CoreWeave Q3 2025 Earnings Report

CoreWeave EPS Results

• Actual EPS: -$0.22
• Consensus EPS: -$0.36
• Beat/Miss: Beat by +$0.14
• One Year Ago EPS: -$1.82

CoreWeave Revenue Results

• Actual Revenue: $1.36 billion
• Expected Revenue: $1.28 billion
• Beat/Miss: Beat by +$86.56 million
• YoY Revenue Growth: +133.70%

CoreWeave Announcement Details

• Quarter: Q3 2025
• Date: 11/10/2025
• Time: After Market Closes
• Conference Call Date: Monday, November 10, 2025
• Conference Call Time: 5:00PM ET

CoreWeave (NASDAQ:CRWV), Inc. is a specialized cloud computing provider focused on infrastructure for artificial intelligence, machine learning, high-performance computing and other data-intensive workloads. The company provides access to accelerated computing resources, particularly graphics processing units (GPUs), through a cloud platform designed for large-scale training, inference, rendering and scientific computing.

Its offerings include on-demand and reserved GPU instances, cloud storage, high-speed networking, Kubernetes-based container orchestration and managed services for deploying and scaling workloads. CoreWeave also supports batch processing and high-performance computing environments, helping businesses, research organizations and software developers build and operate AI applications.

The company was founded in 2017 and was initially known as Atlantic Crypto, before adopting the CoreWeave name as it expanded beyond cryptocurrency-related computing. CoreWeave operates data-center infrastructure in the United States and Europe and serves customers internationally. Michael Intrator, a co-founder of the company, serves as chief executive officer.

CoreWeave Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: CoreWeave reported a strong quarter with $1.4 billion in revenue (+134% YoY) and a rapidly growing backlog of $55.6 billion, while claiming a record $50 billion RPO reached faster than any cloud in history.
• Positive Sentiment: Capacity and customer momentum accelerated — active power rose ~120 MW to ~590 MW, contracted power reached 2.9 GW with >1 GW available to sell in the next 12–24 months, and large expansions with customers including Meta, OpenAI and multiple hyperscaler contracts drove meaningful diversification (no single customer >~35% of backlog).
• Negative Sentiment: A third‑party data‑center "powered shell" delay will weigh on Q4 results and pushed a material portion of CapEx into Q1, prompting 2025 CapEx guidance of $12–$14 billion and a note that 2026 CapEx is expected to be "well in excess of double" 2025.
• Negative Sentiment: Financing and profitability risks remain — Q3 interest expense rose to $311 million (guidance ~$1.21–$1.25B for 2025), CoreWeave posted a Q3 net loss of $110 million despite strong adjusted EBITDA, and construction‑in‑progress sits at $6.9 billion, highlighting heavy leverage and ongoing capital intensity.
• Positive Sentiment: Product and market expansion continues — CoreWeave launched AI Object Storage (exceeding $100M ARR), introduced CoreWeave Federal (NASA/JPL win), completed strategic M&A (OpenPipe, Merge, Monolith), and claimed technical leadership with GB300 MLPerf results and top industry rankings.

Presentation

[Operator]

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave third quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. To ask a question, press star one on your telephone keypad. To withdraw your question, press star one again. Thank you. It is now my pleasure to turn the call over to CoreWeave.

[Operator]

Thank you. Good afternoon and welcome to CoreWeave's third quarter 2025 earnings conference call. Joining me today to discuss our results are Mike Intrator, CEO, and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release and in our quarterly report on Form 10Q to be filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and certain non-GAAP financial measures.

[Operator]

A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also be available on our investor relations website. I would like to turn the call over to Mike.

[Mike Intrator, CEO at CoreWeave]

Good afternoon, everyone, and thank you for joining us. CoreWeave, once again, delivered an exceptional quarter, showcasing the accelerating momentum underlying our business as AI adoption proliferates globally across industries. We continue to operate in a highly supply-constrained environment, where the demand for CoreWeave's best-in-class AI cloud platform far exceeds available capacity. This insatiable customer demand is a clear signal that the world's leading companies trust CoreWeave to power their most critical AI workloads. In Q3, we beat expectations, delivering revenue of $1.4 billion, up 134% year-over-year. We added over $25 billion in revenue backlog in the third quarter alone, bringing us to over $55 billion in revenue backlog to end Q3, almost double Q2 and approaching four times year-to-date. Further, CoreWeave has reached $50 billion in RPO, faster than any cloud in history.

[Mike Intrator, CEO at CoreWeave]

These results demonstrate the deep confidence customers have in CoreWeave, the company they trust as their essential cloud for artificial intelligence. We continue to scale aggressively, even as the industry remains capacity-constrained. We expanded our active power footprint by 120 MW sequentially to approximately 590 MW, while growing our contracted power capacity over 600 MW to 2.9 GW. This leaves us well-positioned for future growth, with more than 1 GW of contracted capacity available to be sold to customers that we expect to largely come online within the next 12 to 24 months. In Q3, we executed large-scale compute contracts with many of our largest customers, including Meta and OpenAI. Each represents a meaningful expansion of existing relationships and a diversification away from any single customer. We also grew our relationship with a leading hyperscaler, marking the sixth contract with this customer to date.

