THE MINING POD: How CoreWeave's Neocloud Business Model Works
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 8 July 2025
⏱️ 52 minutes
🧾️ Download transcript
Summary
A look inside CoreWeave’s neocloud business model, and how the company went from an ETH miner to a $75 billion business.
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Welcome back to The Mining Pod! Today, Colin and Will break down CoreWeave's meteoric rise to a $75+ billion valuation and why Bitcoin miners like Core Scientific, Galaxy Digital, and Applied Digital are all racing to partner with AI cloud providers. We explore CoreWeave’s neocloud business model, GPU economics vs bitcoin mining profitability, and what this means for the future of the mining industry.
**Notes:**
• CoreWeave valued at $75B+ (12x revenue multiple)
• 72% of Q1 revenue came from Microsoft/OpenAI
• CoreWeave manages 250,000+ GPUs globally
• $15B+ in contracted revenue secured
Timestamps:
00:00 Start
04:05 Coreweave overview
07:40 Neocloud
10:28 Other Neocloud providers
12:49 Oracle, OpenAI & Stargate
16:20 Crusoe
17:58 Hyperscaler street cred
21:08 Energy pipeline
26:53 Revenue
32:51 Capex vs revenue
38:03 GPU lifespan
41:58 Bull vs Bear
49:00 Partner concentration
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Transcript
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| 0:00.0 | Hey everyone, Colin here. |
| 0:02.2 | We're running a short survey to get better information on who listens to the show. |
| 0:06.0 | And we're giving away free Blockspace gear if you fill it out. |
| 0:08.8 | If you find value in our shows or listen consistently, you can do me a huge favor and fill out the form. |
| 0:14.1 | It takes about 30 seconds and helps me and the Blockspace team keep the show running. |
| 0:18.1 | You can find a link to the survey and the show notes. |
| 0:20.6 | Thanks. Hey, y'all. a link to the survey in the show notes. Thanks. Hey |
| 0:21.6 | y'all. Welcome back to the mining pod. We've got a special edition this week with your boy |
| 0:26.9 | Colin and your boy Will. We are going to be doing a breakdown of core weave. And what makes |
| 0:32.0 | core weave so it's special compared to other cloud companies and why they're the talk of the town |
| 0:37.0 | right now. |
| 0:38.1 | So no interview this week. |
| 0:39.9 | It's just two lovely faces of the mining pod. |
| 0:43.6 | I'm going to chop it up about the hottest tech stock of the summer. |
| 0:47.3 | Today's show is brought to you by Fractal Bitcoin, |
| 0:49.6 | but we'll learn more about them later in the show. |
| 0:51.6 | For now, let's get right into it. |
| 0:54.1 | I want to take a second and talk about Colorado Air Filter, a new sponsor for the mining pod. learn more about them later in the show. For now, let's get right into it. |
| 0:57.9 | I want to take a second and talk about Colorado Air Filter, a new sponsor for the mining pod and a major supplier of air filtration systems for Bitcoin mining sites. Colorado |
| 1:02.3 | Air Filter is currently running a summer sale on their inventory from Mervate pleats to |
| 1:06.0 | hepa filters, shipments installations, containers retrofitted buildings. Colorado Air Filter |
| 1:10.6 | has it all. Here's what one recent major miner had retrofitted buildings, Colorado Air Filter has it all. |
... |
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