### @CRWV — Confirmed — from the 10-K
Look, one at a time: Microsoft at 67% of FY25 revenue, nobody else past 10%. That concentration lives in the 10-K — zero mentions on the Q1 call. You know the dynamic: biggest customer, direct rival through Azure. Committed contracts over 98% of revenue, so conversion is the model. Diversification early — OpenAI MSA, Meta named — but still overwhelmingly Microsoft. We build contracts to incorporate the cost. Right?
- tier: Confirmed (✓)
- source: CRWV / One customer, about two-thirds of revenue
- receipt: https://ticker.thevixguy.com/p/p-day-20260728-crwv-src-crwv-customer-concentration-rotation
- posted: 2026-07-28T22:04:28.970Z