[Mike Intrator, CEO at CoreWeave]

In fact, nine of our ten largest customers have now executed multiple agreements with us, the only exception being a new customer we onboarded in Q3. CoreWeave is the force multiplier that empowers pioneers to accelerate breakthroughs in AI innovation. These are the world's most sophisticated AI organizations, and once they experience the performance, flexibility, and reliability of CoreWeave Cloud, they consistently expand with us. That is the strongest validation we could ask for. Our exceptional growth illustrates just how quickly AI adoption is progressing beyond the frontier AI labs and hyperscalers. Broader global demand and our recent large wins are driving diversification of our revenue base. For example, the number of customers that exceeded $100 million of revenue over the last 12 months tripled year-over-year. AI native and enterprises across sectors are embracing CoreWeave to transform operations and unlock new sources of innovation, productivity, and growth.

[Mike Intrator, CEO at CoreWeave]

At the forefront of foundation model development, Poolside selected CoreWeave to power its mission to build artificial general intelligence and enable the deployment of agents across enterprises, while Periodic Labs is using CoreWeave to push the boundaries of scientific discovery and computational research. At the application layer, we added AI native customers like Jasper, who chose CoreWeave as their cloud partner as they transform the digital marketing landscape. We are also seeing incredible momentum within enterprises. CrowdStrike chose CoreWeave to advance the development of AI agents for cybersecurity, while Rakuten is using our platform to transform their visual language models, helping to achieve greater transparency, reproducibility, and speed in their AI workloads. We also saw further expansion with a wide range of enterprise customers, including a leading software design platform and a large Telco operator in the U.S.

[Mike Intrator, CEO at CoreWeave]

Our reach now extends into the public sector, a market with unique performance and security requirements. We recently launched CoreWeave Federal to bring our cloud services to the U.S. government agencies and the defense industrial base. Already, NASA is leveraging our services to advance scientific exploration at its Jet Propulsion Laboratory. We are honored to help strengthen America's AI infrastructure, enabling agencies to accelerate innovation and address critical missions and our national interests. These recent wins underscore that we are enterprise-ready. With our customer base broadening across verticals and geographies, we are excited to welcome Jon Jones as our first Chief Revenue Officer. Jon joins us from AWS, where he served as Global Head of Startups and Venture Capital. Jon is a strong addition to our team and will play an important role scaling our global revenue organization and driving expansion through this next phase of growth.

[Mike Intrator, CEO at CoreWeave]

Next, as I move to discuss our growing data center footprint, I want to briefly touch on our previously proposed acquisition of Core Scientific, which was terminated in October. While the deal made sense strategically for both companies, the valuation required by their shareholders was simply not a price that was appropriate for CoreWeave, particularly because the outcome of the transaction in no way adversely impacts our ability to achieve our growth ambitions in the coming years. Instead, we will continue to work closely with Core Scientific on the approximately 590 MW of capacity we have already leased. Our disciplined approach to expanding our capacity footprint ensures we are meeting the surging global demand for CoreWeave's cloud services. As I mentioned, we grew our contracted power capacity to 2.9 GW this quarter as we diversified across size, geography, and developers, enhancing resilience and flexibility across our portfolio.

[Mike Intrator, CEO at CoreWeave]

As of Q3, no single data center provider represents more than approximately 20% of our contracted power portfolio. In the past quarter, we added eight new data centers across the U.S., strengthening our domestic coverage with additional expansions underway across Europe, including a major new presence in Scotland, which is being developed in partnership with the U.K. government. As we announced over the course of the summer, we have embarked on self-build projects to further accelerate our footprint and provide us greater operational control. While we are experiencing relentless demand for our platform, data center developers across the industry are also enduring unprecedented pressure across supply chains. In our case, we are affected by temporary delays related to a third-party data center developer who is behind schedule. This impacts fourth-quarter expectations, which Nitin will discuss shortly.

[Mike Intrator, CEO at CoreWeave]

Having said that, the customer affected by the current delays has agreed to adjust the delivery schedule and extend the expiration date. As a result, we maintain the total value of the original contract, and the customer preserves their capacity for the full duration of the initial agreement, demonstrating the confidence they have in our ability to provide the most performance solutions in market. We are incredibly proud of our technical accomplishments, and our customers continue to tell us that CoreWeave is the absolute best place to run AI workloads. In the third quarter, we continue to deliver many of the initial scale deployments of the GB200s, while once again being first to market, this time with the GB300s, further highlighting our incredible track record of operational excellence. CoreWeave's industry leadership is unmatched.

[Mike Intrator, CEO at CoreWeave]

We are the only cloud provider to submit MLPerf inference results for GB300s, setting the benchmark for real-world AI performance. Just last week, SemiAnalysis once again recognized our dominance, awarding CoreWeave its highest possible distinction, its Platinum Cluster Max ranking, for the second time ahead of more than 200 providers, including the hyperscalers and emerging neoclouds. No other cloud has achieved this once. CoreWeave has done it twice, underscoring yet again that CoreWeave stands alone at the forefront of the AI cloud. Demand for AI cloud technology remains robust across generations of GPUs. For example, in Q3, we saw our first 10,000-plus H100 contract approaching expiration. Two quarters in advance, the customer proactively recontracted for the infrastructure at a price within 5% of the original agreement.

[Mike Intrator, CEO at CoreWeave]

This is a powerful indicator of customer satisfaction, as well as the long-term utility and differentiated value of the GPUs run on CoreWeave's platform. CoreWeave is the world's first AI cloud at hyperscale, comprising compute, storage, networking, and software purpose-built for AI workloads. Our growing cloud portfolio is underpinned by an expanding suite of software and services that help our customers build, train, and deploy new products faster. In addition to Mission Control, our proprietary orchestration solution, which is critical to autonomously operate our AI cloud at the bleeding edge, we recently launched CoreWeave AI Object Storage, a fully managed storage service that eliminates any friction of moving data between regions, clouds, and tiers with zero egress or transaction fees. CoreWeave's AI Object Storage delivers the highest amount of throughput of AI workloads while cutting the customer's cost by more than 75%.

