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    CRWV
    Earnings call· Sep 2025(Q3 FY25)

    CoreWeave, Inc. CRWV

    Nov 10, 2025 Source

    Executive summary

    CoreWeave Q3 FY25 — Record Backlog and AI Cloud Leadership Amidst Supply Constraints

    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.

    Highlights

    5

    • Revenue of $1.4 billion, up 134% year-over-year, beating expectations.

    • Revenue backlog grew by $25 billion in Q3 alone, reaching over $55 billion, and RPO reached $50 billion.

    • Contracted power capacity expanded by 600 megawatts to 2.9 gigawatts, with 1 gigawatt available for sale.

    • Customer concentration significantly reduced, with no single customer representing more than 35% of revenue backlog (down from 85% at year-start).

    • Adjusted EBITDA more than doubled year-over-year to $838 million, with a 61% margin.

    Concerns

    3

    • Temporary delays from a third-party data center developer impacting Q4 expectations and pushing $1.9 billion in CapEx to Q1 FY26.

    • Net loss for Q3 was $110 million, and adjusted net loss was $41 million.

    • Interest expense increased to $311 million in Q3 FY25 from $104 million in Q3 FY24 due to increased debt.

    Guidance & targets

    6
    CategoryTargetConfidence
    2025 Revenue
    $5.05 billion to $5.15 billion
    high materiality
    High
    2025 Adjusted operating income
    $690 million to $720 million
    high materiality
    High
    2025 Active power
    over 850 megawatts
    medium materiality
    High
    2025 Interest expense
    $1.21 billion to $1.25 billion
    medium materiality
    High
    2025 CapEx
    $12 billion to $14 billion
    high materiality
    High
    2026 CapEx
    well in excess of double that of 2025
    high materiality
    High

    Operational metrics

    21
    Revenue
    $1.4 billionup 134% year-over-year
    Q3 FY25

    Q3 revenue driven by robust customer demand and strong execution.

    Stock-based compensation expense
    $144 million
    Q3 FY25

    Included in operating expenses for the third quarter.

    Adjusted operating income
    $217 millioncompared to $125 million in Q3 of 2024
    Q3 FY25

    Better than expected due to higher revenue, lower costs from timing of data center deliveries, and improved fleet efficiencies.

    Adjusted operating margin
    16%
    Q3 FY25

    Adjusted operating margin for the third quarter.

    Net loss
    $110 millioncompared to $360 million net loss in Q3 of 2024
    Q3 FY25

    GAAP net loss for the third quarter.

    Interest expense
    $311 millioncompared to $104 million in Q3 of 2024
    Q3 FY25

    Due to increased debt to support infrastructure scaling, partly offset by better interest rates.

    Adjusted net loss
    $41 millioncompared to approximately breakeven in Q3 of 2024
    Q3 FY25

    Adjusted net loss for the third quarter.

    Adjusted EBITDA
    $838 millioncompared to $379 million in Q3 of 2024, increasing more than 2x year-over-year
    Q3 FY25

    Adjusted EBITDA for the third quarter.

    Adjusted EBITDA margin
    61%
    Q3 FY25

    Adjusted EBITDA margin for the third quarter.

    CapEx
    $1.9 billionlower than anticipated
    Q3 FY25

    Lower than anticipated due to delays related to deliveries from a third-party data center provider.

    Construction in progress
    $6.9 billionincrease of $2.8 billion quarter-over-quarter
    Q3 FY25

    Represents infrastructure not yet in service, a direct result of CapEx delays.

    Cash and investments balance
    $3 billion
    as of September 30

    Includes cash, cash equivalents, restricted cash, and marketable securities.

    DDTL 2.0 Facility
    $3 billionincreased by over $400 million
    Q3 FY25

    Amended facility, significantly below the original cost.

    Senior notes
    $1.75 billion
    July

    Raised in July, extending exposure to the high-yield market at a lower cost.

    Total debt and equity transactions
    $14 billion
    Year-to-date

    Secured to support execution on rapidly growing backlog and efficient scaling.

    Customer concentration in revenue backlog
    35%down from approximately 50% last quarter and 85% to begin the year
    Q3 FY25

    Significant reduction in customer concentration, demonstrating successful diversification.

    Investment-grade customers in revenue backlog
    60%
    Q3 FY25

    More than 60% of revenue backlog is tied to investment-grade customers.

