CoreWeave signals $5B+ revenue target for 2025 while expanding AI cloud partnerships and addressing supply delays

Earnings Call Insights: CoreWeave, Inc. (CRWV) Q3 2025

MANAGEMENT VIEW

* Michael Intrator, Co-founder, President, CEO & Chairman, highlighted a "highly supply-constrained environment, where the demand for CoreWeave best-in-class AI cloud platform far exceeds available capacity," emphasizing that Q3 revenue reached $1.4 billion, up 134% year-over-year. He pointed to over $25 billion in revenue backlog added during the quarter, bringing the total to over $55 billion and noted CoreWeave reached $50 billion in RPO faster than any cloud in history.
* Intrator detailed major customer expansions, including new large-scale compute contracts with Meta and OpenAI, the sixth contract with a leading hyperscaler, and onboarding a new customer among the top ten. He stated, "The number of customers that exceeded $100 million of revenue over the last 12 months tripled year-over-year."
* The CEO announced the launch of CoreWeave Federal, targeting U.S. government agencies, with NASA already leveraging CoreWeave services, and introduced Jon Jones as the first Chief Revenue Officer, joining from AWS.
* Intrator confirmed the termination of the Core Scientific acquisition, stating, "the valuation required by their shareholders was simply not a price that was appropriate for CoreWeave," and emphasized continued collaboration on existing leased capacity.
* He described expansion across eight new U.S. data centers and new projects in Europe, including a major presence in Scotland, as well as self-build projects for greater operational control.
* Product innovations included the launch of CoreWeave AI Object Storage, which "delivers the highest amount of throughput for AI workloads while cutting the customers' costs by more than 75%," and the integration of acquisitions OpenPipe, Marimo, and Monolith to expand addressable markets.
* Nitin Agrawal, Chief Financial Officer, stated, "Q3 revenue was $1.4 billion, up 134% year-over-year, driven by robust customer demand and strong execution. Revenue backlog for the quarter ended at $55.6 billion, almost doubling in the third quarter alone."
* Agrawal reported operating expenses of $1.3 billion, adjusted operating income of $217 million, and a net loss of $110 million for the third quarter. Adjusted EBITDA was $838 million with a margin of 61%.

OUTLOOK

* Agrawal guided 2025 revenue in the range of $5.05 billion to $5.15 billion, adjusted operating income between $690 million to $720 million, and CapEx of $12 billion to $14 billion, with the vast majority of remaining CapEx anticipated to shift from Q4 to Q1 due to delays. He noted, "given the significant growth in our backlog and continued insatiable demand for our cloud services, we expect CapEx in 2026 to be well in excess of double that of 2025."
* The company expects to end the year with over 850 megawatts of active power and anticipates 2025 interest expense of $1.21 billion to $1.25 billion.

FINANCIAL RESULTS

* CoreWeave reported Q3 revenue of $1.4 billion, adjusted operating income of $217 million, adjusted operating margin of 16%, and adjusted EBITDA of $838 million. The company ended the quarter with $3 billion in cash, cash equivalents, restricted cash, and marketable securities. CapEx in Q3 was $1.9 billion, lower than anticipated due to data center delays, with construction in progress rising to $6.9 billion.
* Net loss for Q3 was $110 million, with interest expense of $311 million. Adjusted net loss was $41 million. The company raised $1.75 billion in senior notes in July and amended its DDTL 2.0 facility, creating a new $3 billion tranche.