[Mike Intrator, CEO at CoreWeave]

We have already seen tremendous interest in this offering, adding a number of initial customers, including frontier AI labs like Mistral. Across our entire storage platform, we have seen rapid customer adoption, eclipsing $100 million in ARR in Q3. Combined with our unique global network backbone purpose-built for AI, this positions CoreWeave as the hub for customers and their key AI workloads, enabling consistent best-in-class performance and seamless user experiences when utilizing CoreWeave Cloud or a secondary provider. We have supplemented these capabilities with further expansion of our observability and security suites to ensure that CoreWeave is best positioned to handle all of our customers' critical workloads, regardless of the use case or geography. Our role over the last few years has been to support the pioneers who are developing and improving AI. Now we are expanding our role to help put AI to work.

[Mike Intrator, CEO at CoreWeave]

From the tools that developers require to build AI to the solutions that the physical world requires to adopt AI, we've used M&A as a key tool to accelerate this journey, including the recently announced acquisitions of OpenPipe, Marimo, and Monolith. With OpenPipe, we quickly integrated their solutions into our broader fine-tuning product suite and introduced the first publicly available serverless reinforcement learning tool. With Marimo, we are expanding CoreWeave's exposure to and impact within the open-source community, starting with entry-level exploration and prototyping. Both OpenPipe and Marimo fit seamlessly with the capabilities of Weights & Biases, where we are rapidly growing the developer base reliant on CoreWeave's holistic platform.

[Mike Intrator, CEO at CoreWeave]

With Monolith, we are expanding these capabilities into the physical world to unlock the monetization of AI today, initially focusing on industrial use cases with an established enterprise customer base and mature workloads, including leading auto OEMs like Nissan and Stellantis. Through the rapid and successful launch of new products and services, we are expanding our addressable market and growing with our customers. We are fundamentally evolving the capabilities of CoreWeave, which is creating beachheads and expansion opportunities into new markets, all in the service of further supporting the rapid growth of AI and enabling AI builders and innovators to get to market faster and more reliably and drive ROI. Our engagements are getting more sophisticated, as evidenced by our partnership with CrowdStrike, which will unlock and accelerate partner-driven growth.

[Mike Intrator, CEO at CoreWeave]

Our new storage product and partnership with Vast Data is another example of accelerating both our product portfolio and partner go-to-market motions and allows us to compete in new markets where we previously had limited or no offerings. This facilitates customer-driven platform adoption and product-led growth, creating tailwinds for our business. As I close, I want to emphasize what truly sets CoreWeave apart. We are the essential cloud for AI, combining unmatched technical and operational excellence with a rapidly diversifying customer base. We deliver the most performant infrastructure, the fastest time to market, and the most advanced capabilities in the industry. The world's leading AI innovators choose CoreWeave because we enable them to move faster, scale smarter, and achieve outcomes that simply are not possible anywhere else. Our momentum has never been stronger, and the opportunities ahead continue to expand.

[Mike Intrator, CEO at CoreWeave]

Powered by exceptional products, an extraordinary team, and unrivaled execution, CoreWeave is ready to enter the next phase of growth as a full-stack AI service provider and hyperscale. The future runs on CoreWeave, and we are just getting started. With that, here's Nitin.

[Nitin Agrawal, CFO at CoreWeave]

Thanks, Mike, and good afternoon, everyone. Our impressive third-quarter results reinforce the relentless demand for CoreWeave and our focused execution in building the essential cloud for AI. As Mike shared, we continue to execute within a highly supply-constrained environment, which we expect to persist for an extended period of time. Our continued focus on delivering the most performant solution in the market and investing up and down the stack is spurring growth and diversification across our customer base, from new enterprises and AI natives to expansion with existing customers. Now turning to Q3 results.

[Nitin Agrawal, CFO at CoreWeave]

Q3 revenue was $1.4 billion, up 134% year-over-year, driven by robust customer demand and strong execution. Revenue backlog for the quarter ended at $55.6 billion, almost doubling in the third quarter alone. Demand remains robust for not just the Blackwell platform, but across our GPU portfolio. In the third quarter, we signed a number of deals for older generations of GPUs, adding new customers and recontracting existing capacity. The breadth of demand for CoreWeave's cloud services has enabled us to reduce our customer concentration significantly. Today, no single customer represents more than approximately 35% of our revenue backlog, down from approximately 50% last quarter and even more meaningfully from approximately 85% to begin the year. Additionally, as of Q3, more than 60% of our revenue backlog is tied to investment-grade customers. This is what successful execution against our stated goal of platform and customer diversification looks like.

[Nitin Agrawal, CFO at CoreWeave]

Operating expenses in the third quarter were $1.3 billion, including stock-based compensation expense of $144 million. We continue to ramp our investments in data center and server infrastructure to execute against our growing revenue backlog, which contributed to the increase in our cost of revenue and technology and infrastructure spend in Q3. In addition, the increase in sales and marketing was driven by investments in marketing and scaling our go-to-market organization to capture the rapid growth of AI opportunities across enterprises and AI natives. The increase in G&A was driven by professional services and headcount. Adjusted operating income for Q3 was $217 million, compared to $125 million in Q3 of 2024. Our Q3 adjusted operating margin was 16%. Adjusted operating income was better than expected due to higher revenue, lower costs due to timing of data center deliveries from our third-party partners, and improved fleet efficiencies.

