CoreWeave reported FY2025 revenue of $5.1 billion (up 168% YoY) and Q4 revenue of $1.6 billionfor the arrears of the contract of $66.8 billion and an average weighted contract length of nearly five years as demand is extended across hyperscalers, native AI firms and enterprises.
The company is rapidly expanding capacity-ending in 2025 with >850 MW active force and 43 data centers, contract >3.1 GW and direct beyond that 5 days additional capacity in 2030-while guiding $30-35 billion 2026 CapEx (primarily tied to signed contracts) and 2026 revenue for $12-13 billion.
Financials show a strong operating margin but heavy upfront costs: Adjusted EBITDA for Q4 was flat $898 million (57% margin) however the company posted a Q4 net loss of $452 million because of high profit and fast shipping; management expects margins to improve in Q1 2026 and rise to low double digits by Q4 with a long-term target of 25–30%.
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CoreWeave (NASDAQ:CRWV) executives used the company’s fourth-quarter and fiscal 2025 earnings call to emphasize rapid growth, accelerating capacity expansion, and a large contract backlog as demand for AI infrastructure expands across hyperscalers, native AI companies, and enterprises.
CEO Mike Intrator said 2025 was a “defining year” for the company, with revenue of more than $5.1 billion, up 168% year over year. Fourth-quarter revenue was $1.6 billion, up 110% year over year, CFO Nitin Agrawal said.
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CoreWeave reported contract revenue of $66.8 billion at the end of the quarter, Intrator said it was up $11.2 billion sequentially and more than $50 billion year over year. Agrawal added that the backlog has increased more than 4x by 2025. Executives also said that weighted contract lengths have increased from about four years to about five years, indicating customers are doing “core AI workloads” for longer.
Intrator characterized the demand as “unrelenting,” citing adoption across hyperscalers, traditional AI customers, and enterprises. He said the company added nearly twice as many new reserved customers in Q4 compared to any previous quarter, naming Cognition, Cursor, Mercado Libre, Midjourney, and Runway as examples of native AI and enterprise companies. He also said that CoreWeave has expanded relationships with both existing hyperscale cloud customers.
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For the full year, Intrator said the number of customers who committed to spending at least $1 million on CoreWeave Cloud grew nearly 150%. He also said that the prices remained stable throughout the year 2025 and that those trends continued in the beginning of 2026.
Executives also pointed to the need for previous generations of GPUs. Intrator said the average price of the H100 in Q4 was within 10% of where it started the year, while the price of the A100 increased in 2025. He said the company is signing infrastructure into new reserved contracts before they become available, adding that customer demand for older generation buildings is “due to speculative use cases.”
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CoreWeave ended 2025 with more than 850 megawatts in operation as of Dec. 31 and added about 260 megawatts in the fourth quarter alone, executives said. Intrator said the company ended the year with 43 active data centers, up from 32 at the beginning of the year.
Looking further, Intrator said the company has contracted close to 2 gigawatts of additional capacity through 2025 and ended the year with more than 3.1 gigawatts of contracted capacity, “almost all” of which it expects to come online by the end of 2027. 2030.
Intrator also said the company resolved previously discussed data center delays faster than expected and delivered impactful shipments ahead of expectations on last quarter’s call. He said CoreWeave has now delivered more than 50,000 Grace Blackwells to the affected customer, regularly shipping servers and delivering them within weeks of gaining access to the necessary data center infrastructure.
In product validation, Intrator said CoreWeave was the first cloud platform to reach NVIDIA’s Exemplar Cloud status of GB200 and remained the only AI cloud at the SemiAnalysis level. He also said that CoreWeave expects to be among the first to bring NVIDIA’s new Rubin GPU platform to market in the second half of 2026 and plans to expand its product portfolio to include NVIDIA’s Vera CPU and BlueField storage.
