CoreWeave (CRWV) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Demand trends and growth outlook

• Demand for compute capacity is overwhelming, with 2026 broadly sold out and rapid growth across AI labs, hyperscalers, and enterprises.

• Enterprise adoption is scaling quickly, with ARR targets of $17–$19 billion by end of 2026 and over $30 billion by end of 2027.

• Customers are signing longer contracts, now averaging five years, with some up to six years, reflecting strong infrastructure commitment.

• Demand spans both latest and older generation infrastructure, driven by specific workload requirements, especially inference.

Competitive advantages and operational execution

• Platform is purpose-built for parallelizable workloads, enabling high performance and stability at supercompute scale.

• Recognized by third-party consultants and clients for operational excellence, leading to repeat business across AI labs, hyperscalers, and enterprises.

• Proprietary operational infrastructure and close engineering relationships with suppliers and partners drive continued innovation.

• Ability to adapt quickly to paradigm shifts, such as chain-of-thought models and agentic workloads, informs product development.

• Storage product has achieved over $100 million in ARR with an 80% attach rate among large clients.

Strategic partnerships and software initiatives

• Expanded relationship with NVIDIA includes a $2 billion investment and deeper software collaboration.

• CoreWeave software stack is positioned as the best way to run infrastructure, with plans to sell software solutions to entities with specific needs.

• Software sales are seen as a margin-accretive opportunity, expanding beyond hardware offerings.

• Recent acquisitions (Weights & Biases, OpenPipe, Monolith, Merino) support building application layers and peripherals on top of core infrastructure.