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Both face heavy customer concentration and significant losses, but their paths to profitability, and risk profiles, couldn't be more different.
BigBear.ai provides decision-intelligence software used by national security and supply chain organizations to navigate complex data environments. The company generates 51% of its revenue from just a few customers, which introduces a layer of risk. In 2025, revenue declined by 19.3% to $127.7 million, and it reported a net loss of $293.9 million, resulting in a negative net margin of 230.2%. As of December 2025, BigBear.ai had a current ratio of 1.8x, zero debt-to-equity ratio, and negative free cash flow of $46.3 million.
CoreWeave is a specialized cloud provider focused on scaling and accelerating generative AI models. In 2025, Microsoft accounted for approximately 67% of its total revenue, posing a significant customer concentration risk, despite recent long-term agreements with other major tech firms. The company experienced massive growth in FY 2025, with revenue jumping 167.9% year over year to $5.1 billion. However, it reported a net loss of $1.2 billion, with a negative net margin of 22.7% due to high costs associated with expanding its global data center footprint. As of December 2025, CoreWeave had a debt-to-equity ratio of 8.9x, a current ratio of 0.5x, and negative free cash flow of $7.3 billion. Stock-based compensation inflated reported cash generation.
BigBear.ai faces substantial revenue concentration risks due to its reliance on a limited number of government and commercial clients. The company is also involved in ongoing litigation related to past accounting errors and potential future impairment of goodwill and intangible assets. CoreWeave's business is highly dependent on Microsoft for most of its revenue, creating significant concentration risk. It also incurs heavy capital expenditures and high levels of debt to scale operations. Additionally, CoreWeave is defending a federal securities class action lawsuit concerning alleged overstatements of its scaling ability and downplaying supply chain delays.
CoreWeave trades at a lower Price-to-Sales (P/S) ratio of 5.6x compared to BigBear.ai's 10.0x. Neither company has a Forward Price-to-Earnings (P/E) ratio as they are not expected to be profitable in the near future. Valuation metrics were sourced from Financial Modeling Prep (FMP) and may vary from other providers.
Between BigBear.ai and CoreWeave, CoreWeave is the preferred investment choice. AI adoption is essential for businesses and governments, and CoreWeave directly provides the massive computing power required for this. Its sales are accelerating significantly, with Q2 2026 revenue reaching $2.6 billion (112% year-over-year growth) and forecasted full-year sales exceeding $12.4 billion. While CoreWeave is a risky bet due to its high debt burden (8.9x debt-to-equity ratio in 2025) funding AI infrastructure expansion, its economic moat in AI infrastructure is stronger than BigBear.ai's software solutions. BigBear.ai, despite not having the same debt burden, delivered slower growth of 13% in Q2 to $36.7 million, largely due to an acquisition, and its share price valuation is almost double CoreWeave's, making CoreWeave the better AI stock.