[Nitin Agrawal, CFO at CoreWeave]

Net loss for the third quarter was $110 million, compared to a $360 million net loss in Q3 of 2024. Interest expense for Q3 was $311 million, compared to a $104 million in Q3 of 2024 due to increased debt to support the scaling of our infrastructure, partly offset by the benefit from better interest rates on our debt as we make further progress in lowering our cost of capital. Adjusted net loss for Q3 was $41 million, compared to approximately break-even in Q3 of 2024, while adjusted EBITDA for Q3 was $838 million, compared to $379 million in Q3 of 2024, increasing more than 2x year-over-year. Our adjusted EBITDA margin was 61%. Turning to capital expenditures, CapEx in Q3 totaled $1.9 billion, lower than anticipated due to the delays Mike mentioned related to deliveries from a third-party data center provider.

[Nitin Agrawal, CFO at CoreWeave]

The meaningful growth in construction in progress to $6.9 billion and increase of $2.8 billion quarter-over-quarter is a direct result. As a reminder, construction in progress represents infrastructure not yet in service and is excluded from CapEx until it is deployed. Now let's turn to our balance sheet and strong liquidity position. As of September 30, we had $3 billion in cash, cash equivalents, restricted cash, and marketable securities. Growing rapidly and operating at scale demands a strategic approach to securing capital. CoreWeave has established itself as the leading AI cloud and the leading innovator in financing the infrastructure required to power the world's most advanced workloads for enterprises and AI labs. We continue to make great progress in strengthening our capital structure and lowering our cost of capital.

[Nitin Agrawal, CFO at CoreWeave]

In Q3, we amended the DDTL 2.0 facility by increasing its remaining drawable capacity by over $400 million to create a new $3 billion tranche at SOFR plus 425, which is significantly below the original cost of the facility. As we discussed previously, we also closed DDTL 3.0 in the third quarter, priced at SOFR plus 400, which represents a 900 basis point decrease from the non-investment-grade portion of our prior facility. Going forward, we expect to continue to be able to finance at lower spreads as our capital providers increasingly appreciate our best-in-class execution, as well as the durable cash flow and visibility that underpin our take-or-pay customer contracts. Further, we raised $1.75 billion in senior notes in July, extending our exposure to the high-yield market at a cost 25 basis points lower than our inaugural offering in May.

[Nitin Agrawal, CFO at CoreWeave]

Year to date, CoreWeave has successfully secured $14 billion in debt and equity transactions to support our execution on our rapidly growing backlog and efficient scaling for long-term growth. Other than payments related to OEM vendor financing and self-amortizing debt through committed contract payments, we have no debt maturities until 2028. Turning to tax, in Q3, we recorded a non-cash tax benefit primarily due to the impact of one big beautiful bill. While the size of the impact to Q3 was one-time in nature due to a year-to-date catch-up, we expect the change in law to enable CoreWeave to realize cash tax savings in future periods. Now turning to guidance. As mentioned, the delays in powered shell delivery associated with the data center provider will have an impact on our fourth-quarter results.

[Nitin Agrawal, CFO at CoreWeave]

These delays are temporary, and as Mike noted, the affected customer has agreed to adjust the delivery schedule to preserve their capacity for the full duration and the total value of the original agreement. With that backdrop, we now expect 2025 revenue in the range of $5.05-$5.15 billion. In addition, we anticipate 2025 adjusted operating income between $690-$720 million and expect to end the year with over 850 MW of active power. In Q4, we will be bringing online some of the largest-scale deployments in our company's history. This will have a near-term impact on adjusted operating margin due to the timing difference between when data center costs are first incurred and when we start recognizing revenue.

[Nitin Agrawal, CFO at CoreWeave]

We expect 2025 interest expense in the range of $1.21 billion-$1.25 billion, driven by increased debt to support our demand-led CapEx growth, partly offset by an increasingly lower cost of capital. Moving to CapEx, we now expect 2025 CapEx in the range of $12 billion-$14 billion. We expect this reduction in CapEx from our prior guidance will be mostly reflected by a corresponding increase in construction in progress due to the buildup of infrastructure waiting to be deployed following the delivery of powered shell capacity. As such, the vast majority of the remaining CapEx we had previously anticipated to land in Q4 will now be recognized in Q1. In addition, given the significant growth in our backlog and continued insatiable demand for our cloud services, we expect CapEx in 2026 to be well in excess of double that of 2025.

[Nitin Agrawal, CFO at CoreWeave]

These investments in our infrastructure platform will strengthen our competitive moats and support our continued hypergrowth. In closing, we delivered a record third quarter and remain more confident than ever in the long-term trajectory of our business. Over the course of this year, we've made tremendous progress, accelerating our revenue backlog growth that now exceeds $55 billion while diversifying our customer base, executing strategic partnerships and acquisitions to strengthen and broaden our platform, accessing new capital pools that meaningfully reduce our cost of capital, and scaling both our capacity and organization at an unprecedented pace. This progress enables us to seize the opportunities in front of us today and create a strong foundation for years to come.

