Record Third Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for AI

CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today reported financial results for the third quarter ended September 30, 2025.

“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion,” said Michael Intrator, Co-Founder, Chairman of the Board and Chief Executive Officer, CoreWeave. “Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services. CoreWeave’s position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI.”

Third Quarter 2025 Financial Highlights

(In thousands, except percentages and per share amounts)

Three Months Ended September 30,

2025

2024

Revenue

$

1,364,676

$

583,941

Operating expenses

1,312,826

466,825

Operating income

$

51,850

$

117,116

Operating income margin

4

%

20

%

Interest expense, net

$

(310,555

)

$

(104,375

)

Net loss

$

(110,124

)

$

(359,807

)

Net loss margin

(8

)%

(62

)%

Basic net loss per share

$

(0.22

)

$

(1.82

)

Diluted net loss per share

$

(0.22

)

$

(1.82

)

Non-GAAP Financial Measures

(In thousands, except percentages)

Three Months Ended September 30,

2025

2024

Adjusted EBITDA

$

838,124

$

378,757

Adjusted EBITDA margin

61

%

65

%

Adjusted operating income

$

217,154

$

124,733

Adjusted operating income margin

16

%

21

%

Adjusted net income (loss)

$

(40,970

)

$

67

Adjusted net income (loss) margin

(3

)%

0

%

(See “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.)

Additional Third Quarter 2025 Financial Highlights

Revenue backlog1 was $55.6 billion as of September 30, 2025.

____________________
1 Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.

Third Quarter 2025 Highlights

• Customer wins across AI labs, Hyperscalers and Enterprises

• Entered into an up to approximately $14.2 billion multi-year deal with Meta to power next-generation workloads with option to meaningfully expand

• Expanded the OpenAI partnership with an up to approximately $6.5 billion deal, bringing total commitments to up to approximately $22.4 billion

• Expanded relationship with a leading hyperscaler, marking their sixth contract to date

• Partner of choice for leading AI pioneers and enterprises including: Inference.net, Mizuho Bank, NASA JPL, and Poolside

• Continued rapid scaling of Purpose-Built AI Infrastructure

• Added approximately 120 MW of active power in the quarter, bringing the total to approximately 590 MW

• Expanded total contracted power to approximately 2.9 GW while further diversifying our portfolio of providers

• Key Technology Leadership Milestones

• First to deploy NVIDIA GB300 NVL72 systems, powering frontier AI companies at scale

• First to make NVIDIA RTX PRO 6000 Blackwell Server Edition instances generally available

• Acquired OpenPipe, a leading platform for training AI agents with reinforcement learning

• Strengthening Financial Position

• Raised $1.75 billion in 9.0% Senior Unsecured Notes due 2031 to drive the next generation of cloud computing for the future of AI

• Closed the DDTL 3.0 Facility, a $2.6 billion delayed draw term loan facility at SOFR +4%, driving substantial progress in reducing our cost of capital

• Amended the DDTL 2.0 Facility (DDTL 2.1) by increasing the remaining drawable capacity by $0.4 billion to create a new $3.0 billion tranche of delayed draw term loans at SOFR +4.25%, significantly below the original cost of the facility

• Satisfied the share price performance obligations to automatically terminate the Series C Preferred Stock Put Right, increasing Stockholders’ Equity by $1.2 billion

• Other Noteworthy Updates

• Agreed to a $6.3 billion strategic collaboration with NVIDIA to scale GPU infrastructure and accelerate AI innovation

• Introduced CoreWeave Ventures, a new initiative to back founders and companies building the platforms and technologies that will shape the AI ecosystem and the next frontier of computing

• Announced intent to commit up to $6 billion to equip a state-of-the-art data center in Lancaster, Pennsylvania, with an initial 100 MW of capacity and expansion potential to 300 MW

• Announced an incremental £1.5 billion commitment in the UK, bringing the total investment to £2.5 billion, to accelerate AI innovation and growth through sustainable computing

Business Outlook

CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Webcast and Conference Call Information

CoreWeave will host an audio webcast to discuss the results for the third quarter of 2025, provide a business update, and forward-looking guidance** **at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed at the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and earnings presentation.

Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.

Disclosure Information

CoreWeave uses its investor relations page (investors.coreweave.com), its X account (@CoreWeave), and its LinkedIn page (linkedin.com/company/coreweave/) to disclose material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these websites, in addition to following CoreWeave’s press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.

About CoreWeave

CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; market trends; demand for our platform; other estimated amounts included in our revenue backlog figure; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended September 30, 2025 are not necessarily indicative of our operating results for any future periods.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures are not available without unreasonable effort.

A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave’s business.

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

**Three Months Ended

September 30,

**

**Nine Months Ended

September 30,

**

2025

2024

2025

2024

Revenue

$

1,364,676

$

583,941

$

3,559,096

$

1,167,996

Operating expenses:

Cost of revenue

368,824

143,134

943,885

311,192

Technology and infrastructure

747,479

285,509

1,978,794

561,276

Sales and marketing

44,645

4,554

91,993

12,776

General and administrative

151,878

33,628

500,835

71,068

Total operating expenses

1,312,826

466,825

3,515,507

956,312

Operating income

51,850

117,116

43,589

211,684

Gain (loss) on fair value adjustments

—

(341,133

)

26,837

(748,864

)

Interest expense, net

(310,555

)

(104,375

)

(841,356

)

(211,797

)

Other income, net

21,901

10,244

22,787

34,110

Loss before income taxes

(236,804

)

(318,148

)

(748,143

)

(714,867

)

Provision for (benefit from) income taxes

(126,680

)

41,659

(32,869

)

97,209

Net loss

$

(110,124

)

$

(359,807

)

$

(715,274

)

$

(812,076

)

Net loss attributable to common stockholders, basic

$

(110,124

)

$

(389,167

)

$

(743,996

)

$

(857,032

)

Net loss attributable to common stockholders, diluted

$

(110,124

)

$

(389,167

)

$

(770,841

)

$

(857,032

)

Net loss per share attributable to common stockholders, basic

$

(0.22

)

$

(1.82

)

$

(1.81

)

$

(4.06

)

Net loss per share attributable to common stockholders, diluted

$

(0.22

)

$

(1.82

)

$

(1.87

)

$

(4.06

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

497,886

213,806

410,954

210,889

Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted

497,886

213,806

412,178

210,889

COREWEAVE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

**September 30, **

2025

**December 31, **

2024

Assets

Current assets

Cash and cash equivalents

$

1,894,399

$

1,361,083

Restricted cash and cash equivalents, current

596,777

37,394

Marketable securities

47,449

—

Accounts receivable, net

1,659,229

416,526

Prepaid expenses and other current assets

533,429

101,246

Total current assets

4,731,283

1,916,249

Restricted cash and cash equivalents, non-current

477,515

637,356

Restricted marketable securities, non-current

—

29,308

Property and equipment, net

20,659,181

11,914,774

Operating lease right-of-use assets

4,677,057

2,589,547

Intangible assets, net

200,001

4,909

Goodwill

829,979

19,544

Other non-current assets

1,335,482

720,912

Total assets

$

32,910,498

$

17,832,599

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

Current liabilities

Accounts payable

$

1,156,978

$

868,259

Accrued liabilities

3,172,274

355,821

Debt, current

3,712,177

2,468,425

Deferred revenue, current

1,107,580

768,927

Operating lease liabilities, current

345,472

213,104

Finance lease liabilities, current

48,990

57,801

Other current liabilities

171,401

230,244

Total current liabilities

9,714,872

4,962,581

Debt, non-current

10,322,757

5,457,915

Derivative and warrant liabilities

1,710

200,089

Deferred revenue, non-current

4,228,222

3,294,977

Operating lease liabilities, non-current

4,378,869

2,388,912

Finance lease liabilities, non-current

12

34,120

Deferred tax liabilities, non-current

117,633

149,232

Other non-current liabilities

268,409

36,260

Total liabilities

29,032,484

16,524,086

Commitments and contingencies

Redeemable convertible preferred stock and redeemable common stock

Redeemable convertible preferred stock

—

1,722,111

Stockholders’ equity (deficit)

