CoreWeave Q4 FY25 earnings call CRWV

CoreWeave continues to experience intensifying demand across hyperscalers, AI natives, and enterprise customers, leading to significant customer diversification. In Q4 FY25, the company added approximately twice as many new reserved instance customers as any prior quarter, including names like Cognition, Cursor, Mercado Libre, Midjourney, and Runway. The number of customers committed to spending at least $1 million on CoreWeave Cloud grew by nearly 150% in FY25, with average weighted contract length increasing from 4 to 5 years. Demand for both H100 and A100 GPUs remains strong, with H100 pricing stable and A100 pricing increasing in 2025, largely driven by inference use cases.

The CoreWeave Cloud platform is evolving beyond core GPU infrastructure, unlocking margin-accretive growth through new products and services. Customers are increasingly engaging with CPU, storage, software, and development tools; for example, 80% of CoreWeave Cloud customers paying at least $1 million per year have adopted one or more storage products. The company also added hundreds of millions of CoreWeave Cloud TCV from Weights & Biases customers in H2 FY25. NVIDIA intends to test and validate CoreWeave's proprietary cloud stack, including SUNK and Mission Control, for potential inclusion in NVIDIA's reference architecture, which is expected to expand CoreWeave's addressable market and become a growing source of higher-margin revenue.

CoreWeave ended FY25 with more than 850 megawatts of active power, adding approximately 260 megawatts in Q4 alone across 43 active data centers, up from 32 at the start of the year. The company contracted close to 2 gigawatts of additional power in 2025, bringing its total contracted capacity to over 3.1 gigawatts, with virtually all expected online by the end of 2027. CoreWeave successfully cleared data center delays discussed in Q3, delivering over 50,000 Grace Blackwells to an impacted customer, deploying servers on a rolling basis within weeks of infrastructure access.

The company's financial model is designed to invest ahead of revenue, supported by a $66.8 billion contracted revenue backlog, providing strong visibility into durable cash flows. CoreWeave plans to accelerate its roadmap to add over 5 gigawatts of data center capacity by 2030. This expansion is primarily financed by asset-level delayed draw term loans, with the goal of reducing the weighted average cost of capital and achieving investment-grade status. In 2025, CoreWeave secured over $18 billion in debt and equity from more than 200 investment partners.

CoreWeave achieved NVIDIA's Exemplar Cloud Status for GB200 in Q4 FY25 and is recognized as SemiAnalysis' sole platinum-ranked AI cloud. The company expects to be among the first to bring NVIDIA's new Rubin GPU platform to market in H2 2026, alongside expanding its product portfolio to include NVIDIA's Vera CPU and BlueField storage. These integrations are anticipated to power new capabilities, including agentic workflows for customers, further solidifying CoreWeave's position at the forefront of AI cloud innovation.

CoreWeave made significant progress in strengthening its capital structure, including raising approximately $2.6 billion via an inaugural convertible senior notes offering and expanding its revolving credit facility to $2.5 billion in Q4. The company's weighted average interest rate declined by 300 basis points in 2025 (600 bps since 2023), resulting in nearly $700 million in annualized interest savings based on Q4 debt balance. CoreWeave has no debt maturities until 2029, excluding self-amortizing contract-backed debt and OEM vendor financing.