[Nitin Agrawal, CFO at CoreWeave]

Our addressable market continues to expand, not only as AI adoption proliferates across industries and use cases, but also through deliberate business decisions we've made to broaden our product portfolio and capture greater wallet share across the industry. CoreWeave is reaching escape velocity, scaling more rapidly and efficiently, and solidifying our leadership as the essential cloud for AI. Thank you to our investors and analysts for your support and engagement. We look forward to updating you on our progress in the quarters to come. With that, we move to Q&A.

[Operator]

As a reminder to ask a question, simply press star followed by the number one on your telephone keypad. We respectfully request that you limit questions to one. Our first question comes from the line of Mark Murphy with JPMorgan. Please go ahead.

[Mark Murphy, Executive Director at JPMorgan]

Thank you, Michael. Every discussion we have across the AI landscape, we hear that bookings are booming, and obviously, that applies to CoreWeave. The bottlenecks around power and manpower are just becoming so severe. Can you speak to that situation relating to the third-party provider? Specifically, is it a shortage of power or manpower? Is it something outside of that with GPUs or memory or storage? Have you spoken to your other third-party providers to get a sense of their own trending relative to schedule and whether they think they can hold on their or deliver on their commitments into early next year?

[Mike Intrator, CEO at CoreWeave]

Let me kind of take that question apart a few different ways, right? First of all, you're correct. It is very frustrating for our clients. It's very frustrating for us because of the kind of systemic challenges that exist within the supply chains that are necessary to deliver the global infrastructure that's required for artificial intelligence. Having said that, we have taken a number of steps along the way here to really drive home our ability to manage that environment, which is going to be challenging into the future. We've really spent a lot of time diversifying our data center providers. We have created a significant portion of the company dedicated to being able to facilitate and assist with the operational component of delivering infrastructure. We've set up our own self-build efforts, including Kenilworth and Lancaster, Pennsylvania.

[Mike Intrator, CEO at CoreWeave]

You see us kind of really spreading out and ensuring that we're doing everything that is possible to limit the damage associated with or the delays associated with delivering this infrastructure, which is just overwhelming the supply chains. Now, when you have a diversified portfolio of paths to infrastructure, the relative impact of each delay becomes smaller. You'd just be able to draw on different data centers as you're getting it delivered. We really look at this as this is a significant block of infrastructure that's come on late. The fact that the ultimate end customer that's going to be consuming this infrastructure has shifted the contract back to allow us to be able to deliver the full contract value in spite of the delays really speaks to the value that the customers get out of our infrastructure.

[Mike Intrator, CEO at CoreWeave]

You're going to be hearing this theme repeated again and again as you talk to not just CoreWeave, but you talk across the space. 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. Really, where the challenge is, is the powered shell.

[Mark Murphy, Executive Director at JPMorgan]

Michael, does this not relate to Core Scientific in any way, or is this totally removed from that situation that you've gone through?

[Mike Intrator, CEO at CoreWeave]

I'm not going to speak to any specific one of our data center providers. We're working with all of our data center providers to do everything we can to facilitate the ultimate delivery of the infrastructure that they're going to deliver to us. We've had some incredible success getting infrastructure delivered to us, as you continue to see us scaling. You saw us hit approximately 590 MW. We're up 120 MW since the last call. You are seeing a significant amount of success as we continue to scale delivery. I don't think it really matters who the individual data center provider is. This is a systemic problem that the industry is going to have to deal with for the foreseeable future. The important part here is that, or the important part from my seat, is that the infrastructure which is undergoing a delay is not going to impact our backlog and our ability to extract the full value from the contracts that we're going to deliver on.

[Operator]

Our next question is from the line of Keith Weiss with Morgan Stanley. Please go ahead.

[Keith Weiss, Equity Analyst at Morgan Stanley]

Excellent. Thank you, guys, for taking the question. Congratulations on another super impressive quarter in terms of building out that backlog. You're right. We've never seen this in terms of any cloud provider being able to build out that quickly. Mike, I wanted to ask you a question that's been asked of us a lot that we're hearing a lot on CNBC. It's really about sort of the risk of overcapacity. I think it's more narrow than that. People are worried about overcapacity of what's being contracted by AI labs out there. The question I want to ask you, though, is how we should think about your guys' infrastructure and the infrastructure that you build and how fungible that infrastructure really is. When you're building out for a particular customer, those data centers, is that usable for any customer? Is it usable for inference and training? Or do you really build to suit a certain customer that would lock you in and give you kind of less degrees of freedom, if you will, if one customer is doing better or worse?

[Mike Intrator, CEO at CoreWeave]

Yeah, Keith, that's an excellent question. It's actually something that we've spent a lot of time thinking about here as we kind of proceed with our relationships with all our customers. In short, the infrastructure is fungible. It would be able to be transferred from one client to another. The infrastructure is built to the most demanding specs, so it's able to be used for training. It's able to be used for inference. We really have thought a lot about making sure that we maintain as much optionality, as much flexibility within our infrastructure build as possible.

[Mike Intrator, CEO at CoreWeave]

I want to highlight for everyone that a lot of that flexibility, a lot of that fungibility really does tie back to the incredible software suite that we provide that allows for such effective use of the infrastructure, right? When SemiAnalysis did their annual kind of review of the alternatives out there, there is a reason that CoreWeave has come back time and time again as singular as the best solution for this type of infrastructure that exists in the world. That includes the hyperscalers, the neoclouds, and everyone else that is trying to deliver this infrastructure. We just do a great job, and we believe that there is a lot of value that we are protecting by providing such a robust software suite to be able to deliver infrastructure.