Preferred stock

—

—

Class A common stock

2

1

Class B common stock

0

0

Class C common stock

—

—

Treasury stock

(33,524

)

(33,524

)

Additional paid-in capital

6,104,329

1,096,160

Accumulated other comprehensive loss

(1,284

)

—

Accumulated deficit

(2,191,509

)

(1,476,235

)

Total stockholders’ equity (deficit)

3,878,014

(413,598

)

Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)

$

32,910,498

$

17,832,599

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

**Three Months Ended

September 30,

**

**Nine Months Ended

September 30,

**

2025

2024

2025

2024

Cash flows from operating activities:

Net loss

$

(110,124

)

$

(359,807

)

$

(715,274

)

$

(812,076

)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

630,479

254,024

1,633,457

497,994

Non-cash lease expense

89,723

37,455

233,836

79,470

Amortization of debt discounts and issuance costs and accretion of redemption premiums

21,049

7,397

87,776

23,002

Loss (gain) on fair value adjustments

—

341,133

(26,837

)

748,864

Stock-based compensation

144,431

7,617

473,409

23,466

Debt extinguishment loss

14,486

11,708

14,486

11,708

Deferred income taxes

(128,025

)

37,045

(37,141

)

80,252

Other non-cash reconciling items

9,256

4,923

49,388

1,075

Changes in operating assets and liabilities, net of effect of business acquisition:

Accounts receivable

252,189

(151,599

)

(1,252,507

)

(332,347

)

Prepaid expenses and other current assets

(50,586

)

(56,174

)

(171,034

)

(54,538

)

Accounts payable and accrued expenses

622,384

(361,501

)

333,211

336,347

Deferred revenue

659,272

892,523

1,402,164

2,417,010

Lease liabilities

(70,610

)

(24,411

)

(181,061

)

(45,119

)

Other non-current assets

(394,790

)

(1,787

)

(344,822

)

(415,348

)

Other liabilities

—

2,676

—

2,676

Net cash provided by operating activities

1,689,134

641,222

1,499,051

2,562,436

Cash flows from investing activities:

Purchase of property and equipment, including capitalized internal-use software1

(3,278,786

)

(1,215,155

)

(6,249,239

)

(5,204,251

)

Sale of available-for-sale marketable securities

—

430

—

1,270

Maturities of marketable securities

—

46,816

29,308

94,638

Purchase of marketable securities

(47,246

)

—

(47,246

)

(34,053

)

Purchase of strategic investments

—

(4,745

)

—

(50,000

)

Sale of warrants received as lease incentive

—

—

100,645

—

Business combinations, net of cash acquired

(10,212

)

—

(55,918

)

—

Issuance of notes receivable

—

—

(73,000

)

—

Other investing activities

(23,740

)

—

(49,849

)

(1,433

)

Net cash used in investing activities

(3,359,984

)

(1,172,654

)

(6,345,299

)

(5,193,829

)

Cash flows from financing activities:

Proceeds from issuance of debt1

4,019,861

1,507,580

7,562,686

3,329,121

Repayments of debt

(1,403,983

)

(289,711

)

(2,978,850

)

(364,127

)

Payment of debt issuance costs

(9,550

)

—

(46,086

)

(3,479

)

Issuance of redeemable convertible preferred stock, net of issuance costs

—

—

—

1,172,476

Redeemable convertible preferred stock cash dividends paid

—

(29,331

)

(28,693

)

(29,331

)

Proceeds from exercise of stock options

12,981

685

17,519

1,327

Proceeds from initial public offering, net of underwriting discounts and commissions

—

—

1,422,619

—

Issuance of common stock in connection with over-allotment exercise, net of underwriting discounts and commissions

—

—

67,669

—

Payment of tax withholdings on settlement of RSUs

(11,485

)

—

(144,043

)

—

Deferred offering costs paid

(1,006

)

—

(28,769

)

—

Common stock repurchased

—

(1,470

)

—

(1,470

)

Other financing activities

(20,860

)

25,831

(64,946

)

(31,149

)

Net cash provided by financing activities

$

2,585,958

$

1,213,584

$

5,779,106

$

4,073,368

Net increase in cash, cash equivalents, and restricted cash

$

915,108

$

682,152

$

932,858

$

1,441,975

Cash, cash equivalents, and restricted cash—beginning of period

2,053,583

1,239,898

2,035,833

480,075

Cash, cash equivalents, and restricted cash—end of period

$

2,968,691

$

1,922,050

$

2,968,691

$

1,922,050

(1) Purchases of property and equipment, including capitalized internal-use software, and proceeds from the issuance of debt for the nine months ended September 30, 2025 reflect reductions of $201 million in the first quarter of 2025 and $689 million in the second quarter of 2025 related to certain original equipment manufacturer financing arrangements, which were determined to be non-cash.