Q&A

* Mark Murphy, JPMorgan: Asked about supply chain bottlenecks. Intrator responded, "we have taken a number of steps along the way here to really drive home our ability to manage that environment... we've really spent a lot of time diversifying our data center providers... we set up our own self-build efforts." He clarified, "it's not a challenge for power... really where the challenge is, is the powered shell."
* Keith Weiss, Morgan Stanley: Asked about risk of overcapacity and infrastructure fungibility. Intrator explained, "the infrastructure is fungible. It would be able to be transferred from one client to another. The infrastructure is built to the most demanding specs."
* Kasthuri Rangan, Goldman Sachs: Inquired about diversification and unique value proposition. Intrator stated, "as the individual builds become smaller relative to the size of the entire portfolio... the impact of being a couple of weeks late will become less and less meaningful."
* Tyler Radke, Citi: Asked about implications of delays for 2026. Intrator responded, "the overwhelming majority of the delay that you're seeing should be taken care of within Q1 of next year." Agrawal confirmed, "the vast majority of the CapEx pushout that we experienced in Q4 will be done in Q1."
* Michael Turrin, Wells Fargo: Questioned impact of supply chain on customer onboarding and NVIDIA contract metrics. Intrator said, "there is no impact on our ability to bring on more clients... there are 32 data centers in our portfolio." Agrawal added the NVIDIA contract "allows for the capacity contracted and reserved for NVIDIA to be interrupted and resold to different customers."
* Brent Thill, Jefferies: Sought clarification on CapEx cut. Agrawal confirmed, "this is associated with a single provider... and as we talked in our prepared remarks, most of it... is going to be recognized in Q1."
* Raimo Lenschow, Barclays: Asked about funding sources for CapEx. Intrator replied, "we will look at the full suite of potential ways of financing... and then we will choose whatever is the most cost-effective way."
* Amit Daryanani, Evercore: Queried about self-build strategy. Intrator noted, "self-build is a component... it puts us closer to the physical infrastructure."
* Brad Zelnick, Deutsche Bank: Asked about contracting remaining capacity. Intrator said, "we're being very thoughtful about continuing to drive diversification across our cloud."
* Bradley Sills, BofA: Requested learnings from supply delays. Intrator highlighted building internal capability for self-build to "embed yourself into the supply chains."

SENTIMENT ANALYSIS

* Analysts expressed moderate concern about supply chain bottlenecks and the impact of delays but maintained a positive tone on CoreWeave's growth, backlog, and customer diversification. Questions were probing around capacity, risk of overbuild, and CapEx implications, with a slightly cautious but optimistic sentiment.
* Management maintained a confident and proactive stance during both prepared remarks and Q&A. Intrator repeatedly emphasized strategic diversification, operational flexibility, and customer demand as key strengths, stating, "we are incredibly proud of our technical accomplishments" and "the product that we deliver... is the most valuable representation of this infrastructure that can be delivered to the market."
* Compared to the previous quarter, analyst tone remains constructive but shows increased focus on operational risks and execution, particularly regarding supply chain and capacity delivery. Management's confidence is consistent, with a continued emphasis on controlling what they can and mitigating risks.

QUARTER-OVER-QUARTER COMPARISON

* The company’s guidance for 2025 revenue narrowed to $5.05 billion to $5.15 billion from the previous $5.15 billion to $5.35 billion, reflecting temporary delays in data center deliveries. Adjusted operating income guidance decreased from $800 million–$830 million to $690 million–$720 million. CapEx guidance dropped significantly from $20 billion–$23 billion to $12 billion–$14 billion, with a shift of spending into 2026.
* Management’s tone maintained optimism about demand but shifted to address challenges in supply chain and operational delivery, compared to prior quarter's focus on expansion and vertical integration.
* Analysts’ questions shifted from demand and customer expansion to operational execution, funding strategies, and risk management.
* Strategic focus evolved from the Core Scientific acquisition to product innovation, self-build projects, and new federal sector initiatives.

RISKS AND CONCERNS

* Management cited ongoing supply chain constraints, particularly at the powered-shell level, as a primary risk impacting capacity delivery and CapEx timing.
* Delays with a third-party data center provider affected Q4 expectations but are characterized as temporary, with contractual mitigation preserving revenue and capacity.
* Analysts raised concerns about potential overcapacity, execution risk, and CapEx funding.
* Management is addressing risks through diversification of data center providers, self-build initiatives, flexible contract structures, and securing various capital sources.

FINAL TAKEAWAY

CoreWeave’s Q3 2025 results underscore exceptional demand for its AI cloud platform, rapid backlog growth, and expanding customer base across sectors. While supply chain delays have led to a downward revision in full-year revenue and CapEx guidance, management emphasized operational flexibility, a diversified growth strategy, and robust capital access. The company maintains confidence in meeting long-term demand, scaling infrastructure, and advancing its leadership in AI cloud services, positioning itself for continued hypergrowth as new products, partnerships, and federal sector opportunities come online.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/crwv/earnings/transcripts]

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