CoreWeave Just Hyperscaled Its Business. Meet the Guy Running Its Money Machine

Exclusive: CoreWeave’s new revenue chief, Jon Jones, explains how he’s finally putting the company’s doubters to rest. With fresh wins from Meta and Anthropic, and an analyst upgrade, is he right?

BY MELISSA ANGELL, SENIOR STAFF WRITER @MELISSKAWRITES

When I profiled CoreWeave last year, it was clear that if the controversial AI infrastructure company would survive, it’d do so thanks to not only size and judgment but also speed. (You can read that story—”How CoreWeave Bought and Borrowed Its Way to AI Domination“—here.) Now, that dynamic has only sharpened. 

As last week’s flurry of news has proven, speed continues to be CoreWeave’s defining advantage as it aggressively competes for compute. Anthropic signed a multiyear agreement to use CoreWeave’s infrastructure for its Claude models, shortly after Meta agreed to a $21 billion, six-year deal that runs through 2032. This meant that not only was one of its largest enterprise customers sticking with it and expanding their relationship, but CoreWeave could also attract the leading frontier AI lab to come aboard. And rounding out a pretty spectacular week for CoreWeave since, on Wednesday, the company announced a third expanded agreement with Jane Street, one that clocks in at $6 billion. 

The back-to-back announcements sent CoreWeave’s shares up more than 37% over five days. The momentum prompted Macquarie analyst Paul Golding to upgrade the stock from a “hold” to a “buy” rating, and raise his price target to $125. Shares were trading around $117 at market close Tuesday, up roughly 47% year-to-date, and well ahead of the broader Nasdaq. That’s quite a turnaround from less than two months ago when I wrote “Why CoreWeave Stock Is in Freefall.“

Spate of good news aside, some of the doubts that have plagued CoreWeave from the beginning persist. Can the self-described hyperscaler continue to build out as fast as it needs to amid an environment rife with data center delays? Will it manage to turn a profit? And what about its customer concentration?

To explore these questions vital to CoreWeave’s future, I spoke with CoreWeave chief revenue officer Jon Jones, who joined the company six months ago from Amazon Web Services. 

He’s not only a central leader in CoreWeave’s push to profitability, but he’ll be under pressure to demonstrate that CoreWeave is more than a well‑timed supplier and that its growth story can hold up under scrutiny. 

Can Jones change CoreWeave’s narrative for good? 

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