10-KPeriod: FY2025

CoreWeave, Inc. Annual Report, Year Ended Dec 31, 2025

Filed March 2, 2026For Securities:CRWV

Summary

CoreWeave, Inc. (CRWV) reported significant financial performance in its March 2, 2026, 10-K filing for the fiscal year ending December 31, 2025. The company experienced substantial revenue growth, reaching $5.1 billion, a 168% increase year-over-year, driven by strong demand from both new and existing customers for its AI-focused cloud infrastructure. This growth was fueled by a significant expansion in data center capacity, with the company operating 43 data centers and a total contracted power capacity of approximately 3.1 GW. Despite the robust top-line growth, CoreWeave reported a net loss of $1.2 billion for the fiscal year 2025, an increase from the $863 million loss in 2024. This was largely due to increased operating expenses, particularly in technology and infrastructure ($2.9 billion) and cost of revenue ($1.5 billion), which reflect substantial investments in expanding its platform and data center footprint. The company's substantial debt also contributed to a significant increase in interest expense to $1.2 billion. Key strategic developments included the acquisition of several AI-focused companies (Weights & Biases, OpenPipe, Marimo, and Monolith AI) in 2025, aimed at enhancing its integrated platform and developer tools. The company also completed its IPO in March 2025, raising substantial capital. CoreWeave's significant Remaining Performance Obligations (RPO) of $60.7 billion as of December 31, 2025, indicates strong future revenue visibility, supported by long-term customer commitments.

Financial Highlights

56 data points
Beta

Revenue

$5.13B

71.7% Gross Margin

Net Income

-$1.20B

-23.3% Net Margin

EPS (Diluted)

$-2.81

Total Assets

$49.30B

Cash & Equivalents

$4.13B

Free Cash Flow

-$7.25B

Financial Statements
Beta
Revenue$5.13B
Cost of Revenue$1.45B
Gross Profit$3.68B
R&D Expenses$352.00M
Operating Expenses$5.18B
Operating Income-$46.00M
Interest Expense$1.15B
Net Income-$1.20B
EPS (Basic)$-2.75
EPS (Diluted)$-2.81
Shares Outstanding (Basic)435.00M
Shares Outstanding (Diluted)436.00M

Key Highlights

  • 1Revenue grew to $5.1 billion in fiscal year 2025, a 168% increase from $1.9 billion in fiscal year 2024, indicating strong market demand.
  • 2Net loss widened to $1.2 billion in fiscal year 2025 from $863 million in fiscal year 2024, primarily due to increased investments in infrastructure and operations.
  • 3Data center capacity significantly expanded, with 43 data centers and over 850 MW of active power by year-end 2025, with a total contracted power capacity of 3.1 GW.
  • 4Remaining Performance Obligations (RPO) reached $60.7 billion as of December 31, 2025, up from $15.1 billion in the prior year, signaling substantial future contracted revenue.
  • 5The company completed its Initial Public Offering (IPO) in March 2025, raising substantial capital to fuel growth.
  • 6Several strategic acquisitions, including Weights & Biases, OpenPipe, Marimo, and Monolith AI, were completed in 2025 to enhance its AI platform and service offerings.
  • 7Interest expense significantly increased to $1.2 billion in 2025 from $361 million in 2024, reflecting higher debt levels to finance expansion.

Frequently Asked Questions

CoreWeave operates a specialized cloud infrastructure platform purpose-built for AI and high-performance computing workloads. In fiscal year 2025, the company demonstrated exceptional revenue growth, reaching $5.1 billion, a 168% increase year-over-year. This growth was primarily driven by increased customer demand and the expansion of its data center footprint. However, the company continued to operate at a net loss, reporting $1.2 billion in net loss for fiscal year 2025, reflecting significant investments in infrastructure and operations to support this rapid growth.

CoreWeave's growth is driven by the increasing adoption of AI technologies and the resulting demand for specialized compute infrastructure. The company's ability to rapidly deploy the latest GPU hardware, its proprietary software and orchestration platform, and its focus on AI-native solutions are key competitive advantages. However, significant risks include reliance on a limited number of suppliers for critical components (like NVIDIA GPUs), substantial capital expenditure requirements, power availability constraints, and intense competition from hyperscalers. The company also carries substantial debt ($21.6 billion as of Dec 31, 2025), which increases financial risk.

In fiscal year 2025, CoreWeave significantly expanded its debt financing to support its aggressive infrastructure build-out. Total debt increased substantially, leading to a sharp rise in interest expense to $1.2 billion. Despite the increased debt and net losses, the company's liquidity position strengthened, with cash and cash equivalents and available credit facilities totaling $6.9 billion as of December 31, 2025. The company also completed its IPO in March 2025, providing a substantial capital injection. The significant Remaining Performance Obligations (RPO) of $60.7 billion further bolster its future financial outlook.

CoreWeave's strategic priorities include maintaining technology leadership in AI infrastructure, expanding its data center capacity, and enhancing its integrated platform through innovation and strategic acquisitions. In 2025, the company completed several key acquisitions, including Weights & Biases, OpenPipe, Marimo, and Monolith AI, to bolster its software and developer tool offerings. The successful IPO in March 2025 was a major milestone, providing capital for continued growth. The company is also focused on improving its cost of capital and expanding its customer base across various industries adopting AI.