{
  "annotation_id": "AIC-CRWV-OPENAI-20250331-NONCASH-EQUITY",
  "checked_on": "2026-09-26",
  "published_on": "2026-09-26",
  "publication_status": "free_public_research_annotation",
  "scope": "One historical issuance, with analytical relationship conventions. No current ownership or whole-network financing estimate.",
  "event": {
    "agreement_date": "2025-03-07",
    "issuance_date": "2025-03-31",
    "issuer": "CoreWeave, Inc.",
    "recipient_named_in_agreement": "OpenAI OpCo, LLC",
    "instrument": "Class A common shares issued in satisfaction of the linked services agreement",
    "shares_issued": 8750000,
    "ipo_reference_price_usd": 40,
    "issuance_value_at_ipo_reference_price_usd": 350000000,
    "cash_proceeds_to_issuer_from_this_issuance_usd": 0,
    "cash_zero_basis": "Explicit issuer disclosure; not a missing-data default.",
    "current_shareholding": null,
    "all_cash_received_under_the_commercial_relationship": null,
    "earliest_public_disclosure_date": null
  },
  "graph_views": [
    {"kind": "share_delivery_at_issuance", "from": "CoreWeave, Inc.", "to": "OpenAI OpCo, LLC", "amount_kind": "noncash_equity_reference_value", "amount_usd": 350000000, "positive_cash_flow_edge": false},
    {"kind": "shareholder_relationship_created_at_issuance", "from": "OpenAI OpCo, LLC", "to": "CoreWeave, Inc.", "amount_kind": "not_a_cash_flow", "amount_usd": null, "positive_cash_flow_edge": false},
    {"kind": "cash_proceeds_to_issuer_from_share_issuance", "from": "OpenAI OpCo, LLC", "to": "CoreWeave, Inc.", "amount_kind": "explicitly_zero_proceeds", "amount_usd": 0, "positive_cash_flow_edge": false}
  ],
  "sources": [
    {"id": "stock-agreement", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000119312525052207/d899798dex1025.htm", "filing_index_url": "https://www.sec.gov/Archives/edgar/data/1769628/0001193125-25-052207-index.htm", "filing_date": "2025-03-12", "accepted_as_displayed": "2025-03-12 06:18:34", "locator": "Recitals and Section 1.1", "supports": ["issuer", "recipient", "agreement_date", "reference_value", "link_to_services_agreement"]},
    {"id": "q1-2025-10q", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/crwv-20250331.htm", "filing_index_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/0001769628-25-000014-index.htm", "filing_date": "2025-05-15", "accepted_as_displayed": "2025-05-14 20:01:57", "report_period_end": "2025-03-31", "locator": "Part II Item 2, p.94; cash-flow noncash supplement, p.11; IPO price in Use of IPO Proceeds", "supports": ["issuance_date", "shares_issued", "ipo_reference_price", "zero_issuance_proceeds", "noncash_classification"]}
  ],
  "method": {
    "preserve_original_source_categories": true,
    "annotation_is_separate_from_any_external_map": true,
    "accepted_timestamp_timezone_inferred": false,
    "filing_dates_are_not_certified_earliest_disclosure_dates": true,
    "zero_is_scoped_to_this_issuance_only": true
  }
}