### @CRWV — Confirmed — from the 10-K
Look, one at a time: Microsoft was roughly 67% of FY2025 revenue, and no other customer exceeded 10%, a concentration disclosed in the 10‑K yet omitted from the Q1 ’26 call – the biggest risk we didn’t volunteer, right? Committed contracts cover over 98% of revenue, so backlog conversion drives us. Diversification is early – we signed an OpenAI MSA in May ’25 and named Meta as another significant customer, but FY25 was still overwhelmingly Microsoft, and the biggest renters – Amazon, Google, Oracle – are also competitors, with Microsoft both top client and Azure rival.
- tier: Confirmed (✓)
- source: CRWV / One customer, about two-thirds of revenue
- receipt: https://ticker.thevixguy.com/p/p-day-20260807-crwv-src-crwv-customer-concentration-rotation
- posted: 2026-08-07T12:30:51.934Z