CRWV → $125.00 by Dec 30, 2026.

JPMorgan upgraded CRWV to Overweight on Sept. 24 (target **$125** from $120), citing AI compute demand and premium pricing on short-term contracts. Before reading much into that, look at who pays the bills. **FY2025.** The 10-K (filed 2026-03-02) says: "We recognized an aggregate of approximately **67%** of our revenue from our top customer, Microsoft, for the year ended December 31, 2025." That was up from **62%** in 2024. **2026.** The 10-Qs give percentages but no names: * Q1: Customer A: …