CoreWeave, Inc. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue reached $1.4B, up 134% year over year (Q3 2024 comparison).
  • Revenue backlog grew by over $25B in the quarter to $55.6B, nearly doubling from Q2 and almost 4x year to date.
  • CoreWeave surpassed $50B in RPO faster than any cloud provider in history.
  • Active power footprint expanded by 120MW sequentially to ~590MW; contracted power capacity grew to 2.9GW.
  • Customer base continues to diversify: no customer represents more than ~35% of revenue backlog, down from ~50% in Q2 and ~85% at the start of the year.

Key Business Drivers

  • Significant large-scale compute contract expansions with Meta, OpenAI, and a major hyperscaler.
  • Growing adoption by enterprises, AI-native startups, and public sector organizations including NASA.
  • Launched CoreWeave Federal for U.S. government and defense markets.
  • Expanded global data center footprint with 8 new U.S. centers and a major new presence in Scotland.
  • Industry-wide supply chain issues impacted one major third-party developer, affecting Q4 timing, but customer contracts have been restructured without loss of total contract value.

Product & Technology Highlights

  • First cloud provider to submit MLPerf inference results for GB300; received Semi Analysis’ top “platinum cluster max” ranking for a second time.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
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, Inc. Class A Common Stock Third Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. It is now my pleasure to turn the call over to CoreWeave, Inc. Class A Common Stock. Deborah Crawford: Thank you. Good afternoon, and welcome to CoreWeave, Inc. Class A Common Stock's third quarter 2025 earnings conference call. Joining me today to discuss our results are Michael 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 10-Q 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. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnin

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional