CoreWeave’s revenue is primarily from GPU AI cloud compute sold via long-term contracts for model training and inference to AI labs, hyperscalers, and enterprises (direct AI); managed inference APIs and MLOps/software (Weights & Biases integration, Mission Control, Weave) (direct AI); data services - object storage, third-party storage integrations, and high-speed networking/backbone (direct to AI workloads); and vertical solutions like VFX Conductor and AI video (Moon Valley) (direct AI). Given the backlog and product mix, revenue is overwhelmingly AI-native.