LIVINGSTON, NJ — CoreWeave, Inc. today reported financial results for the third quarter ended September 30, 2025.
“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion,” said Michael Intrator, Co-Founder, Chairman of the Board and Chief Executive Officer, CoreWeave. “Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services. CoreWeave’s position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI.”
Third quarter 2025 highlights
- Customer wins across AI labs, hyperscalers and enterprises
- Entered into an up to approximately $14.2 billion multi-year deal with Meta to power next-generation workloads with option to meaningfully expand
- Expanded the OpenAI partnership with an up to approximately $6.5 billion deal, bringing total commitments to up to approximately $22.4 billion
- Expanded relationship with a leading hyperscaler, marking their sixth contract to date
- Partner of choice for leading AI pioneers and enterprises including: Inference.net, Mizuho Bank, NASA JPL, and Poolside
- Continued rapid scaling of Purpose-Built AI Infrastructure
- Added approximately 120 MW of active power in the quarter, bringing the total to approximately 590 MW
- Expanded total contracted power to approximately 2.9 GW while further diversifying our portfolio of providers
- Key Technology Leadership Milestones
- First to deploy NVIDIA GB300 NVL72 systems, powering frontier AI companies at scale
- First to make NVIDIA RTX PRO 6000 Blackwell Server Edition instances generally available
- Acquired OpenPipe, a leading platform for training AI agents with reinforcement learning
- Strengthening Financial Position
- Raised $1.75 billion in 9.0% Senior Unsecured Notes due 2031 to drive the next generation of cloud computing for the future of AI
- Closed the DDTL 3.0 Facility, a $2.6 billion delayed draw term loan facility at SOFR +4%, driving substantial progress in reducing our cost of capital
- Amended the DDTL 2.0 Facility (DDTL 2.1) by increasing the remaining drawable capacity by $0.4 billion to create a new $3.0 billion tranche of delayed draw term loans at SOFR +4.25%, significantly below the original cost of the facility
- Satisfied the share price performance obligations to automatically terminate the Series C Preferred Stock Put Right, increasing Stockholders’ Equity by $1.2 billion
- Other Noteworthy Updates
- Agreed to a $6.3 billion strategic collaboration with NVIDIA to scale GPU infrastructure and accelerate AI innovation
- Introduced CoreWeave Ventures, a new initiative to back founders and companies building the platforms and technologies that will shape the AI ecosystem and the next frontier of computing
- Announced intent to commit up to $6 billion to equip a state-of-the-art data center in Lancaster, Pennsylvania, with an initial 100 MW of capacity and expansion potential to 300 MW
- Announced an incremental £1.5 billion commitment in the UK, bringing the total investment to £2.5 billion, to accelerate AI innovation and growth through sustainable computing
CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
CoreWeave will host an audio webcast to discuss the results for the third quarter of 2025, provide a business update, and forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed at the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and earnings presentation.
Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.
CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.