Agrawal said operating expenses for the fourth quarter were $1.7 billion, including $157 million in stock-based compensation. He attributed the increase to faster-than-expected deployments of data center and server infrastructure, higher technology and infrastructure utilization, go-to-market investments, and higher G&A related to M&A and finance activity and public company expenses and accounting additions.
Adjusted EBITDA in Q4 was $898 million, up from $486 million in Q4 2024, with a 57% adjusted EBITDA margin. Adjusted operating income in Q4 was $88 million, down from $121 million a year ago, which Agrawal said was lower than expected due to earlier-than-expected infrastructure deployments. The company reported a net Q4 loss of $452 million compared to a net loss of $51 million in Q4 2024, driven in part by higher interest expense of $388 million compared to $149 million a year ago.
Capital expenditure was concentrated. CoreWeave said Q4 CapEx reached $8.2 billion and full-year CapEx was $14.9 billion, both higher than expected because infrastructure came on stream faster than expected. Agrawal also said construction in progress increased to $9.4 billion, up $2.5 billion quarter over quarter, reflecting the level of infrastructure expected to be launched in the near term.
Agrawal said CoreWeave ended the year with $4.2 billion in total cash, cash equivalents, and marketable securities. In Q4, the company raised nearly $2.6 billion through its initial public offering of convertible senior notes, raised by demand, and expanded its revolving credit facility to $2.5 billion. By 2025, CoreWeave said it has secured more than $18 billion in debt and equity working with more than 200 investment partners and financial institutions.
Agrawal said the company’s average interest rate is down 300 basis points by 2025, representing about $700 million in annual interest savings based on Q4 debt balances, and noted a reduction of nearly 600 basis points from 2023. The applicant added in the Q&A that, as the cost of capital decreases, the company’s dependence is the dependence of the business.
The management has provided guidance for 2026 showing significant investments related to signed contracts:
2026 CapEx: $30 billion to $35 billion; Executives said “pretty much everything” is tied to customer contracts that have already been signed and are expected to help double active capacity to more than 1.7 GW by the end of the year.
Income for 2026: $12 billion to $13 billion, about 140% year-over-year growth at midpoint.
2026 adjusted operating income: $900 million to $1.1 billion.
Revenue for Q1 2026: $1.9 billion to $2.0 billion.
Adjusted operating income for Q1 2026: $0 to $40 million; Management described Q1 as on track for annual margins.
Interest costs for Q1 2026: $510 million to $590 million.
Agrawal said margins are expected to increase sequentially from low single digits in Q1, increase each quarter, and return to low double digits in Q4 as volume increases and revenue scales against a cost base. Over time, he reiterated confidence in achieving margins of 25% to 30% as growth normalizes, citing mid-twenties contribution estimates for mature contracts and continued expansion of “margin-gaining” products and services.
Regarding the long-term outlook, Agrawal said the company expects to exit 2026 with annual revenue ranging from $17 billion to $19 billion, growing to more than $30 billion in annual revenue by 2027. 2026” and continues to add contracts expected to be awarded as capacity comes online in 2027.
Both executives said the 2026 guidance does not include potential meaningful revenue and margin benefits from licensing CoreWeave’s proprietary cloud stack beyond its own data centers. Intrator said the expanded partnership with NVIDIA, including NVIDIA’s intent to test and validate the CoreWeave platform for inclusion in NVIDIA’s reference architecture, could expand distribution over time, but executives emphasized that this outlook was not included in the outlook provided on the call.
CoreWeave is a US-based provider of GPU-accelerated cloud infrastructure designed to support demanding computing workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company provides access to a large fleet of today’s GPUs and associated infrastructure that enables customers to train and run large models, use inference at scale, and process heavy graphics loads with low latency and high throughput.
CoreWeave’s product offering includes on-demand and dedicated GPU environments, bare metal servers, private clusters and managed services designed for enterprise and developer use.
The article “CoreWeave Q4 Earnings Call Highlights” was first published by MarketBeat.
