growth projections and investor confidence.
Competitive Pressure
Hyperscaler competition poses ongoing risks, particularly as companies like Amazon, Microsoft, and Google expand their AI infrastructure capabilities. However, CoreWeave’s specialized focus and Nvidia partnership provide some protection against commoditization.
Financial Leverage and Profitability
CoreWeave currently operates at a loss despite strong adjusted EBITDA performance. Managing high debt levels while scaling operations requires careful capital allocation and sustained demand growth.
The Verdict: High Risk, High Reward with Compelling Upside
CoreWeave represents a high-conviction play on AI infrastructure growth, backed by strong fundamentals and strategic partnerships. The company’s $30 billion backlog, Nvidia capacity guarantee, and vertical integration strategy provide multiple paths to sustained growth.
For investors seeking exposure to AI infrastructure growth, CoreWeave offers compelling upside potential. The 10x return scenario isn’t just mathematical speculation—it’s grounded in real market dynamics, strategic positioning, and execution capabilities.
However, this remains a high-risk, high-reward investment suitable for investors who can tolerate volatility in exchange for potential transformative returns. A measured approach—taking a smaller position to capture upside while limiting downside exposure—may be the optimal strategy for most portfolios.
As the AI revolution continues accelerating, CoreWeave stands positioned as one of the few pure-play infrastructure companies capable of scaling with demand. Whether the company achieves 10x returns will depend on execution, but the foundation for extraordinary growth is clearly established.
This analysis is based on public information and forward-looking projections. All investments carry risk, and past performance doesn’t guarantee future results.
