THE MINING POD: How CoreWeave's Neocloud Business Model Works

CoinDesk Podcast Network

A look inside CoreWeave’s neocloud business model, and how the company went from an ETH miner to a $75 billion business.

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Welcome back to The Mining Pod! Today, Colin and Will break down CoreWeave's meteoric rise to a $75+ billion valuation and why Bitcoin miners like Core Scientific, Galaxy Digital, and Applied Digital are all racing to partner with AI cloud providers. We explore CoreWeave’s neocloud business model, GPU economics vs bitcoin mining profitability, and what this means for the future of the mining industry.

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**Notes:**

• CoreWeave valued at $75B+ (12x revenue multiple)

• 72% of Q1 revenue came from Microsoft/OpenAI

• CoreWeave manages 250,000+ GPUs globally

• $15B+ in contracted revenue secured

Timestamps:

00:00 Start

04:05 Coreweave overview

07:40 Neocloud

10:28 Other Neocloud providers

12:49 Oracle, OpenAI & Stargate

16:20 Crusoe

17:58 Hyperscaler street cred

21:08 Energy pipeline

26:53 Revenue

32:51 Capex vs revenue

38:03 GPU lifespan

41:58 Bull vs Bear

49:00 Partner concentration

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