CoreWeave raised prices twice in a quarter; Hippocratic AI charges a fixed $2.50 an hour for admin calls
CoreWeave's filed customer list quietly names Hippocratic AI, whose published prices of $15 and $2.50 an hour are fixed while the capacity behind them just repriced twice in a quarter. The margin squeeze shows up first in the application company's gross line, and in a listed name near you.
Vincent Jiangtwo-minute read
The landlord repriced, the tenant's price sheet is public
On November 10, 2026 CoreWeave+16.01% — CoreWeave, up 16.01 percent today filed its Q3 8-K with a customer list worth reading slowly 145. Among expanded relationships sit OpenAI$1.18T — OpenAI, private, latest valuation $1.18T, Cohere, Perplexity$30.00B — Perplexity, private, latest valuation $30.00B and Hippocratic AI~$1.65B — Hippocratic AI, private, latest valuation ~$1.65B, the healthcare voice agent company that sells patient calls by the hour at a published rate: $15 an hour for clinical conversations on its top Polaris 6 Ultra tier, $2.50 an hour for administrative work on Nano 145. No dollar value attaches to the Hippocratic line. The filing is more generous about the cost of the floor under those calls.
CoreWeave told investors it raised prices across its stock keeping units by roughly 25% in July, then another 10% later in the quarter, with pricing still climbing in the fourth quarter 2. Short-term capacity now sells at more than $40 million per megawatt a year, against $20 million to $25 million on new four and five year contracts 23. Adjusted operating margin ran about 1% in Q1, 5% in Q2 and 10% in Q3, a quarter ahead of plan, on $379 million of adjusted operating income and revenue of $3.661 billion, up 168% 12.
Adjusted operating margin reached 10% in Q3, a quarter ahead of plan
Data
| Adjusted operating margin | |
|---|---|
| Q1 '26 | 1% |
| Q2 '26 | 5% |
| Q3 '26 | 10% |
CoreWeave revenue has more than quadrupled in two years, still climbing into 2026
Data
| Revenue | |
|---|---|
| Q3 '24 | $0.58B |
| Q4 '24 | $0.75B |
| Q1 '25 | $0.98B |
| Q2 '25 | $1.21B |
| Q3 '25 | $1.37B |
| Q4 '25 | $1.57B |
| Q1 '26 | $2.08B |
| Q2 '26 | $2.58B |
CoreWeave's short-term capacity prices at over $40M a megawatt, near double new long-term deals
Short-term capacity sells for roughly twice the long-term rate per megawatt
- Estimate
Data
| Value | |
|---|---|
| Short-term capacity (estimate) | $40M/MW |
| New 4-5 yr contracts (low) (estimate) | $20M/MW |
| New 4-5 yr contracts (high) (estimate) | $25M/MW |
Where the squeeze lands
The buyer side is the asymmetry. Hippocratic's prices are risk-tiered and listed, so a hospital buying admin calls knows the rate before it negotiates. The compute underneath that rate just repriced twice in a quarter.
CoreWeave's own numbers bound the pass-through. Its managed inference product, where application companies run models for their customers, has $250 million of booked annual recurring revenue and is explicitly constrained by the capacity allocated to it, against $3.66 billion of quarterly revenue 23. CoreWeave also finances AI-native names like Hippocratic at the wide end of its 225 to 550 basis point spread over SOFR on contract-backed loans 2. Both costs sit in the application company's gross margin first.
The record's limits
None of this is revenue. The filing names Hippocratic without a figure, the call gave no workload placement, and no independent number exists for the GPU cost of a clinical call.
What the market bought on Wednesday was the landlord's quarter. CoreWeave jumped about 10%, lifting battered neocloud peers 6, and analysts flagged financing as manageable while warning CoreWeave is hit first and hardest if AI compute capacity ever eases 7. Watch which side of the $2.50 an hour survives the next renewal season 8. The backlog behind the squeeze is $132.5 billion, more than a third of it scheduled for delivery within 24 months 8.
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