01—Abstract
Summary
Summary of the 10-Q filed August 13, 2025. Cited figures are marked; the original filing is the authoritative source.
CoreWeave, Inc. reported significant revenue growth in the three and six months ended June 30, 2025, with revenue increasing by 207%a and 276% year-over-year, respectively.
This growth is driven by strong demand for its cloud infrastructure services, particularly from existing customers, and its ability to scale operations rapidly. The company completed its Initial Public Offering (IPO) in March 2025, raising $1.4 billionb in net proceeds, and has since been actively managing its capital structure, including securing substantial debt financing to support its expansion. Despite the impressive revenue growth, CoreWeave continues to operate at a net loss, with a significant accumulated deficit.
The company's expenses, particularly in technology and infrastructure, cost of revenue, and general and administrative categories, have increased substantially, reflecting aggressive investment in growth and infrastructure. The acquisition of Weights & Biases for $1.0 billionc in May 2025, and the pending acquisition of Core Scientific, Inc., indicate a strategic focus on expanding capabilities and market position.
While liquidity remains strong due to the IPO proceeds and available credit facilities, investors should note the company's substantial debt load and ongoing investments, which contribute to the current net losses. Management is actively working to remediate identified material weaknesses in internal controls over financial reporting.
02—Key points
Key Highlights
- Revenue surged by 207% year-over-year for the three months ended June 30, 2025, and 276% for the six months ended June 30, 2025.
- The company successfully completed an Initial Public Offering (IPO) in March 2025, raising approximately $1.4 billion in net proceeds.
- CoreWeave incurred a net loss of $290.5 million for the three months ended June 30, 2025, and $605.1 million for the six months ended June 30, 2025.
- Total assets grew significantly to $26.2 billion as of June 30, 2025, driven by substantial investments in property and equipment, particularly technology equipment.
- Total debt increased to $11.17 billion as of June 30, 2025, reflecting significant financing activities to support expansion.
- Acquisition of Weights & Biases for $1.0 billion was completed in May 2025, aimed at enhancing AI developer platform capabilities.
- The company has reported material weaknesses in its internal control over financial reporting and is actively implementing remediation efforts.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q2 FY2025, CoreWeave lost $0.24.
- Revenue$1.21B100.0%
- Cost of revenue−$313.0M25.8%
- Gross profit$899.0M74.2%
- Operating costs−$880.0M72.6%
- Operating income$19.0M1.6%
- Interest, other & tax−$309.0M25.5%
- Net income−$290.0M23.9%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 13, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $1.21B$395.37M | +206.5% |
| Cost of Revenue | $313.00M$108.84M | +187.6% |
| Gross Profit | $899.00M$286.53M | +213.8% |
| R&D Expenses | $80.00M$12.00M | +566.7% |
| Operating Expenses | $1.19B$317.65M | +275.6% |
| Operating Income | $19.00M$77.72M | −75.6% |
| Interest Expense | $256.00M$67.10M | +281.5% |
| Net Income | -$290.00M-$338.62M | +14.4% |
| EPS (Basic) | $-0.60$-1.62 | +63.0% |
| EPS (Diluted) | $-0.60$-1.62 | +63.0% |
| Shares Outstanding (Basic) | 487.00M209.63M | +132.3% |
| Shares Outstanding (Diluted) | 487.00M209.63M | +132.3% |
05—Questions
Frequently Asked Questions
What is CoreWeave's revenue performance in the latest quarter?
CoreWeave reported revenue of $1.21 billion for the three months ended June 30, 2025, representing a substantial 207% increase compared to the same period in the prior year. For the six months ended June 30, 2025, revenue reached $2.19 billion, a 276% increase year-over-year.
Is CoreWeave profitable?
No, CoreWeave is not currently profitable. The company reported a net loss of $290.5 million for the three months ended June 30, 2025, and $605.1 million for the six months ended June 30, 2025. The company has an accumulated deficit of $2.1 billion as of June 30, 2025, reflecting significant ongoing investments in growth and infrastructure.
How has CoreWeave's financial position changed since its IPO?
Following its IPO in March 2025, CoreWeave raised approximately $1.4 billion in net proceeds, significantly bolstering its cash position. Total assets increased substantially to $26.2 billion as of June 30, 2025, driven by investments in property and equipment. However, the company also increased its total debt to over $11.1 billion to finance its expansion. While liquidity appears strong, the company continues to operate at a loss.
What are the key strategic moves CoreWeave has made recently?
CoreWeave completed its IPO in March 2025 and acquired Weights & Biases, Inc. in May 2025 for $1.0 billion to enhance its AI developer platform. Additionally, the company has entered into a definitive agreement to acquire Core Scientific, Inc., a data center infrastructure provider, which is expected to further verticalize its operations. These strategic actions highlight a strong focus on expanding market share and capabilities in the AI infrastructure space.
06—Continue