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Sep 30
CoreWeave Inc Q3 2025 Earnings Report
CoreWeave reported record Q3 revenue and nearly doubled its revenue backlog amid strong AI demand.
Key Takeaways
CoreWeave delivered record-breaking revenue in Q3 2025, highlighting its critical role in AI infrastructure. Despite a net loss, adjusted metrics indicate strong operating performance. The company continues to expand partnerships and infrastructure at scale.
Revenue reached $1.364676 billion, up from $583.941 million a year earlier.
Net loss narrowed to $110.124 million from $359.807 million in Q3 2024.
Revenue backlog nearly doubled to $55.6 billion.
Signed major deals with Meta and OpenAI totaling over $20 billion in commitments.
CoreWeave Inc
CoreWeave Inc
Forward Guidance
CoreWeave offered bullish forward guidance driven by AI infrastructure demand, new multibillion-dollar deals, and scaling of purpose-built data centers.
Positive Outlook
- Signed $14.2B deal with Meta for next-gen workloads
- Expanded OpenAI partnership to $22.4B in total commitments
- First to deploy NVIDIA GB300 NVL72 systems
- Raised $1.75B through senior notes to fund AI infrastructure
- Announced $6B commitment for new data center in Pennsylvania
Challenges Ahead
- Continued operating and net losses despite revenue growth
- High interest expense of over $310 million in the quarter
- Adjusted net loss remains negative at $40.97 million
- Heavy capital expenditures impacting cash flows
- Margin pressures with declining EBITDA and net income margins