RESEARCH — THE FILING TAPE #2

One of 83: The Superinvestors Barely Own CoreWeave

October 8, 2026

GetCoattail Research — CoreWeave is the AI cloud's defining public debut: revenue doubling, a $104 billion backlog, a JPMorgan upgrade, analyst targets more than 50% above the price. We ran it through every filing lens we maintain. The record shows one superinvestor — a new one — and $1.1 billion of insider selling in ninety days.

Start with the narrative, because it is a strong one. CoreWeave, the GPU cloud built for AI workloads, went public in March 2025 and has become the purest listed bet on AI infrastructure demand. On August 11, 2026 it reported second-quarter revenue of $2.575 billion, up 112% year over year, with a revenue backlog of $104 billion, up 246% — plus more than $25 billion of new commitments signed in the early weeks of the third quarter. The stock rose 19% in the session after the report. Management raised full-year 2026 revenue guidance to $12.4–13.2 billion. JPMorgan upgraded the shares to overweight on September 24, 2026, raising its target to $125; the published consensus average target is $138.78 across 35 firms. The stock trades around $88–90 in early October 2026, down from a 52-week high of $153.20.

Now the filings. GetCoattail tracks the portfolios, trades and disclosures of the investors with the most information about any given company: concentrated superinvestors, institutions as a whole, corporate insiders, members of Congress, and 5% holders. For CoreWeave, those lenses return a pattern that rhymes with IREN, our first Filing Tape audit — breadth without sponsorship — with one twist: the selling is coming from inside the building.

Lens 1: the superinvestors — one, and it just changed

We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, the number holding CoreWeave was one: Appaloosa Management, with a new position of 1,078,248 shares worth $107,328,806 — 1.39% of Appaloosa's portfolio. One quarter earlier the count was also one, but it was a different fund: Viking Global Investors held 1,397,438 shares, worth $108,259,522, at March 31, 2026, and appears nowhere in the June 30 record. The superinvestor lens did not grow. It rotated, completely, and stayed at one.

Context matters here. This cohort holds AI infrastructure when it wants to: 19 of the 83 hold NVIDIA. A one-holder reading for the sector's flagship IPO, fifteen months after its listing, is not a data gap — the filing is complete. It is a measured absence. One plausible reading is valuation discipline: CoreWeave is not yet profitable, reporting a net loss of $1,167,000,000 for fiscal 2025 on revenue of $5,131,000,000, and the cohort we track leans toward proven compounders. Whatever the reason, the re-rating narrative has so far run with a single tracked sponsor — and that sponsor arrived only last quarter.

CRWV through six filing lenses
Chart 1: Signal presence by cohort. Superinvestors: 83 managers, 2026Q2 13F (as of Jun 30, 2026). Institutions: full-market 13F aggregation, same date. Insiders: Form 4 record through Oct 2, 2026. Congress: full Senate and House PTR record. 13D/G: filings through Aug 14, 2026. Short interest: FINRA biweekly settlement data through Sep 15, 2026. Source: SEC EDGAR; FINRA; GetCoattail collections.

Lens 2: institutions — breadth, arriving fast

Zoom out to the whole 13F market and the picture flips, exactly as it did for IREN. At June 30, 2026, 987 institutions reported positions in CoreWeave, up from 786 at March 31 — a 26% jump in one quarter — and 961 of them reported long positions. Reported share counts rose 35%, from 293,061,798 to 396,743,705 shares, and the dataset's reported aggregate value rose from $33.63 billion to $51.70 billion (+54%). By filer count, CoreWeave went from a new listing finding its register to a standard institutional holding in five quarters.

Breadth like this is real demand — but, again, it is not the same animal as conviction buying. A filer count approaching one thousand for a Nasdaq-100-scale name is what index baskets, ETF flows and market-making inventory produce mechanically. Which kind of holder sits at the top of the register is the next lens.

Lens 3: the 5% register — early money heading down, a partner heading up

Thirty-three SC 13D/G filings cover CoreWeave, and all thirty-three are 13G — the passive form. There is not one 13D. What the register actually shows is a changing of the guard among the pre-IPO holders. The largest reporter in the record is Magnetar Financial, an early backer, at 30.14% (107,962,916 shares, as of March 31, 2025). Magnetar has since reported 23.3% at September 30, 2025 and 14.9% (67,972,524 shares) at April 30, 2026 — the biggest name on the register has been shrinking at every step. CEO Michael Intrator's reported stake has eased from 14.0% to 10.1%. Goldman Sachs reported 8.1% at March 31, 2026 and 4.3% at June 30, 2026; Jane Street, a market-making firm, reported 6.2% at June 30, 2026.