[Operator]

Our next question comes from the line of Kash Rangan with Goldman Sachs. Please go ahead.

[Kash Rangan, Managing Director at Goldman Sachs]

Hi. Thank you very much and impressive backlog growth. Two things that I wanted to just touch upon. One is, Mike, I think you've talked about how you're going to be diversifying your contractors on the data center side. Maybe you could give us an honest-to-goodness update on how far are we away from potentially reaching a point where any disruptions that have nothing to do with your business should not affect your revenue outlook. How far away are we from that point? Secondly, when you look at the developments, I mean, nobody expected—maybe some did—but at a $250 billion contract for OpenAI with Microsoft, nobody expected a $300 billion contract for OpenAI with Oracle. All of a sudden, certainly, CoreWeave has got a unique value proposition, being able to stand up GPU clusters very quickly, very effectively, at the speed of thought almost.

[Kash Rangan, Managing Director at Goldman Sachs]

In a landscape where we're talking hundreds of millions of dollars being awarded to the hyperscaler giants, what gives you the uniqueness three to four years from now when things have sort of settled into a supply equals demand? When we look back at CoreWeave, what will be the shining value proposition that keeps you in the game at that point? Thank you so much, and that's it for me.

[Mike Intrator, CEO at CoreWeave]

Yeah, thank you. Let me break that question into two pieces, right? The first question you asked is about diversification and when does it stop kind of causing dislocation in our numbers as we're delivering them quarter to quarter. What I would like to focus you on here is, as the individual builds become smaller relative to the size of the entire portfolio of data centers that we are running, the impact of being a couple of weeks late will become less and less meaningful in the general accounting of what's going on, right? When you're delivering 590 MW of power and you have a step function of 2 or 300, it's a material percentage that's going to be delivered over the next quarter, right? As we become larger and larger and start to build out the full 2.9 GW of power that we have, having a data center that's 100 MW delayed a week or two is not going to have a material impact.

[Mike Intrator, CEO at CoreWeave]

As Nitin said, we expect the overwhelming majority of that 2.9 GW of power to be brought into service over the next 12 to 24 months. That will give you a really good idea of how the curve begins to become more smooth as we get larger and the relative impact of each data center becomes smaller. That is the first part on the scaling side. The second part is the question you're asking has been asked of us since we started this business. Why is CoreWeave going to be able to deliver GPUs faster? Why are we going to be able to deliver the GPUs that NVIDIA uses to run its MLPerf? Why are we going to be able to create software that is going to define the space?

[Mike Intrator, CEO at CoreWeave]

With each quarter, you see us extending the lead with which we have because of the customization of our cloud to the use case that is required. Once again, you saw us in the SemiAnalysis, we're singular in this. We're out there building our product offering. We're building or buying additional capacity to further decommoditize the compute that we're delivering. A company that's built singularly to deliver this type of compute will be effective on a go-forward basis.

[Operator]

Our next question is from the line of Amit Daryanani. Please go ahead.

[Mike Intrator, CEO at CoreWeave]

Amit, are you on mute?

[Operator]

Amit your line is open.

[Nitin Agrawal, CFO at CoreWeave]

Alright, let's go to the next question, and we'll come back to Amit. Alright, can we go to the next question, and we'll come back to Amit?

[Operator]

Our next question is from Tyler Radke with Citi. Please go ahead.

[Tyler Radke, Managing Director and Senior Equity Research Analyst at Citi]

Hey, hopefully you can hear me okay. Thanks for taking the question. Double-clicking on some of the delays that you called out in the quarter, can you just help us understand the implications on 2026? I know, Nitin, you provided some high-level commentary on CapEx. I mean, just given the visibility you have, particularly on the 24-month component of RPO, how should we be thinking about sort of the revenue implications of this shift? Is this a delay that you think kind of gets fully resolved into Q1? Should we see sort of a step-up in growth rate next year relative to this year? Just any color on that would be helpful.

[Mike Intrator, CEO at CoreWeave]

Yeah, I'll start, and then I'll hand it over to Nitin. I think it's important to understand that the ramp that we are seeing is associated with the infrastructure from a single provider. We are parallel pathing with other providers for other contracts. You're going to see a short-term impact associated with this delivery. What you're going to see is our ability to accelerate through the year back to schedule. The overwhelming majority of the delay that you're seeing should be taken care of within Q1 of next year.

[Nitin Agrawal, CFO at CoreWeave]

Yeah, Tyler, that is correct. The vast majority of the CapEx push-out that we experience in Q4 will be done in Q1. As you can imagine, we're going to ramp the capacity through the course of Q1 for this. As Mike earlier mentioned, the impact on the total revenue associated with the customer is not impacted here because we've been able to adjust the delivery dates associated with the customer so that the customer keeps the full capacity as well as the contract value associated with it. We will share more details around the 2026 build and our revenue plan associated in the next earnings. As we highlighted in this quarter, given the strong customer demand that you see, that is demonstrated in our revenue backlog growth, as well as the continued customer demand we see, we expect 2026 CapEx to be well more than double that of 2025.

[Operator]

Our next question is from the line of Michael Turrin with Wells Fargo. Please go ahead.

