Executive Summary

CoreWeave delivered a hypergrowth quarter: revenue rose 207% YoY to $1.213B and 23.5% sequentially vs Q1’s $0.982B, with adjusted EBITDA of $753M (62% margin) and adjusted operating income of $200M (16% margin) .
Versus S&P Global consensus, CoreWeave posted a material revenue beat ($1.213B vs $1.081B*) but a Primary EPS miss (actual −$0.269 vs −$0.204*), reflecting ramp costs ahead of revenue and higher interest expense; GAAP diluted EPS was −$0.60 *. Values retrieved from S&P Global.
Backlog expanded to $30.1B (up ~$4B QoQ), active power reached ~470 MW, contracted power rose to 2.2 GW; management reiterated a “structurally supply-constrained” market and raised FY25 revenue guidance by $250M to $5.15–$5.35B while maintaining FY25 adjusted operating income and CapEx .
Stock catalysts/risks: lock-up expiration expected after close on Aug 14, 2025 (potential supply overhang); deepening access to capital markets (unsecured notes, DDTL) reduces cost of capital and supports scale .

What Went Well and What Went Wrong

What Went Well

Hypergrowth at scale with strong non-GAAP profitability: adjusted EBITDA $753M (62% margin) and adjusted operating income $200M (16% margin) on $1.213B revenue; CEO: “platform of choice for the world’s most advanced AI workloads” .
Demand and visibility building: backlog $30.1B (up ~$4B QoQ and ~86% YoY per CFO), active power ~470 MW, contracted power 2.2 GW; signed expansions with both hyperscalers in last 8 weeks (one included in Q2 backlog) .
Strategic execution: Weights & Biases acquisition with immediate product integrations (Mission Control in W&B, W&B Inference, Weave Online Evaluations) and first-to-market Blackwell deployments (GB200 NVL72, GB300 NVL72; RTX PRO 6000 instances) .

Selected quotes

CEO: “We are now on track to deliver over 900 megawatts of active power before the end of the year…backlog $30.1 billion” .
CFO: “Since the beginning of 2024, we have secured over $25 billion of debt and equity…DDTL completed at SOFR + 400, a 900 bps decrease” .

What Went Wrong

EPS below S&P consensus: Primary EPS actual −$0.269 vs −$0.204*; GAAP diluted EPS −$0.60 as interest expense rose to $267M amid rapid capacity build and lower capitalization of interest *. Values retrieved from S&P Global.
Operating leverage temporarily pressured: GAAP operating margin 2% as large deployments drove costs ahead of revenue; CFO flagged Q3 AOI 160–190M on faster capacity ramp (near-term margin headwind) .
Market remains supply-constrained: powered shells and grid electrons are bottlenecks; management expects structural constraints to persist, potentially pacing revenue recognition despite robust demand .

Financial Results

Income statement and profitability (US$ Millions, except per-share)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue	$395.4	$981.6	$1,212.8
GAAP Operating Income (Loss)	$77.7	$(27.5)	$19.2
GAAP Operating Margin	20%	(3)%	2%
Adjusted Operating Income	$85.4	$162.6	$199.8
Adjusted Operating Margin	22%	17%	16%
Adjusted EBITDA	$249.8	$606.1	$753.2
Adjusted EBITDA Margin	63%	62%	62%
GAAP Net Loss	$(323.0)	$(314.6)	$(290.5)
GAAP Diluted EPS	$(1.62)	$(1.49)	$(0.60)
Adjusted Net Loss	$(5.1)	$(149.6)	$(130.8)
Net Loss Margin	(82)%	(32)%	(24)%

Consensus vs Actuals (S&P Global; Q2 2025)

Metric	Consensus	Actual	Surprise
Revenue ($)	$1,081.4M*	$1,212.8M	+$131.4M / +12.1%*
Primary EPS ($)	−$0.2039*	−$0.2688*	−$0.0649*

Values retrieved from S&P Global.

KPIs and balance sheet (selected)

KPI	Q2 2024	Q1 2025	Q2 2025
Backlog ($B)	N/A	$25.9	$30.1
Active Power (MW)	N/A	~420	~470
Contracted Power (GW)	N/A	~1.6	~2.2
CapEx ($B)	N/A	$1.9 (CFO)	$2.9 (CFO)
Interest Expense ($M)	$66.8	$263.8	$267.0
Cash, Cash Eq. & Restricted ($B)	$1.240	$2.518	$2.054

Note: CapEx reflects company’s definition (change in gross PP&E minus change in CIP) per CFO .

