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NEW YORK - CoreWeave, Inc. (Nasdaq:CRWV) announced Thursday the launch of its Zero Egress Migration (0EM) program, allowing customers to move large datasets from third-party cloud providers to CoreWeave's platform without egress fees. The AI infrastructure company, currently valued at over $44 billion, has seen its stock drop more than 20% in the past week despite strong growth projections.
The company said it will cover egress fees from other cloud networks for initial migrations and provide a fully managed service for secure, validated data transfers. The program is compatible with major providers including AWS, Azure, Google Cloud, IBM, and Alibaba. This strategic move comes as InvestingPro data shows CoreWeave is forecasting 166% revenue growth for fiscal year 2025, though analysts have noted the company is quickly burning through cash.
According to the press release, customers can retain active accounts with third-party providers during and after migration without exit penalties from CoreWeave. The company also offers a dashboard for monitoring migration progress in real-time.
"Today's industry standard for data storage is not designed for the era of AI, where massive datasets need to move fast and freely within and between clouds," said Peter Salanki, Co-Founder and Chief Technology Officer of CoreWeave.
Once data is stored in CoreWeave AI Object Storage, customers will have access to a single global dataset and the company's Local Object Transport Accelerator technology, which claims to deliver 7 GB/s per GPU throughput regardless of data location.
CoreWeave, which became publicly traded in March 2025, positions itself as "The Essential Cloud for AI" and states the program is generally available to all customers starting today. While the company's stock has gained 35% over the past six months, InvestingPro analysis indicates it appears overvalued based on Fair Value estimates, with current financial metrics showing short-term obligations exceeding liquid assets.
The announcement comes a month after CoreWeave introduced ServerlessRL, described as the first publicly available, fully managed reinforcement learning capability. Despite impressive revenue growth of 235% in the last twelve months, the company remains unprofitable with negative earnings per share of -$2.32. The information in this article is based on a company press release and supplemented with InvestingPro data, which offers comprehensive analysis on over 1,400 US stocks through detailed Pro Research Reports.
In other recent news, CoreWeave reported third-quarter revenue of $1.4 billion, surpassing consensus estimates, with an adjusted operating margin of 15.9%. The company also exceeded guidance with $1.37 billion in revenue for another period, though gross margin slightly missed expectations at 73%. CoreWeave expanded its credit facility to $2.5 billion, extending the maturity date to November 2029, with major banks like JPMorgan Chase, Goldman Sachs, and Morgan Stanley leading the facility. Despite these financial achievements, CoreWeave faced a downgrade from JPMorgan, which cited supply chain delays affecting revenue timing and reduced the price target to $110.00. Macquarie also lowered its price target to $115.00 due to delivery delays impacting fourth-quarter performance. On a more positive note, Compass Point initiated coverage with a Buy rating and a $150.00 price target, emphasizing CoreWeave's strong relationships with major tech companies. Stifel maintained a Hold rating with a $120.00 price target following the mixed third-quarter results. These developments reflect a complex landscape for CoreWeave as it navigates both opportunities and challenges.
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