CoreWeave (NASDAQ:CRWV) executives used the company’s fourth-quarter and fiscal year 2025 earnings call to emphasize rapid growth, accelerating capacity expansion, and a larger contracted backlog as demand for AI infrastructure broadened across hyperscalers, AI-native companies, and enterprises.
Fiscal 2025 results highlight rapid growth and larger backlog
CEO Mike Intrator said 2025 was “a defining year” for the company, with more than $5.1 billion in revenue, up 168% year-over-year. Fourth-quarter revenue was $1.6 billion, up 110% year-over-year, CFO Nitin Agrawal said.
Demand broadens across customer types; pricing described as stable
Intrator characterized demand as “relentless,” citing adoption across hyperscalers, AI-native customers, and enterprises. He said the company added approximately twice as many new reserved instance customers in Q4 versus any prior quarter, naming Cognition, Cursor, Mercado Libre, Midjourney, and Runway as examples of AI-native and enterprise companies. He also said CoreWeave expanded relationships with both existing hyperscale cloud customers.
For the full year, Intrator said the number of customers committed to spending at least $1 million on CoreWeave Cloud grew by nearly 150%. He also said pricing remained stable throughout 2025 and that those trends continued into the start of 2026.
Management also pointed to demand for prior generations of GPUs. Intrator said average H100 pricing in Q4 was within 10% of where it started the year, while average A100 pricing increased in 2025. He said the company is signing infrastructure into new reserved instance contracts ahead of availability, adding that customer demand for older-generation architectures is “largely for inference use cases.”
Capacity expansion and execution: 850 MW active power, 43 data centers
CoreWeave ended 2025 with more than 850 megawatts of active power as of December 31 and added approximately 260 megawatts in the fourth quarter alone, management said. Intrator said the company finished the year with 43 active data centers, up from 32 at the start of the year.
Looking further out, Intrator said the company contracted close to 2 gigawatts of additional power in 2025 and ended the year with more than 3.1 gigawatts of contracted capacity, “virtually all” of which it expects to come online by the end of 2027. He said the company is accelerating its roadmap with an objective of adding more than 5 gigawatts of additional data center capacity beyond its already contracted footprint by 2030.
Intrator also said the company resolved previously discussed data center delays faster than expected and delivered impacted deployments ahead of expectations set on the prior quarter’s call. He said CoreWeave has now delivered more than 50,000 Grace Blackwells to the impacted customer, deploying servers on a rolling basis and delivering them within weeks of receiving access to requisite data center infrastructure.
On product validation, Intrator said CoreWeave became the first cloud platform to reach NVIDIA’s Exemplar Cloud status for GB200 and remained SemiAnalysis’ sole Platinum-ranked AI cloud. He also said 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.
Margins, expenses, and capital spending ramp alongside infrastructure buildout
Agrawal said fourth-quarter operating expenses were $1.7 billion, including $157 million of stock-based compensation. He attributed increases to faster-than-expected deployment of data center and server infrastructure, higher technology and infrastructure spend, go-to-market investments, and higher G&A tied to M&A and financing activity as well as public company costs and headcount additions.
Adjusted EBITDA in Q4 was $898 million, up from $486 million in Q4 of 2024, with a 57% adjusted EBITDA margin. Adjusted operating income in Q4 was $88 million, down from $121 million a year earlier, which Agrawal said was lower than expected due to deploying infrastructure ahead of expectations. The company reported a Q4 net loss of $452 million versus a $51 million net loss in Q4 of 2024, driven in part by higher interest expense of $388 million compared to $149 million a year earlier.
Capital expenditures were a major focus. CoreWeave said Q4 CapEx totaled $8.2 billion and full-year CapEx was $14.9 billion, both higher than anticipated because infrastructure was put into service sooner than expected. Agrawal also said construction in progress increased to $9.4 billion, up $2.5 billion quarter-over-quarter, reflecting the scale of infrastructure expected to be delivered in the near term.
Financing, guidance, and longer-term outlook
Agrawal said CoreWeave ended the year with $4.2 billion in cash equivalents, restricted cash, and marketable securities. In Q4, the company raised approximately $2.6 billion through its inaugural convertible senior notes offering, which was upsized due to demand, and expanded its revolving credit facility to $2.5 billion. For 2025, CoreWeave said it secured more than $18 billion of debt and equity working with more than 200 investment partners and financial institutions.
Agrawal said the company’s weighted average interest rate declined by 300 basis points in 2025, representing nearly $700 million in annualized interest savings based on the Q4 debt balance, and noted a nearly 600 basis point reduction since 2023. Intrator added in Q&A that, as the cost of capital declines, the company’s dependency on customer prepayments is reduced.
Management provided 2026 guidance that reflects significant investment tied to signed contracts:
- 2026 CapEx: $30 billion to $35 billion; management said “substantially all” is tied to already signed customer contracts and expected to help double active power to more than 1.7 GW by year-end.
- 2026 revenue: $12 billion to $13 billion, about 140% growth year-over-year at the midpoint.
- 2026 adjusted operating income: $900 million to $1.1 billion.
- Q1 2026 revenue: $1.9 billion to $2.0 billion.
- Q1 2026 adjusted operating income: $0 to $40 million; management described Q1 as the trough in the year’s margin trajectory.
- Q1 2026 interest expense: $510 million to $590 million.
Agrawal said margins are expected to ramp sequentially from low single digits in Q1, expand each quarter, and return to low double-digit levels by Q4 as deployed capacity matures and revenue scales against the cost base. Over the long term, he reiterated confidence in achieving 25% to 30% margins as growth normalizes, citing mid-twenties contribution margins on mature contracts and ongoing expansion of “margin-accretive” products and services.
On the longer-term trajectory, Agrawal said the company expects to exit 2026 with annualized run-rate revenue of $17 billion to $19 billion, growing to more than $30 billion of annualized run-rate revenue exiting 2027. In response to an analyst question, Intrator said the company’s confidence in the 2027 figure is based on contracted power and already sold contracts, noting it is “virtually sold out in 2026” and continues adding contracts expected to be allocated as capacity comes online in 2027.
Both executives said 2026 guidance excludes potential meaningful revenue and margin benefits from licensing CoreWeave’s proprietary cloud stack beyond its own data centers. Intrator said the expanded relationship with NVIDIA, including NVIDIA’s intent to test and validate CoreWeave’s platform for potential inclusion in NVIDIA’s reference architecture, could expand distribution over time, but management emphasized this upside was not included in the outlook provided on the call.
About CoreWeave (NASDAQ:CRWV)
CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.
CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.
