CoreWeave (CRWV) Company Report

CoreWeave reported 134% revenue growth this past quarter and has a $55 billion backlog, which is 10x its revenue run rate.
Demand for compute is described as "insatiable to relentless to tremendous," with the primary constraint on growth being the speed at which capacity can be brought online.
The company revised its Q4 guidance due to partner delays in bringing new capacity online, with the majority now expected in Q1.
CoreWeave finances its growth through asset-level delayed draw term loans, with over 60% of its Q3 revenue backlog being investment-grade, and has significantly reduced its cost of capital.
A $6.3 billion partnership with NVIDIA enables CoreWeave to provide compute access to smaller AI labs and companies by temporarily reallocating NVIDIA's reserved capacity, expanding the market and lowering entry barriers.

1 day ago

Transcript

CoreWeave Discusses Strong Demand, Supply Navigation, and Financing Strategy at UBS Conference

CRWV

Revenue Acceleration/Inflection

New Projects/Investments

Debt Issuance

CoreWeave reported 134% revenue growth last quarter and holds a $55 billion backlog, 10 times its current revenue run rate, driven by "insatiable" demand for GPU compute, particularly from frontier AI labs.
Despite ongoing supply chain challenges, the company expects the majority of previously delayed capacity to come online in Q1. CoreWeave emphasizes building to demand through longer-dated take-or-pay contracts that finance CapEx.
CoreWeave's $6.3 billion partnership with NVIDIA enables flexible compute allocation to smaller AI labs, while pricing for GPU instances has remained remarkably stable.
The company's financing strategy, focused on asset-level delayed draw term loans, has significantly reduced its cost of capital, with over 60% of its Q3 revenue backlog being investment-grade.
CoreWeave maintains a technological edge with a purpose-built cloud and innovative GPU/AI products, including AI object storage which has grown to over $100 million in ARR, with demand overwhelmingly for NVIDIA GPUs.

1 day ago

Transcript

CoreWeave Discusses Strong Demand, Financing, and GPU Strategy at UBS Conference

CRWV

Revenue Acceleration/Inflection

New Projects/Investments

Debt Issuance

CoreWeave reported 134% revenue growth last quarter and has a $55 billion backlog, representing 10 times its current revenue run rate, driven by "insatiable to relentless to tremendous" demand for GPU compute.
The company has successfully secured financing through asset-level delayed draw term loans, significantly reducing its cost of capital from SOFR + 962 to SOFR + 400 for an unrated customer, with over 60% of its Q3 revenue backlog being investment-grade.
CoreWeave's $6.3 billion partnership with NVIDIA allows for flexible compute allocation, enabling the company to serve smaller AI labs and expand its customer base by offering interruptible capacity.
Despite strong demand, CoreWeave experienced Q4 guidance revisions due to supply chain issues and project slips in building AI campuses, though the majority of this capacity is anticipated to come online in Q1. Pricing for GPU instances remains "remarkably stable".
Demand continues to be overwhelmingly for NVIDIA GPUs, with no notable scaled demand for alternatives like AMD GPUs or ASICs, reinforcing CoreWeave's focus on NVIDIA technology and its purpose-built, high-performance cloud infrastructure.

1 day ago

Transcript

CoreWeave Discusses Business Strategy, Guidance Update, and Debt Structure at BofA Conference

CRWV

Guidance Update

Debt Issuance

New Projects/Investments

CoreWeave, an AI hyperscaler, reported a $55 billion backlog as of Q3 2025.
The company lowered its 2025 revenue guidance by $100-$200 million (from a $5 billion base) and operating income guidance to $690-$720 million due to a data center construction delay. Consequently, 2025 CapEx guidance was reduced from $12-$14 billion to $8-$9 billion.
CoreWeave employs a customer-led CapEx strategy and utilizes SPV financing that is self-amortizing, aiming for non-recourse facilities for investment-grade customers to achieve an investment-grade rating.
Customer diversification has improved significantly, with the largest customer exposure decreasing from 80-82% at IPO to less than 35%.
A $6.3 billion backstop from NVIDIA supports GPU acquisition and sales, with NVIDIA also being a vendor, customer, and third-largest shareholder.

2 days ago

Transcript

CoreWeave Discusses AI Infrastructure, Funding, and Updated 2025 Guidance

CRWV

Guidance Update

New Projects/Investments

Debt Issuance

CoreWeave positions itself as an AI hyperscaler, providing high-performance compute and cloud-ready infrastructure, with its proprietary CoreWeave Mission Control software serving as a key differentiator for autonomous AI cloud management.
The company employs a customer-led CapEx strategy, only spending capital expenditures after securing a customer, with contracts designed to ensure repayment of both infrastructure costs and associated debt.
CoreWeave lowered its 2025 revenue guidance by $100 million-$200 million (from a $5 billion base) and operating income guidance by $110 million (to $690-$720 million), primarily due to a data center vendor construction delay.
The 2025 CapEx guidance was also reduced from $12 billion-$14 billion to $8 billion-$9 billion, attributed to the same data center construction delay.
CoreWeave is working towards achieving an investment-grade rating, with plans to utilize non-recourse SPV debt backed by highly-rated customer contracts to fund future growth and mitigate risk to the parent company.

2 days ago

Transcript

CoreWeave Discusses Business Model, Financial Strategy, and 2025 Guidance Update

CRWV

Guidance Update

Debt Issuance

New Projects/Investments

CoreWeave, an AI hyperscaler, leverages its proprietary CoreWeave Mission Control software to deliver high-performance compute infrastructure, serving as a key differentiator in autonomous AI cloud management.
The company employs a customer-led, contract-first CapEx model, ensuring capital expenditures are directly tied to signed customer contracts, which also mitigates residual value risk for lenders.
CoreWeave reported a $55 billion backlog as of Q3. However, 2025 revenue guidance was lowered by $100-$200 million (from a $5 billion base) and operating income guidance reduced by $110 million (now $690-$720 million) due to a data center vendor construction delay.
With a run rate EBITDA of approximately $3.4 billion, debt of $14 billion, and cash of $3 billion, CoreWeave's current leverage stands at 4.3x gross and 3.4x net. The company plans to fund its future CapEx, including $24-$28 billion for next year, through efficient SPV financing and customer prepayments, aiming for investment-grade status.
CoreWeave benefits from a $6.3 billion backstop from NVIDIA. The company has also significantly diversified its customer base, reducing its largest customer exposure from 80-82% at IPO to less than 35% today, with investment-grade exposure now greater than 60%.

2 days ago

Transcript

CoreWeave Reports Strong Q3 Performance and Backlog Growth

CRWV

Revenue Acceleration/Inflection

New Projects/Investments

Debt Issuance

CoreWeave reported $1.4 billion in revenue and 16% adjusted operating income for Q3, with its revenue backlog nearly doubling to $55.6 billion after adding over $25 billion in Q3 alone.
The company significantly expanded its contracted power portfolio to 2.9 GW and increased active power capacity to 590 MW by the end of Q3, with plans to exceed 850 MW by year-end.
Customer concentration has decreased, with no single customer now representing more than 35% of the revenue backlog (down from 85% earlier in the year), and over 60% of the backlog is with investment-grade customers.
CoreWeave's financing strategy, backed by long-term customer contracts, led to a reduced cost of capital, demonstrated by amending its DDTL 2 facility to $3 billion at SOFR + 425 and completing DDTL 3 at SOFR + 400.

Nov 18, 2025, 4:00 PM

Transcript

CoreWeave CFO Discusses Q3 Performance and AI Infrastructure Strategy

CRWV

Revenue Acceleration/Inflection

New Projects/Investments

Debt Issuance

CoreWeave reported strong Q3 results, with its revenue backlog nearly doubling to $55.6 billion by adding over $25 billion in Q3 alone, and generated $1.4 billion in revenue with 16% adjusted operating income.
The company is significantly expanding its infrastructure, adding 600 MW to its contracted power portfolio, bringing the total to 2.9 gigawatts, and expects to reach over 850 megawatts of active power by the end of the year.
CoreWeave is actively diversifying its customer base, with no single customer now accounting for more than 35% of its revenue backlog, a significant reduction from 85% earlier in the year, and over 60% of the backlog is with investment-grade customers.
The company's financing strategy leverages long-term take-or-pay customer contracts, enabling a reduced cost of capital, as demonstrated by recent debt facilities at SOFR + 425 and SOFR + 400.
CoreWeave's storage business achieved $100 million ARR in Q3, and the company is expanding its full-stack AI platform capabilities through organic development and strategic acquisitions.

Nov 18, 2025, 4:00 PM

Transcript

CoreWeave CFO Discusses Strong Q3 Performance and Strategic Initiatives

CRWV

Revenue Acceleration/Inflection

New Projects/Investments

Debt Issuance

CoreWeave's revenue backlog nearly doubled in Q3 alone, adding over $25 billion to reach $55.6 billion, while the company reported $1.4 billion in revenue and 16% adjusted operating income.
The company expanded its contracted power portfolio to 2.9 gigawatts and increased active power capacity to 590 megawatts by the end of Q3, with a target of greater than 850 megawatts by year-end.
Customer concentration has significantly decreased, with no single customer now representing more than 35% of the revenue backlog (down from 85% earlier this year), and over 60% of the backlog is with investment-grade customers.
Despite a delay from a single data center provider pushing some Q4 CapEx to Q1, CoreWeave added $2.8 billion in construction in progress in Q3 and is confident in catching up.
CoreWeave's financing strategy relies on long-term take-or-pay customer contracts for GPU CapEx, enabling a reduction in its cost of capital, with recent debt facilities at SOFR plus 425 and SOFR plus 400.

Nov 18, 2025, 4:00 PM

Transcript

CoreWeave Launches Zero Egress Migration Program

CRWV

Product Launch

New Projects/Investments

CoreWeave announced the launch of its Zero Egress Migration (0EM) program, a no-egress-fee data migration program for AI workloads.
The program allows customers to move large-scale datasets from third-party cloud providers to CoreWeave's cloud, with CoreWeave covering egress fees for the initial migration.
This initiative is expected to save customers more than a million dollars for typical data migrations and provides a fully managed service for secure, high-speed data transfers.
The 0EM program is compatible with major third-party cloud providers and is generally available to all customers as of November 13, 2025.

Nov 13, 2025, 2:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CoreWeave.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What are CoreWeave's strategic priorities?How is CoreWeave positioned vs competitors?How did CoreWeave do last quarter?

Let Fintool AI Agent track CoreWeave's earnings for you

Get instant analysis when filings drop