Jane Street holds 2.4% to 3.7% of four AI suppliers while renting CoreWeave compute
Four Schedule 13G amendments reached the SEC on November 6, and four days later CoreWeave, the AI cloud-computing provider, named Jane Street among its expanded customers. One balance sheet now holds disclosed equity across the AI supply chain's suppliers while renting the compute built on them, and the filings say less than they seem to.
Richard Tangthree-minute read
Jane Street spent November 6 filing its way across the AI supply chain, and what the filings show is holdings, not views 1234. In a single day the quantitative trading firm amended its Schedule 13G passive-ownership disclosures on four listed companies, SanDisk−4.88% — SanDisk, down 4.88 percent today, Core Scientific−1.13% — Core Scientific, down 1.13 percent today, Riot Platforms−0.60% — Riot Platforms, down 0.60 percent today and Bloom Energy−3.05% — Bloom Energy, down 3.05 percent today, every position dated September 30 1234.
Four days later, CoreWeave−7.95% — CoreWeave, down 7.95 percent today, the AI cloud-computing provider, named Jane Street among the customers it expanded, alongside OpenAI$1.18T — OpenAI, private, latest valuation $1.18T 5. Read together, the documents show one balance sheet holding equity in the suppliers of the AI buildout while renting the compute built on top of them.
The four filings cover every layer of the buildout
The names run down the stack. SanDisk makes the memory chips, and Jane Street reported 5.48 million shares in it 1. Bloom Energy makes fuel cells for onsite data-center power, and this month NTT DATA, a Japanese IT services group, ordered 900 megawatts of it 3. Riot Platforms and Core Scientific are bitcoin miners converting into compute landlords: Riot's new lease with Anthropic$350B — Anthropic, private, latest valuation $350B, an AI lab, covers 910 megawatts at its Corsicana site 6, and Core Scientific's filings now describe a high-density colocation business beside the mining 7.
Small stakes, shared voting power, miners turning landlord
Riot still earns most of its revenue mining bitcoin, with a smaller data-center line growing beside it 6, the same shift toward rented compute that MARA and HIVE, two other miners, are making 8. The pattern extends our notes this week on AXT, a maker of optical materials, and Aehr−6.73% — Aehr, down 6.73 percent today, a maker of chip-test systems, and our October 26 note on Jane Street's CoreWeave position 23. Every stake sits below five percent, and the Core Scientific and Bloom filings show all shares held with shared voting power, none sole 23.
One filing day: Jane Street holds 2.4% to 3.7% of four AI suppliers
All four stakes date to September 30 and are certified passive
Data
| Value | |
|---|---|
| SanDisk | 3.7% |
| Core Scientific | 2.9% |
| Riot Platforms | 2.8% |
| Bloom Energy | 2.4% |
CoreWeave's quarter confirms the customer side
The November 10 release lists Jane Street among expanded relationships, alongside OpenAI, Cohere, an enterprise AI company, and Perplexity$30.00B — Perplexity, private, latest valuation $30.00B, an AI search company 5. The firm holding suppliers' equity is also a tenant of the layer those suppliers feed. That layer is scaling quickly: revenue has risen every quarter since the end of 2024 9, and full-year guidance moved up to $13.0–13.3 billion 5.
The quarter still lost $709 million 5. Net interest expense ran to $846 million, and fourth-quarter interest is guided as high as $1.15 billion 5. Demand grew, and so did the interest bill, even as the first production workloads on NVIDIA's−5.61% — NVIDIA, down 5.61 percent today Vera Rubin racks delivered 4.8 times the token throughput of the racks they replace 5.
CoreWeave's quarterly revenue has almost quintupled in two years
The Q3 2026 record came with $846M of quarterly net interest expense
Data
| Revenue | |
|---|---|
| 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 |
| Q3 '26 | $3.66B |
CoreWeave has spent $37.4 billion on capex against $8.9 billion of operating cash
The gap is what the debt, and the $846 million quarterly interest bill, pays for
- Capex
- Operating cash flow
Data
| Capex | Operating cash flow | |
|---|---|---|
| Q4 '24 | $3.5B | $0.19B |
| Q1 '25 | $1.41B | $0.06B |
| Q2 '25 | $2.45B | -$0.25B |
| Q3 '25 | $2.39B | $1.69B |
| Q4 '25 | $4.06B | $1.56B |
| Q1 '26 | $7.7B | $2.98B |
| Q2 '26 | $6.42B | $0.68B |
| Q3 '26 | $9.44B | $1.98B |
The positions are inventory, and six weeks stale
The disclosed sizes run from 5.48 million SanDisk shares to 10.49 million in Riot, with Core Scientific at 9.38 million and Bloom at 7.03 million 12346. All are dated September 30, so the filings show where Jane Street stood, not where it stands 1. SanDisk gained about 16% in a single session this week as memory stocks rallied on CoreWeave's results 1.
Schedule 13G is the SEC's short form for passive holdings, and these filings certify the shares were not acquired to influence the issuer 23. Nothing in them describes a hedge, and a market maker's disclosed long is more likely inventory than conviction. The risk lands on whoever copies the stake without asking what sits behind it.
What the filings add is scope, not a signal
What the filings add is scope: one firm sits on every side of the chain, holding the suppliers' equity and renting from the layer they feed. That buildout is contracted, with about $132.5 billion of backlog at CoreWeave alone 5, and the line to watch on it is the interest bill, not demand.
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