<SEC-DOCUMENT>0001193125-25-044248.txt : 20250515
<SEC-HEADER>0001193125-25-044248.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250303170444
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-044248
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CoreWeave, Inc.
		CENTRAL INDEX KEY:			0001769628
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				823060021
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		12 COMMERCE STREET
		CITY:			SPRINGFIELD
		STATE:			NJ
		ZIP:			07081
		BUSINESS PHONE:		917-373-3740

	MAIL ADDRESS:	
		STREET 1:		12 COMMERCE STREET
		CITY:			SPRINGFIELD
		STATE:			NJ
		ZIP:			07081

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Atlantic Crypto Corp
		DATE OF NAME CHANGE:	20190304
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;3, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR AND ELECTRONIC TRANSMISSION</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Uwem Bassey </P></TD></TR></TABLE>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">&#8195;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Jeff Kauten </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Brittany Ebbertt </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Kathleen Collins </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>CoreWeave, Inc.</B> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Amendment No.&nbsp;2 to Draft Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-1</FONT></B> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B></B><B>Submitted February&nbsp;11, 2025</B> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B><U>CIK No.&nbsp;0001769628 </U></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are
submitting this letter on behalf of CoreWeave, Inc. (the &#147;<B><I>Company</I></B>&#148;) in response to the comments of the staff (the &#147;<B><I>Staff</I></B>&#148;) of the U.S. Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) contained in the Staff&#146;s letter dated February&nbsp;24, 2025 (the &#147;<B><I>Letter</I></B>&#148;), regarding the Company&#146;s Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (CIK No.&nbsp;0001769628) confidentially submitted by the Company to the Commission on February&nbsp;11, 2025 (the &#147;<B><I>Draft Registration Statement</I></B>&#148;). Concurrently herewith, we are filing a
copy of the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (the &#147;<B><I>Registration Statement</I></B>&#148;). The numbered paragraphs below correspond to the numbered comments in the Letter and the
Staff&#146;s comments are presented in bold italics. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to addressing the comments raised by the Staff in the Letter, the
Company has revised the Registration Statement to update certain other disclosures. Capitalized terms used and not otherwise defined herein have the same meanings as specified in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The Offering, page 15 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="right"><B><I>1.</I></B></TD>
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<TD ALIGN="left" VALIGN="top"><B><I>You state on page 18 that the shares of Class&nbsp;A common stock that will be outstanding after this offering excludes shares issuable upon the vesting and settlement of RSUs for which the service-based vesting
condition was satisfied as of December&nbsp;31, 2024, and for which the performance-based vesting condition will be satisfied in connection with this offering. Please explain the exclusion of such shares considering they will have satisfied both
vesting conditions and, therefore, will be issuable upon this offering, or revise your disclosures as necessary both here and on page 85. </I></B></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">March 3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In response to the Staff&#146;s comment, the Company has revised pages 19 to
20, 89 and 92 of the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to Consolidated Financial Statements </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 2. Revenue </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Remaining Performance Obligations,
page <FONT STYLE="white-space:nowrap">F-26</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="right"><B><I>2.</I></B></TD>
<TD WIDTH="2%" VALIGN="top" STYLE="font-size:8pt">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note from your revised disclosures in response to prior comment 6 that 49% and 50% of the remaining performance obligations as of December&nbsp;31, 2023, and September&nbsp;30, 2024, respectively, will be
recognized over the subsequent <FONT STYLE="white-space:nowrap">36-months</FONT> beyond the initial <FONT STYLE="white-space:nowrap">24-month</FONT> period. To the extent the amount of revenue expected to be recognized in each of the years following
the initial <FONT STYLE="white-space:nowrap">24-month</FONT> period varies significantly, please revise to provide quantitative or qualitative information that would be most appropriate for the remaining durations. Refer to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-13.</FONT></FONT></FONT> </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised page <FONT STYLE="white-space:nowrap">F-25</FONT> of the Registration
Statement to disclose more specific durations over which the Company expects to recognize revenue related to its remaining performance obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>* * * * * * * </I></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">March 3, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should the Staff have additional questions or comments regarding the foregoing, please do not
hesitate to contact me at (415) <FONT STYLE="white-space:nowrap">875-2432,</FONT> or in my absence, Ran <FONT STYLE="white-space:nowrap">Ben-Tzur</FONT> at (650) <FONT STYLE="white-space:nowrap">335-7613.</FONT> </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#8195;&#8195;&#8195;&#8195;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>/s/ Michael Brown</I></P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Michael Brown</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Partner</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FENWICK&nbsp;&amp; WEST LLP</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">cc: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael
Intrator, Chief Executive Officer and President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nitin Agrawal, Chief Financial Officer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kristen McVeety, Esq., General Counsel and Corporate Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CoreWeave, Inc. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Ran <FONT
STYLE="white-space:nowrap">Ben-Tzur,</FONT> Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Jennifer Hitchcock, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Aman Singh, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fenwick&nbsp;&amp; West LLP
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Richard A. Kline, Esq. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Keith L. Halverstam, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Latham&nbsp;&amp;
Watkins LLP </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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