Reconciliation of GAAP to Non-GAAP Results

Reconciliation of Net Loss to Adjusted EBITDA

(in thousands, except percentages)

**Three Months Ended

September 30,

**

**Nine Months Ended

September 30,

**

2025

2024

2025

2024

Net loss

$

(110,124

)

$

(359,807

)

$

(715,274

)

$

(812,076

)

Depreciation and amortization

630,479

254,024

1,633,457

497,994

Interest expense, net

310,555

104,375

841,356

211,797

Stock-based compensation

144,431

7,617

473,409

23,466

Acquisition related costs(1)

11,364

—

46,968

—

(Gain) loss on fair value adjustments(2)

—

341,133

(26,837

)

748,864

Other income, net

(21,901

)

(10,244

)

(22,787

)

(34,110

)

Provision for (benefit from) income taxes

(126,680

)

41,659

(32,869

)

97,209

Adjusted EBITDA

$

838,124

$

378,757

$

2,197,423

$

733,144

Revenue

$

1,364,676

$

583,941

$

3,559,096

$

1,167,996

Net loss margin

(8

)%

(62

)%

(20

)%

(70

)%

Adjusted EBITDA margin

61

%

65

%

62

%

63

%

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended September 30, 2025 for additional information.

Reconciliation of Operating Income to Adjusted Operating Income

(in thousands, except percentages)

**Three Months Ended

September 30,

**

**Nine Months Ended

September 30,

**

2025

2024

2025

2024

Operating income

$

51,850

$

117,116

$

43,589

$

211,684

Stock-based compensation

144,431

7,617

473,409

23,466

Acquisition related costs(1)

11,364

—

46,968

—

Amortization of acquired intangibles(2)

9,509

—

15,609

—

Adjusted operating income

$

217,154

$

124,733

$

579,575

$

235,150

Revenue

$

1,364,676

$

583,941

$

3,559,096

$

1,167,996

Operating income margin

4

%

20

%

1

%

18

%

Adjusted operating income margin

16

%

21

%

16

%

20

%

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating income (loss). Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

Reconciliation of Net Loss to Adjusted Net (Loss) Income

(in thousands, except percentages)

**Three Months Ended

September 30,

**

**Nine Months Ended

September 30,

**

2025

2024

2025

2024

Net loss

$

(110,124

)

$

(359,807

)

$

(715,274

)

$

(812,076

)

Stock-based compensation

144,431

7,617

473,409

23,466

Loss on extinguishment of debt(1)

14,486

11,124

24,791

11,124

Acquisition related costs(2)

11,364

—

46,968

—

Amortization of acquired intangibles(3)

9,509

—

15,609

—

(Gain) loss on fair value adjustments(4)

—

341,133

(26,837

)

748,864

Other adjustments(5)

(12,094

)

—

(22,784

)

—

Income tax, inclusive of the tax effect of the above adjustments(6)

(98,542

)

—

(117,215

)

—

Adjusted net (loss) income

$

(40,970

)

$

67

$

(321,333

)

$

(28,622

)

Revenue

$

1,364,676

$

583,941

$

3,559,096

$

1,167,996

Net loss margin

(8

)%

(62

)%

(20

)%

(70

)%

Adjusted net (loss) income margin

(3

)%

0

%

(9

)%

(2

)%

(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.
(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.
(4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended September 30, 2025 for additional information.
(5) Primarily relates to a net unrealized gain on our strategic investments.
(6) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. Additionally, the third quarter of 2025 includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act on the first and second quarters of 2025, that were recorded in third quarter of 2025.

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