CoreWeave (CRWV) Q3 FY25 earnings call

Earnings call· Sep 2025 (Q3 FY25)· Information Technology· Nov 10, 2025

Source: earnings call transcript

CoreWeave delivered an exceptional quarter, driven by insatiable demand for its AI cloud platform, resulting in record revenue backlog and significant customer diversification. Despite navigating a supply-constrained environment, the company aggressively scaled its infrastructure and secured substantial financing, though temporary data center delays will impact Q4 and push CapEx into Q1 FY26. CoreWeave continues to expand its full-stack AI service offerings and solidify its leadership in the AI cloud market.

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CRWV operating KPIs by quarter

CRWV operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	This call Sep 2025 Q3 FY25	Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Data centers	33 Today, we benefit from a network of 33 purpose-built AI data centers across the US and Europe, supported by 420 megawatts of active power. Source: earnings call transcript	—	—	43 We ended the year with more than 850 megawatts of active power, adding approximately 260 megawatts in the fourth quarter alone across 43 active data centers, up from 32 at the start of the year. Source: earnings call transcript	<50 We have navigated this complexity across close to 50 data centers, consistently delivering best-in-class dock to live times for customers. Source: earnings call transcript	—	—
Active power	420 MW Today, we benefit from a network of 33 purpose-built AI data centers across the US and Europe, supported by 420 megawatts of active power. Source: earnings call transcript	<470 MW To that end, we ended the quarter with nearly 470 megawatts of active power, and we increased total contracted power approximately 600 megawatts to 2.2 gigawatts. Source: earnings call transcript	~590 MW We expanded our active power footprint by 120 megawatts sequentially to approximately 590 megawatts, while growing our contracted power capacity over 600 megawatts to 2.9 gigawatts. Source: earnings call transcript	—	—	—	—
Total contracted power	~1.6 GW Our total contracted power extends to approximately 1.6 gigawatts, providing us with a durable multiyear runway in power capacity. Source: earnings call transcript	2.2 GW To that end, we ended the quarter with nearly 470 megawatts of active power, and we increased total contracted power approximately 600 megawatts to 2.2 gigawatts. Source: earnings call transcript	2.9 GW We expanded our active power footprint by 120 megawatts sequentially to approximately 590 megawatts, while growing our contracted power capacity over 600 megawatts to 2.9 gigawatts. Source: earnings call transcript	3.1 GW+ We contracted close to 2 gigawatts of additional power in 2025, ending the year with more than 3.1 gigawatts of contracted capacity, virtually all of which we expect to come online by the end of 2027. Source: earnings call transcript	3.5 GW+ Three, we have reached hyperscale with more than 3.5 gigawatts of contracted power, up more than 400 megawatts this quarter alone, with the substantial majority expected to be online by the end of 2027. Source: earnings call transcript	3.7 GW Contracted power grew to 3.7 gigawatts in Q2, and since quarter end, we have added roughly 500 megawatts, bringing contracted power to 4.2 gigawatts as of today. Source: earnings call transcript	—
Incremental contracted power	~300 MW In Q1, we added approximately 300 megawatts of incremental contracted power to our portfolio. Source: earnings call transcript	~600 MW To that end, we ended the quarter with nearly 470 megawatts of active power, and we increased total contracted power approximately 600 megawatts to 2.2 gigawatts. Source: earnings call transcript	—	—	400 MW+ Three, we have reached hyperscale with more than 3.5 gigawatts of contracted power, up more than 400 megawatts this quarter alone, with the substantial majority expected to be online by the end of 2027. Source: earnings call transcript	—	—
Active power	—	—	—	—	1 GW+ We generated approximately $2.1 billion of revenue, up 32% quarter-over-quarter and 112% year-over-year, and surpassed 1 gigawatt of active power. Source: earnings call transcript	1.5 GW We continue to execute on our power strategy, reaching 1.5 gigawatts of active power, adding nearly 500 megawatts, more than any quarter in our history and more than tripling year-over-year. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.