01—Abstract
Summary
Summary of the 10-Q filed November 13, 2025. Cited figures are marked; the original filing is the authoritative source.
CoreWeave, Inc. (CRWV) reported significant growth in its 10-Q filing for the period ending September 30, 2025.
Revenue more than doubled year-over-year for both the three and nine-month periods, driven by strong demand for its AI-focused cloud infrastructure services. The company successfully completed its Initial Public Offering (IPO) in March 2025, raising $1.4 billiona in net proceeds, which bolstered its liquidity. Despite substantial investments in property and equipment, particularly in technology and infrastructure, the company managed its operating expenses, though net losses persist.
The balance sheet shows a significant increase in assets, driven by property and equipment, and a corresponding rise in liabilities, largely due to increased debt financing to support expansion. The company also completed a key acquisition of Weights & Biases, Inc., to enhance its AI software capabilities.
02—Key points
Key Highlights
- Revenue experienced substantial growth, increasing by 134% for the three months ended September 30, 2025, and 205% for the nine months ended September 30, 2025, compared to the prior year periods.
- The company completed its Initial Public Offering (IPO) in March 2025, raising $1.4 billion in net proceeds.
- Property and equipment, net, saw a significant increase, growing from $11.9 billion at December 31, 2024, to $20.7 billion at September 30, 2025, reflecting heavy investment in infrastructure.
- Total debt increased substantially, reaching $14.0 billion as of September 30, 2025, primarily due to new debt facilities and senior notes issued to finance growth.
- CoreWeave acquired Weights and Biases, Inc. in May 2025 for approximately $1.0 billion to expand its AI software and developer platform offerings.
- Despite revenue growth, the company reported net losses, with a net loss of $110.1 million for the three months ended September 30, 2025, and $715.3 million for the nine months ended September 30, 2025.
- The company has substantial unsatisfied remaining performance obligations (RPO) of $50.0 billion as of September 30, 2025, indicating strong future revenue potential.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2025, CoreWeave lost $0.08.
- Revenue$1.36B100.0%
- Cost of revenue−$368.8M27.0%
- Gross profit$995.9M73.0%
- Operating costs−$944.0M69.2%
- Operating income$51.9M3.8%
- Interest, other & tax−$162.0M11.9%
- Net income−$110.1M8.1%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 13, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.36B$583.94M | +133.7% |
| Cost of Revenue | $368.82M$143.13M | +157.7% |
| Gross Profit | $995.85M$440.81M | +125.9% |
| R&D Expenses | $93.00M$14.00M | +564.3% |
| Operating Expenses | $1.31B$466.82M | +181.2% |
| Operating Income | $51.85M$117.12M | −55.7% |
| Interest Expense | $283.42M$102.33M | +177.0% |
| Net Income | -$110.12M-$389.17M | +71.7% |
| EPS (Basic) | $-0.22$-1.82 | +87.9% |
| EPS (Diluted) | $-0.22$-1.82 | +87.9% |
| Shares Outstanding (Basic) | 497.89M213.81M | +132.9% |
| Shares Outstanding (Diluted) | 497.89M213.81M | +132.9% |
05—Questions
Frequently Asked Questions
What is the company's revenue performance and growth drivers?
CoreWeave demonstrated robust revenue growth, with a 134% increase in the third quarter and a 205% increase year-to-date compared to the same periods in the previous year. This growth is primarily driven by strong customer demand for its AI-focused cloud infrastructure, with approximately 80-91% of the revenue increase attributed to expansion within the existing customer base.
How has the company's financial position changed following the IPO?
Following its IPO in March 2025, CoreWeave raised $1.4 billion in net proceeds, significantly strengthening its liquidity position. This capital, along with increased debt financing, has supported substantial investments in property and equipment, particularly in technology and infrastructure, to meet growing demand. However, this expansion has also led to a significant increase in total debt to $14.0 billion as of September 30, 2025.
What is the company's profitability and outlook?
Despite significant revenue growth and substantial future revenue potential indicated by $50 billion in unsatisfied remaining performance obligations, CoreWeave continues to report net losses. The company incurred a net loss of $110.1 million for the third quarter and $715.3 million year-to-date. The company is making significant investments to fuel growth and expand its infrastructure, which is expected to continue to impact profitability in the near term. Investors should closely monitor the company's ability to manage its growing expenses and debt while capitalizing on its strong customer commitments.
What are the key strategic moves made by the company during this period?
CoreWeave completed its IPO in March 2025 and acquired Weights & Biases, Inc. in May 2025 for approximately $1.0 billion. The acquisition of Weights & Biases aims to enhance CoreWeave's AI software and developer platform capabilities, signaling a strategic move to broaden its service offerings beyond core infrastructure.
06—Continue