CoreWeave’s (CRWV) contracted revenue backlog has grown to a level that exceeds the annual revenue generated by most companies in the S&P 500 ($SPX). The backlog is being supported by a customer base that continues to grow in both size and quality. The latest customer is one of the world’s most technically demanding trading firms, which highlights the company’s ability to attract customers with complex and demanding computing requirements.
On Aug. 20, the company signed a new multi-year agreement with Hudson River Trading, one of the most technically advanced quantitative trading firms. HRT will use CoreWeave’s AI cloud platform for AI trading research and model development. The platform is built on Nvidia’s (NVDA) Vera Rubin platform and Spectrum-X networking, providing the infrastructure HRT needs as it expands its AI and machine learning work.