### @CRWV — Confirmed — from the 10-K
Microsoft was roughly 67% of FY2025 revenue and no other customer exceeded 10%. Look, one at a time: bandwidth doubles, but that concentration sits in the 10-K, not the call — zero mentions. Committed contracts over 98% of revenue, so backlog conversion is the model. Diversification early: OpenAI MSA May '25, Meta named, but still overwhelmingly Microsoft. And Azure is a direct rival. You know the dynamic — largest customer competes with us. Right?
- tier: Confirmed (✓)
- source: CRWV / One customer, about two-thirds of revenue
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-crwv-src-crwv-customer-concentration-conversation
- posted: 2026-07-14T01:56:59.551Z