    Customers exceeding $100 million revenue (LTM)
    Tripledyear-over-year
    LTM

    Indicates broader global demand and diversification of the revenue base.

    H-100 contract recontracting
    within 5%of the original agreement price
    Q3 FY25

    A 10,000+ H-100 contract was proactively recontracted two quarters in advance, indicating customer satisfaction and long-term utility.

    Data centers added
    8
    Q3 FY25

    Added across the U.S., strengthening domestic coverage.

    Data center provider concentration
    20%
    Q3 FY25

    No single data center provider represents more than approximately 20% of contracted power portfolio, indicating diversification.

    Industry KPIs

    6
    MetricValueDetails
    Infra economics590 megawattsMW
    Rpo current rpo$50 billionUSD
    Customer logo metricsTripledcount
    Large customer cohorts9 out of 10customers
    Software recurring arr$100 millionUSD
    Bookings tcv book to bill$25 billionUSD

    Orderbook & backlog

    2
    Revenue backlog$55.6 billionend Q3 FY25

    almost doubling in the third quarter alone (added over $25 billion in Q3)

    Approaching 4x year-to-date.

    Remaining Performance Obligations (RPO)$50 billionend Q3 FY25

    CoreWeave has reached $50 billion in RPO, faster than any cloud in history. Capacity contracted for NVIDIA is excluded from RPO if expected to be resold to other customers.

    Product announcements

    5
    ProductTypeDetails
    CoreWeave AI Object Storagelaunch
    CoreWeave Federallaunch
    OpenPipeexpansion
    Marimoexpansion
    Monolithexpansion

    Deals & partnerships

    14
    MetaLarge-scale compute contract

    Executed a large-scale compute contract, representing a meaningful expansion of an existing relationship and diversification.

    OpenAILarge-scale compute contract

    Executed a large-scale compute contract, representing a meaningful expansion of an existing relationship and diversification.

    Leading hyperscalerCompute contract

    Grew relationship with a leading hyperscaler, marking the sixth contract with this customer to date.

    PoolsidePowering foundation model development

    Selected CoreWeave to power its mission to build artificial general intelligence and enable the deployment of agents across enterprises.

    Periodic LabsComputational research

    Using CoreWeave to push boundaries of scientific discovery and computational research.

    JasperCloud partner for digital marketing

    AI-native customer who chose CoreWeave as their cloud partner as they transform the digital marketing landscape.

    CrowdStrikeAdvancing AI agents for cybersecurity

    Chose CoreWeave to advance the development of AI agents for cybersecurity. This partnership will unlock and accelerate partner-driven growth.

    RakutenTransforming visual language models

    Using CoreWeave's platform to transform their visual language models, helping to achieve greater transparency, reproducibility and speed in their AI workloads.

    NASA Jet Propulsion LabScientific exploration

    Leveraging CoreWeave Federal services to advance scientific exploration.

    Core ScientificPreviously proposed acquisition

    Previously proposed acquisition was terminated in October due to valuation not being appropriate. CoreWeave will continue to work closely with Core Scientific on approximately 590 megawatts of capacity already leased.

    OpenPipeSolutions for fine-tuning product suite and serverless reinforcement learning

    Acquisition to accelerate journey to put AI to work, quickly integrated solutions into broader fine-tuning product suite and introduced the first publicly available serverless reinforcement learning tool.

    MarimoExpanding exposure to open-source community for AI exploration and prototyping

    Acquisition to accelerate journey to put AI to work, expanding CoreWeave's exposure to and impact within the open-source community, starting with entry-level exploration and prototyping.

    MonolithExpanding capabilities into the physical world for AI monetization in industrial use cases

    Acquisition to accelerate journey to put AI to work, initially focusing on industrial use cases with established enterprise customers like Nissan and Stellantis.

    Vast DataAccelerating product portfolio and partner go-to-market motions for storage

    Partnership for the new storage product, accelerating both product portfolio and partner go-to-market motions.

    Risks & headwinds

    3
    Supply-constrained environmentexpected to persist for an extended period of time

    Demand for CoreWeave's best-in-class AI cloud platform far exceeds available capacity.

    Mitigation: Continued focus on delivering performant solutions, investing up and down the stack, and diversifying customer base.

    Temporary delays from a third-party data center developerQ4 FY25 and Q1 FY26

    Impacts fourth quarter expectations and pushes CapEx from Q4 FY25 to Q1 FY26. $1.9 billion in CapEx was lower than anticipated in Q3 due to these delays.