The one large holder moving the other way is a partner, not a fund. NVIDIA reported 7.0% (24,182,460 shares) at March 31, 2025 and 11.5% (47,213,353 shares) as of January 23, 2026. NVIDIA is CoreWeave's chip supplier and a strategic shareholder; its growing stake is evidence of a commercial relationship deepening, filed in the same passive form as everything else on this register.

Lens 4: insiders — $1.1 billion sold in 90 days, zero bought

The Form 4 record is the loudest lens in this audit. In the 90 days through October 2, 2026, CoreWeave insiders filed 81 reports covering 724 sale transactions totalling $1,097,314,668 — 11,521,830 shares sold by nine insiders, 625 of the transactions by officers. Open-market purchases in the same window: zero. Not one insider bought a single share at market price.

Widen the window and the shape does not change. Over the full year through October 2, 2026, insiders recorded zero open-market purchases against 4,069 sale transactions totalling $7,199,199,365. Across the entire parsed Form 4 record — 479 filings — there are exactly five purchase transactions, worth $20,500,010.86 combined, against 4,840 sale transactions worth $10,379,797,419.85. Some of this selling is mechanical — vesting schedules and tax withholding generate filings regardless of anyone's view — and we do not assign motives to any of it. But the purchase side has no mechanical explanation. In twelve months, at prices between the $60.82 closing low of July 29, 2026 and the autumn recovery, no insider chose to buy.

Lens 5: Congress — zero

Across the full Senate and House transaction record we maintain, members of Congress have reported no trades in CoreWeave — no buys, no sells. As with IREN, the political-money lens is dark for one of the market's most debated AI names.

Lens 6: short interest — built up, then unwound by a third

As of September 15, 2026 — the most recent FINRA settlement date — 54,939,326 CoreWeave shares were sold short, roughly 10% of the 551 million weighted-average basic shares the company reported for the second quarter of 2026, with days-to-cover of 2.43.

Short interest in CRWV, March 2025 to September 2026
Chart 2: Shares sold short in CRWV at each FINRA biweekly settlement, Mar 31, 2025 – Sep 15, 2026 (n = 36 settlements). The series peaked at 80,963,200 shares on Jun 30, 2026 and has fallen at five consecutive settlements since. Source: FINRA Equity Short Interest files; GetCoattail collection.

The arc is the story. Short interest was just 5,556,786 shares at the first settlement after the IPO, on March 31, 2025, and climbed almost without interruption for five quarters, peaking at 80,963,200 shares on June 30, 2026. Since that peak it has fallen at five consecutive settlements, down 32.1% — even though it remains 81.0% above its level of a year earlier (30,347,531 shares at September 15, 2025). Set against Lens 4, the balance of this audit is complete: the largest deliberate bearish position has been shrinking since June, while the insider selling has not paused at all.

What would change the picture

Nothing above is a recommendation. It is a record. These are the filings that would change the description, in the order the data will arrive:

Until one of those prints, the filing record describes a company whose growth numbers belong to the whole market's story — and whose own insiders and early backers are, on the record, net sellers of it.

Related reading: Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1, the same six lenses on CoreWeave's AI-cloud peer; 80% Overlap, No Copycat Signal: Congress vs. the Superinvestors — how we test whether two filing sets really move together. CoreWeave's own page: CoreWeave (CRWV) on GetCoattail.

Methodology and data notes

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

MORE RESEARCH

Zero of 83: The Superinvestors Aren't in IREN
None of the 83 superinvestors we track holds IREN, no insider has ever bought it on the open market, and no member of Congress has traded it — while institutional breadth jumped from 499 to 696 filers in one quarter and short interest climbed to 83.1 million shares, roughly 23% of the reported share count.
80% Overlap, No Copycat Signal: Congress vs. the Superinvestors
Four of five congressional stock buys land in a stock the superinvestors hold — 688 shared names. But ticker by ticker, how often Congress buys a stock has almost nothing to do with how many managers hold it (ρ = 0.099), and the shared names did not pay better.