CoreWeave, and please correct me at any point if I get it wrong, CoreWeave creates and manages data centers, sells their computing capacity to tech companies. In my view, if there's a company at the center of the AI boom, it's you. Nvidia owns a 7% stake. That's another company considered to be at the center of the AI boom. You don't own the facilities. You're trying to rapidly diversify your customer base. You have billions in short-term debt and billions more in long-term debt. It is a high-wire act. I do not envy you, sir. And looking at your stock price since your March IPO, it has been seesawing. To my eyes, I'm seeing the push-pull of these guys are the future and these guys are going to be out of business. It feels like everybody is fighting over that. Do you feel misunderstood?
I think we got to go through that introduction of a few things. So look, CoreWeave delivers intelligence to consumers of compute that require that product to build the most cutting-edge artificial intelligence, or more broadly, that require parallelized computing. We do that by building a beautiful software solution to allow for the most performant configuration of GPUs to the market. That is a function of a software layer that we have created that is singular. It is the best solution in the world for providing access to compute for those consumers. We are well known for that.
And that's your focus. You're not for everybody. You're for this higher-end computing.
We are for when we started the company, we started with a blank sheet of paper and said, how do you purpose-build a software stack? How do you purpose-build a company to be able to deliver the best product for consuming compute that is occurring in a parallelized fashion? That is what the company does. We do build our own data centers. We also collocate our compute within third-party data centers. We are one of the largest resources for this type of computational power for the supercomputers that are able to do this in the world. Right. So you know, I really think that we're not a company that rents GPUs. We're a company that provides a really wonderful solution. And you can see us as moving up the software stack, making a more robust environment with acquisitions like Weights and Biases and Openpipe. Those are acquisitions, but in addition to that, there's this incredible organic buildout of the software that we provide. So that's the way I think of us, and I think it's a more accurate representation.
I'm probably do it more often than you do.
Indeed, you do. I believe it's part of the job, and I will therefore come back to it.
In the run-up to the IPO, you obviously had to go on your road show. You've been out in the market since. I'll ask you again: do you feel misunderstood? Does everybody else understand what you just said?
So look, we're building a company that is challenging one of the most stable businesses that has existed, right? The cloud business has had these three massive players. And then you go through this kind of changeover of fundamental technology. You go from sequential computing to parallelized computing. You have the advent of artificial intelligence. All of these things kind of occur at the same time. The GPU makes these massive strides forward so that you can engage in computational power an order of magnitude that the world had never even contemplated before. And all that kind of comes together just as CoreWeave rolls out its business. So do I feel misunderstood? I feel like it's incumbent upon CoreWeave to introduce a new business model on how the cloud is going to be built and run into the future, and that's what we're doing. When you talk about our stock seesawing, I think people are myopic a lot of times. Yes, it is seesawing. We came out into one of the most challenging environments right around Liberation Day. And in spite of the incredible headwinds, we were able to launch a successful IPO. The IPO price was 40. The stock is trading at 90. So yeah, it's been incredibly successful, and I think more people are beginning to understand it. But when you introduce a new model, when you introduce a new way of doing business, when you disrupt what has been a static environment, it's going to take some people some time. I have said that when I look back in history of the company, it took us a year with an investor like Fidelity. We had to introduce what we were going to do. We had to explain it. We had to come back and answer questions. It took us a full year before they were like, 'Oh, I get it.' And so, look, we've been public for eight months. I couldn't be prouder of what the company has accomplished. I feel like we are leading the innovation within the software stack in terms of providing the environment within which so much of the real cutting-edge artificial intelligence is occurring. We have been innovative around the physical components of building this infrastructure. We're the first ones out there looking to repurpose power, whether from crypto or other use cases, to access and build really large-scale infrastructure so that these supercomputing clusters can be built. And we are the leading innovator around how you go about financing this infrastructure, whether from the IPO to even yesterday when we did a $2 billion convertible note that was upsized to $2.25 billion. It was 5x oversubscribed. It really gives you insight into how many people from different sides of the balance sheet, both the equity side and the debt side, are interested in joining the journey of CoreWeave and participating in the cap stack in different ways. I just think that represents CoreWeave once again tapping into new, deeper, more liquid portions of the cap stack to be able to finance and continue to grow this business that is in such tremendous demand.
Thank you for that. By the way, I want to ask you another question, but we do have a question down here. So I'll come to you next if you don't mind. Let's talk about your customers. Everything that you've just articulated is classic AI. Everything's moving very quickly. Everything's changing very quickly. The speed of change is extraordinary. What are you seeing in terms of what your customers are asking of you?
So eight months is an eternity in AI. Yeah, I do feel old. So let's start with the customers. When we came out to the IPO, one of the knocks on us was that we were incredibly dependent upon Microsoft for 85% of our revenue. At IPO, it was a stated goal for our company to drive diversification within our client base. And now none of our customers represent in excess of 30% of our backlog. So when you say what are our customers looking for, it depends. There are certain givens. What are they looking for? The most highly performant infrastructure. What are they looking for? They're looking for incredible speed of the most cutting-edge technology to market so that they can gain a relative advantage over the companies they're competing with, so that they can deliver infrastructure to the clients that are demanding access to the compute so that they can run artificial intelligence within their ecosystem, so that they can monetize the investment around artificial intelligence that they've been engaged in for years. But there are also new clients that are emerging that are looking to structure deals in creative ways so that they can have an opportunity to launch a new business, a business that didn't exist in an environment where it's incredibly difficult for new companies to access compute at the size and scale that will allow them to release product so that they can compete in a world that's dominated by these foundation models that are so massive and have access to such amazing capital. And we've been really thoughtful around how you help that ecosystem continue to grow and be resilient and scale, and we think that's really important.
Yeah, understood. All right, let's go right here. Wait for the mic if you don't mind. Good to see you, your name and who you're with for everyone.