[Michael Turrin, Managing Director and Equity Research Analyst at Wells Fargo]

Hey, thanks very much. I appreciate you taking the question. I want to just try to tie some of the commentary together because the bookings growth clearly stands out, and there are a lot of questions just around the sequencing. It sounds like what you're saying is the supply chain impacts you're seeing are more single customer specific.What I'm trying to get a better sense of is, does this at all impact the cadence at which you're able to sign on new customers, or is this more tied to post-ramp signing and one more specific customer environment? And just as a small follow-up, does the NVIDIA deal specifically show up in the backlog metric? It might be useful to hear you expand on what that deal opens up, given it's a bit of a different structure there as well. Thanks very much.

[Mike Intrator, CEO at CoreWeave]

Sure. There is no impact on our ability to bring on more clients. I think it's important to understand that we're parallelizing the build of infrastructure. There is a problem at one data center that's impacting us, but there are 32 data centers in our portfolio. All of them are progressing to one extent or another. Each one of those is independent. As Nitin spoke earlier, we have 2.9 GW worth of contracted power that will come on in the next 12 to 24 months. We are going to be looking to fill that with clients that are going to be using that, which will have a substantial impact on our revenue on a go-forward basis. This one data center will catch up, and then we will move forward from there. Want to talk about the NVIDIA deal?

[Nitin Agrawal, CFO at CoreWeave]

Yeah. Michael, on the NVIDIA deal perspective, we're really excited about this deal. This contract allows for the capacity contracted and reserved for NVIDIA to be interrupted and resold to different customers. The nature of this contract allows us to offer our services profitably to a wide range of smaller customers, such as high-growth AI labs that prefer shorter and lower upfront commitments, while eliminating any utilization risks for capacity from our side. We are really excited about this. Given the flexibility in the contract to interrupt and to resell capacity, accounting rules require us that we exclude the amount we expect to be resold to other customers from RPO. To be clear, if not resold, this capacity will remain committed to NVIDIA and will be recognized as revenue. You see this NVIDIA contract in our revenue backlog, but not in our RPO to a large extent.

[Mike Intrator, CEO at CoreWeave]

Just to follow up with that for a moment there, as Nitin said, we're extremely excited about this because what this contract is going to allow us to do is to provide infrastructure to emerging companies, startups, companies that are struggling to get access to the computing infrastructure that they require to be able to build their business. The interruptibility here is an incredibly powerful tool for the resiliency and opportunities for new companies to become part of CoreWeave's broader offering. We're really excited about this. We think it's a great structure. It is a deal with NVIDIA. They fully underwrite the economics because we will sell the compute to them.

[Mike Intrator, CEO at CoreWeave]

I want to be clear that this really does represent an incredibly disciplined way of financing the compute in order to be able to reach parts of the market that we have been unable to reach, or anyone for that matter has been unable to reach up to this point.

[Operator]

Our next question comes from the line of Brent Thill with Jefferies. Please go ahead.

[Brent Thill, Managing Director at Jefferies]

Nitin, just wanted to be clear, you cut CapEx by 40% for the year. And just to be clear, this is from one customer, correct? You're not assuming other delays across the board, correct?

[Nitin Agrawal, CFO at CoreWeave]

That is correct. This is associated with a single data center provider partner, and the delays associated with that. As we talked in our prepared remarks, most of it, a vast majority of it, is going to be recognized in Q1. In Q4, you're going to see a major impact on build-up of construction in progress associated with the build-up related to it.

[Brent Thill, Managing Director at Jefferies]

Okay. Terrific.

[Operator]

Our next question comes from the line of Raimo Lenschow with Barclays. Please go ahead.

[Raimo Lenschow, Managing Director at Barclays]

Perfect. Thank you. As we think about CapEx next year, Nitin and Mike, can you speak as well about the sources of funding a little bit? Because what we've seen for a lot of the other players is that leasing is coming up a lot more. You talked about CapEx, which is kind of what you need to do. How do you think about that path for you going forward between the different ways of kind of funding the business, which might give you even more flexibility? Thank you.

[Mike Intrator, CEO at CoreWeave]

Thank you. Look, we've driven innovation on the technology side, and we've driven innovation on the financing side, right? The way that I look at this is that we will look at the full suite of potential ways of financing and expanding our footprint. We will choose whatever is the most cost-effective way of increasing our scale and serving our clients. If leasing is the path, that's the path we'll go. We have seen a lot of different structures. We have created a lot of different structures that have given us access to capital over the past three years. We believe that we're going to explore the full suite of those as we look forward. We do not sign customers without knowing where the financing is going to come from.

[Mike Intrator, CEO at CoreWeave]

We go deal by deal, and we make sure that we have the physical data center spoken for, we have the power spoken for, we have the GPU spoken for, and we have the financing spoken for in order to ensure that we are able to successfully deliver compute to them.

[Operator]

Our next question comes from the line of Amit Daryanani with Evercore. Please go ahead.

[Amit Daryanani, Senior Managing Director at Evercore]

Yep. Hopefully this works better.

[Mike Intrator, CEO at CoreWeave]

We got you.

[Amit Daryanani, Senior Managing Director at Evercore]

All right. Perfect. Mike, I was hoping if you could just talk about as you shift from third-party data center providers to perhaps doing more of your own self-build, how does that impact your CapEx and time to market for power as you go forward? We'd love to just understand how do you think that optimal mix looks like and what the CapEx requirements could be as you perhaps go more towards self-build versus third-party data center providers. Thank you.