    Mitigation: Affected customer agreed to adjust delivery schedule and extend expiration date, preserving total contract value. CoreWeave is diversifying data center providers, creating self-build efforts, and assisting with operational components of infrastructure delivery.

    Systemic challenges in supply chainsforeseeable future

    Overwhelming the supply chains required to deliver global infrastructure for artificial intelligence, particularly at the powered-shell level.

    Mitigation: Diversifying data center providers, establishing self-build projects (Kenilworth, Lancaster), and building an organization capable of assisting with operational delivery to derisk the complicated supply chain environment.

    What to watch in Q4 FY25

    5

    Resolution of Q4 CapEx pushout

    Q1 FY26
    Current$1.9B CapEx pushed from Q4 FY25
    TargetVast majority recognized in Q1 FY26

    Why it matters

    Indicates the company's ability to overcome supply chain delays and deploy infrastructure, impacting future revenue recognition.

    The vast majority of the remaining CapEx we had previously anticipated to land in Q4 will now be recognized in Q1.

    Q&A highlights

    7

    Can you elaborate on the bottlenecks, specifically with the third-party provider, and whether it's power or manpower? Have you checked with other providers on their schedules?

    The delays are due to systemic supply chain challenges, particularly at the powered-shell level, not power availability. CoreWeave has diversified its data center providers and initiated self-build projects to manage this environment. The impact of individual delays lessens with a diversified portfolio, and the delayed infrastructure will not impact the total value of customer contracts.

    “It is a real challenge at the powered-shell level. It's not a challenge for power, right? There's plenty of power right now, and we believe that there will be ample power for the next couple of years. But really where the challenge is, is the powered shell.”

    asked by Mark Murphy · answered by Michael Intrator

    2 min read6 chapters

    Detailed Narrative

    01

    Record Demand and Backlog Growth

    CoreWeave reported Q3 revenue of $1.4 billion, a 134% year-over-year increase, driven by strong customer demand in a supply-constrained AI cloud market. The company added over $25 billion to its revenue backlog in Q3, bringing the total to over $55 billion, and reached $50 billion in RPO, highlighting rapid customer commitment and confidence in CoreWeave's AI cloud platform.

    02

    Infrastructure Expansion and Diversification

    The active power footprint expanded by 120 megawatts sequentially to 590 megawatts, with contracted power capacity growing by 600 megawatts to 2.9 gigawatts. CoreWeave aims to sell over 1 gigawatt of this contracted capacity within the next 12-24 months, diversifying its data center providers across size, geography, and developers to enhance resilience and flexibility across its portfolio.

    03

    Customer Diversification and Enterprise Adoption

    CoreWeave significantly reduced customer concentration, with no single customer representing more than 35% of revenue backlog (down from 85% at year-start), and over 60% of backlog from investment-grade customers. The company expanded relationships with Meta, OpenAI, and a leading hyperscaler, and saw a tripling of customers exceeding $100 million in LTM revenue, including new AI-native and enterprise clients like Jasper, CrowdStrike, and Rakuten, extending its reach into the public sector with NASA.

    04

    Product Innovation and Strategic Acquisitions

    CoreWeave launched AI Object Storage, achieving $100 million ARR in Q3, and continued to deliver GB200s and GB300s, setting MLPerf benchmarks and earning Platinum ClusterMAX ranking. Strategic acquisitions of OpenPipe, Marimo, and Monolith are expanding its product suite, fine-tuning capabilities, and market reach into industrial use cases with established enterprise customers like Nissan and Stellantis, further supporting AI builders and innovators.

    05

    Financing and Capital Structure

    CoreWeave secured $14 billion in debt and equity year-to-date, including amending the DDTL 2.0 Facility to a $3 billion tranche at SOFR + 4.25% and closing DDTL 3.0 at SOFR + 4.00%. The company also raised $1.75 billion in senior notes, extending debt maturities until 2028 and lowering its cost of capital, demonstrating innovation in financing the required infrastructure.

    06

    Supply Chain Challenges and Mitigation

    Despite record growth, CoreWeave faced temporary delays from a third-party data center developer, impacting Q4 revenue expectations and pushing $1.9 billion in CapEx to Q1 FY26. The affected customer agreed to adjust delivery schedules, preserving the total contract value, and CoreWeave is mitigating future risks through diversification of providers, self-build projects, and embedding deeper into the supply chain.

    AI-generated summary of the company’s earnings call. Not investment advice.