Weights & Biases
Agent & LLM dev tools · https://wandb.ai
Verdict: Hold · Confidence: high · Reviewed 2026-10-15
CoreWeave completed its acquisition of Weights & Biases on May 5, 2025. The grade matches CoreWeave's existing Hold rating (/companies/coreweave/). Weights & Biases revenue was not disclosed. CoreWeave's Q1 2025 Form 10-Q reported $981.6 million of revenue for the quarter ended March 31, 2025; that figure is CoreWeave, not Weights & Biases.
Rubric
| Dimension | Score (1–5) | Notes & sources |
|---|---|---|
| Real customers & revenue quality Are there named paying customers, recurring revenue, and retention evidence? | 5/5 | Per CoreWeave's Q1 2025 Form 10-Q, revenue was $981.6 million, up 420 percent from $188.7 million a year earlier, and about 98 percent of that quarter's revenue came from customer commitments. That is CoreWeave consolidated cloud revenue, not a Weights & Biases segment. The May 5, 2025 close announcement does not state Weights & Biases revenue.
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| Unit economics Do gross margins survive inference/compute costs? Is pricing durable? | 4/5 | Per the same 10-Q, cost of revenue was 27 percent of revenue in the March 31, 2025 quarter, versus 31 percent a year earlier. Interest expense was 27 percent of revenue in that quarter. These are CoreWeave figures, not a Weights & Biases gross margin.
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| Moat Proprietary data, distribution, switching costs, or tech that is hard to copy? | 4/5 | CoreWeave said it would keep Weights & Biases interoperable across infrastructure and models while combining it with CoreWeave's cloud. The developer tool now sits on a scaled AI-cloud contract base rather than as a standalone experiment tracker.
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| Platform risk Could a model provider or incumbent ship this as a feature? (higher score = lower risk) | 4/5 | The product is no longer an independent company. CoreWeave said on May 5, 2025 that it had completed the acquisition and would keep the platform interoperable. Buyers now depend on CoreWeave's roadmap. See /companies/coreweave/.
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| Team & execution Shipping cadence, leadership track record, stability. | 4/5 | CoreWeave said the acquisition closed on May 5, 2025. Co-founder Lukas Biewald said the teams were joining. A separate Form 10-Q date is not used as the closing date.
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| Funding vs. traction Is capital raised justified by verifiable traction? | 4/5 | The Q1 2025 Form 10-Q said aggregate consideration was approximately $1.4 billion in cash and stock, subject to purchase-price adjustments, against a CoreWeave quarter with $981.6 million of revenue. A later Form 10-Q, for the quarter ended March 31, 2026, reports the final aggregate purchase consideration as $1.029 billion ($96 million cash, $929 million of stock and restricted stock awards, and $4 million of replacement RSUs). Weights & Biases' own P&L was not disclosed. The later filing says results since the acquisition were not material to CoreWeave.
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| Hype signals Demo-driven marketing, vague metrics, valuation outrunning evidence? (higher score = fewer red flags) | 4/5 | The transaction closed and was recorded in an SEC filing. The open item is the lack of a separate Weights & Biases revenue line, not an unclosed rumor.
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Listing source: https://wandb.ai. Revenue, users, and valuation figures appear only when publicly sourced; otherwise they are marked unknown.