[Mike Intrator, CEO at CoreWeave]

Yeah. I want to be clear. We're not saying that we're going to go self-build and not use third-party data center providers. What we are saying is that self-build is a component of the way that you go about de-risking delivery across the broader portfolio. We're going to go ahead, and we're going to continue to work with our partners who provide data center capacity that allow us to co-locate at their facilities, that build facilities for us. All of that is going to continue to be true. We need that capacity in order to be able to continue to move and operate at the speed and scale that we are.

[Mike Intrator, CEO at CoreWeave]

We just look at self-build as an additional piece of the puzzle. It puts us closer to the physical infrastructure. It embeds us deeper into the supply chain around the world so that we have first-hand information. We just think that you need to be on both sides of this fence in order to be as effective as you can be de-risking what is a complicated supply chain environment.

[Operator]

Our next question comes from the line of Brad Zelnick with Deutsche Bank. Please go ahead.

[Brad Zelnick, Managing Director at Deutsche Bank]

Great. Thank you so much for taking the question. Mike, with 2.9 GW in committed power and over 1 GW yet to be contracted out to customers, meanwhile, we continue to see a number of other large deals get announced industry-wide.How do you think about, and how might you frame for us, the pacing on contracting out the remaining capacity given the demand is insatiable out there?

[Mike Intrator, CEO at CoreWeave]

Yeah. Look, thanks for the question here. The fact that there are other deals getting contracted out there is incredible validation for the supply-demand environment that we have been describing for years now, right? There is no entity that has the capacity to be able to deliver infrastructure globally in order to meet the demand that's being driven by the largest technology companies in the world, by the largest AI labs in the world, by government, by enterprise. All of these things are coming to bear.

[Mike Intrator, CEO at CoreWeave]

The fact that there are other deals going to other players is part and parcel for the fact that we, like the hyperscalers, like the AI labs, like the data centers, are being overwhelmed by demand. It is just reinforcing and validating the theme that we've been talking about. We think that at the end of the day, the product that we deliver, right, which is a full stack, everything from the hardware all the way through the software, is the most valuable representation of this infrastructure that can be delivered to the market. We continue to think that that will drive a significant amount of demand for our infrastructure. As far as the remaining capacity goes, we're being very thoughtful about continuing to drive diversification across our cloud.

[Mike Intrator, CEO at CoreWeave]

We're continuing to think about different applications that are going to be meaningful contributors to the way the world will work in the future. We are allocating that infrastructure to those parties as quickly as we can in order to ensure that they are successfully able to launch their products, their enterprises.

[Nitin Agrawal, CFO at CoreWeave]

Brad, a couple of things to kind of keep in mind here as we kind of talked about in our prepared remarks. Today, approximately no customer represents greater than approximately 35% of our revenue backlog, which is meaningfully down from where we began the year at 85%. 60% of our revenue backlog is with investment-grade customers. Vectors that we are very thoughtful around as we take care of the capacity that we have available to be sold.

[Operator]

We have time for one final question. Our final question comes from the line of Brad Sills with Bank of America. Please go ahead.

[Brad Sills, Managing Director at Bank of America]

Oh, great. Thank you so much. I did want to ask a question around this concept of the powered shell as the bottleneck here, Mike. Is there any IP that CoreWeave has that you contribute to the build-out of these data centers? Any learnings from this delay that you might be able to apply to other contracts? I'm just trying to get a sense for how much is in your control here to kind of solve for this bottleneck issue that you're experiencing with this one contract itself. Thank you.

[Mike Intrator, CEO at CoreWeave]

Yeah. What I would say is, Brad, I don't think that I would say that our learning has come from this one delay. We've been operating in a systemically supply-constrained market globally now for three years. We understand how difficult it is. With each additional wave of demand, the market gets tighter and tighter. When you ask, "What are we doing to position ourselves on a go-forward basis?" what I would really encourage you to think about is the fact that we've built out an entire organization within CoreWeave that is capable of helping us build and deliver additional capacity on the self-build side.

[Mike Intrator, CEO at CoreWeave]

That's where you embed yourself into the supply chain. You understand where the power is, how it's being contracted. You understand what it takes to build the power shells because you're doing it yourself in addition to the fact that you're using other third-party providers. Those are the type of relationships that will enable us to be as successful as possible in what is going to be a challenging environment for quite a while.

[Operator]

Thank you. That concludes our question and answer session for today. I would now like to turn the conference over to Michael Intrator for closing remarks.

[Mike Intrator, CEO at CoreWeave]

Thank you all for joining us today. As we wrap up, I want to emphasize how proud we are of the strong foundation we've built this year and the incredible momentum driving our business forward. Our team's exceptional execution to build the essential AI cloud has positioned CoreWeave to capture a significant and expanding market opportunity. We appreciate your support and engagement, and we look forward to updating you on progress next quarter. Thank you. Have a good night.

[Operator]

This does conclude today's conference call. You may now disconnect.

Participants

Executives

• Mike Intrator, CEO
• Head of Investor Relations
• Nitin Agrawal, CFO

Analysts

• Brad Zelnick, Managing Director at Deutsche Bank
• Brad Sills, Managing Director at Bank of America
• Michael Turrin, Managing Director and Equity Research Analyst at Wells Fargo
• Tyler Radke, Managing Director and Senior Equity Research Analyst at Citi
• Keith Weiss, Equity Analyst at Morgan Stanley
• Kash Rangan, Managing Director at Goldman Sachs
• Amit Daryanani, Senior Managing Director at Evercore
• Mark Murphy, Executive Director at JPMorgan
• Raimo Lenschow, Managing Director at Barclays
• Brent Thill, Managing Director at Jefferies