Fanatics vs CoreWeave: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Fanatics and CoreWeave.
Fanatics
Vertically integrated sports platform encompassing licensed merchandise, trading cards (Topps acquisition), and sports betting (Fanatics Sportsbook).
IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.
Consumer brand with network effects; RSU (no exercise cost); IPO when unit economics proven
CoreWeave
Specialised GPU cloud provider purpose-built for AI/ML training and inference — 45,000+ NVIDIA H100s available on-demand.
IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.
Sticky enterprise ARR; RSU (no exercise cost); IPO imminent when ARR > $1B
Key differences for employees
Equity structure
Fanatics grants RSU — no exercise cost. Your equity vests and converts to cash or shares automatically at a liquidity event. CoreWeave grants RSU — no exercise cost.
Secondary market premium
The secondary market is pricing Fanatics at a +3% premium over its last primary round ($31B → $31.9B). CoreWeave trades at +3% over its last round ($19B → $19.6B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
Fanatics runs at $7.3B ARR, growing +15% YoY. CoreWeave runs at $2B ARR, growing +150% YoY (very fast). Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
Fanatics: IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.
CoreWeave: IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.
Calculate your specific grant
Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value at both companies using 4 independent methods.