Segment breakdown

CoreWeave reports results on a consolidated basis; no segment revenue disclosure in the Q2 2025 materials .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q3 2025	N/A	$1.26B–$1.30B	New
Adjusted Operating Income	Q3 2025	N/A	$160M–$190M	New
Interest Expense	Q3 2025	N/A	$350M–$390M	New
CapEx	Q3 2025	N/A	$2.9B–$3.4B	New
Revenue	FY 2025	$4.9B–$5.1B	$5.15B–$5.35B	Raised
Adjusted Operating Income	FY 2025	$800M–$830M	$800M–$830M	Maintained
CapEx	FY 2025	$20B–$23B	$20B–$23B	Maintained

Management reiterated that margin pressure near-term reflects costs incurred ahead of revenue as capacity is brought online at unprecedented scale .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2025)	Trend
Supply constraints	Q-2: N/A; Q1: Capacity severely limited; accelerating investments; FY25 CapEx $20–$23B	Structural supply constraints persist; powered shells/grid are the choke point	Persistent constraint; strengthening demand signal
Inference mix/monetization	Q-2: N/A; Q1: Broad-based increase in inference demand	Massive increase in inference workloads; economics similar to training under term contracts	Growing inference share
Cost of capital	Q-2: N/A; Q1: IPO expands access; lowering cost of capital	DDTL at SOFR+400 (−900 bps vs prior); two upsized HY deals; GPU financing closed	Improving financing economics
Verticalization (Core Scientific)	Q-2: N/A	Proposed acquisition to own data centers; target $500M fully ramped annual run-rate savings by 2027; eliminate >$10B in future lease liabilities	Verticalization to enhance scale/cost efficiency
W&B integration/software	Q-2: N/A; Q1: W&B acquisition completed	Launched Mission Control integration, W&B Inference, Weave Online Evaluations	Expanding up-stack differentiation
Backlog/pipeline	Q-2: N/A; Q1: Backlog $25.9B; +$4B expansion signed in Q2	Backlog $30.1B; both hyperscalers expanded (one in Q2 backlog, one in Q3)	Growing/step-function contracts
Sovereign/geo expansion	Q-2: N/A; Q1: New Spain DC; Europe expansion	Active sovereign discussions; Canada/Europe traction; customers lead into jurisdictions	Broadening regional opportunities

Management Commentary

Strategy and scale: “We are aggressively expanding our footprint…on track to deliver over 900 megawatts of active power before the end of the year…backlog $30.1 billion” — CEO .
Vertical integration: “Owning the infrastructure will allow CoreWeave to scale faster and more efficiently…anticipate $500,000,000 in fully ramped annual run rate cost savings by 2027” — CEO on proposed Core Scientific acquisition .
Financing: “Closed our third delayed draw term loan…completed at SOFR + 400, a 900 basis point decrease…first fully underwritten by top-tier banks” — CFO .
Demand profile: “We have seen…older hardware (A100/H100) recontracted for 1–3 years largely for inference” — CEO .

Q&A Highlights

Demand vs supply: Mix shifting toward inference; platform designed to be fungible between training and inference; most acute bottleneck is powered shells and grid electrons, not GPUs .
Contract cadence: Backlog will move in step functions as very large negotiated deals close; one hyperscaler expansion included in Q2 backlog, another signed in Q3 .
Economics and products: Inference vs training economics largely identical under long-term structured contracts; building on-demand/spot to seed new logos/use cases despite tight capacity .
Near-term margins: Costs ahead of revenue during ramp (leases, deployment) pressure AOI near-term; Q3 AOI guide 160–190M reflects back-loaded power adds .
Enterprise momentum: W&B integration adds ~1,600 clients and accelerates up-stack offerings; broad-based demand across financials, healthcare, media/VFX (e.g., Moonvalley) .

Estimates Context

Q2 2025 revenue beat: $1,212.8M actual vs $1,081.4M consensus* (+12.1% surprise). Primary EPS missed: −$0.2688 actual vs −$0.2039 consensus*. Drivers: higher interest expense ($267M) and costs incurred ahead of revenue during rapid capacity ramp . Values retrieved from S&P Global.
FY25 guidance raised to $5.15–$5.35B (from $4.9–$5.1B) suggests upward revenue estimate revisions; AOI unchanged implies margin estimates may stay flat near-term while capacity ramps .

Key Takeaways for Investors

Demand remains exceptional and diversified; backlog at $30.1B with hyperscaler expansions supports multi-year growth visibility .
Revenue momentum is outpacing estimates; near-term EPS pressured by interest and pre-revenue ramp costs, a trade-off for scaling capacity in a supply-constrained market .
Strategic verticalization (proposed Core Scientific acquisition) and deeper capital-market access (SOFR+400 DDTL; upsized HY) should lower unit costs and enhance returns over time .
Up-stack differentiation via W&B integration and first-to-market Blackwell deployments strengthens competitive moat and wallet-share expansion across training and inference .
Watch near-term catalysts/risks: Q3 print (backlog update and AOI progression), Q4 capex/revenue ramp timing, lock-up expiry (Aug 14) as potential technical overhang .
Estimate pathways: Likely upward revenue revisions; EPS revisions may lag until interest expense moderates and capacity moves from pre-revenue to in-revenue status .

Additional Q2 2025 Press Releases (context)

W&B acquisition closed (May 5) .
Revolving credit facility expanded to $1.5B (May 6) .
$2.0B 9.25% senior notes due 2030 closed (May 28) .
New W&B-integrated products launched (June 18) .
First to deploy NVIDIA GB300 NVL72 (July 3) and first to offer RTX PRO 6000 Blackwell at scale (July 9) .