01—Abstract
Summary
Summary of the 8-K filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.
CoreWeave (CRWV) reported Q3 2025 revenue of $1.36 billiona, up roughly 134% year over year from $584 million, with nine-month revenue of $3.56 billion.
Growth came with margin compression: GAAP operating income fell to $51.9 millionb (4% margin) from $117.1 million (20%), while adjusted EBITDA rose to $838 million (61% margin, versus 65% a year earlier) and adjusted operating income reached $217 million (16% margin, versus 21%). GAAP net loss narrowed to $110 million ($0.22 per share) from $360 million ($1.82 per share) a year earlier, but that comparison was distorted by a $341 million fair-value loss in Q3 2024 that did not recur. Adjusted net loss was $41 million, compared with adjusted net income of $0.1 million a year earlier.
The most important datapoint for investors is the revenue backlog, which nearly doubled to $55.6 billionc as of September 30, 2025. Management cited new commitments including an up-to-$14.2 billion multi-year Meta deal, an up-to-$6.5 billion expansion with OpenAI (bringing total OpenAI commitments to up to $22.4 billion), and a $6.3 billion strategic collaboration with NVIDIA. Contracted power reached roughly 2.9 GW, with about 590 MW active after adding roughly 120 MW in the quarter.
The balance sheet and funding picture is the main area of risk. Interest expense, net, rose to $311 milliond in the quarter from $104 million, and total debt (current plus non-current) reached about $14.0 billion. Capital expenditures were $3.28 billion in the quarter and $6.25 billion year to date, and operating cash flow for the nine months was $1.50 billion, well below capex.
The company is funding the buildout through debt, including a $1.75 billion 9.0% senior notes offering and a $2.6 billion DDTL 3.0 facility, plus equity from its IPO. Total stockholders' equity turned positive at $3.88 billion. Management did not provide forward guidance in this filing; it was deferred to the earnings call.
02—Key points
Key Highlights
- Revenue of $1.36 billion in Q3 2025, up about 134% year over year; nine-month revenue of $3.56 billion, up about 205%.
- Revenue backlog of $55.6 billion at September 30, 2025, nearly double the prior level, driven by Meta (up to $14.2B), OpenAI (up to $6.5B expansion, $22.4B total commitments) and NVIDIA ($6.3B collaboration).
- GAAP operating margin compressed to 4% from 20% year over year, while adjusted EBITDA margin was 61% versus 65%, reflecting rapid growth in technology, infrastructure, and G&A costs (G&A rose to $152M from $34M).
- GAAP net loss narrowed to $110 million ($0.22/share) from $360 million ($1.82/share), though prior-year results included a $341 million fair-value loss; adjusted net loss was $41 million.
- Interest expense, net, more than tripled to $311 million, and total debt reached roughly $14.0 billion, highlighting the cost of capital as the company scales.
- Q3 capex of $3.28 billion and nine-month operating cash flow of $1.5 billion underline heavy external funding needs; the company issued $1.75B of 9.0% notes and closed a $2.6B DDTL 3.0 facility at SOFR+4%.
- Capacity expansion continued: about 590 MW active power and roughly 2.9 GW contracted, with a planned Lancaster, PA data center (up to $6B, initial 100 MW) and an incremental £1.5B UK commitment.
03—Questions
Frequently Asked Questions
How fast is CoreWeave's revenue growing, and is it accelerating?
Q3 2025 revenue was $1.36 billion, up about 134% from $584 million in Q3 2024. Nine-month revenue was $3.56 billion, up about 205% from $1.17 billion. The filing does not provide sequential quarterly comparisons beyond these figures, so the trajectory should be assessed alongside the earnings call.
Is the $55.6 billion revenue backlog reliable, and what does it include?
The backlog includes remaining performance obligations plus other amounts the company estimates will be recognized in future periods under committed customer contracts. Recognition is subject to delivery and availability of service requirements, so backlog is not guaranteed revenue. Several large contracts are described as 'up to' amounts, meaning actual values may be lower and depend on customer usage or option exercises.
Why did operating margins fall so sharply?
GAAP operating income was $52 million versus $117 million a year earlier. Operating expenses rose to $1.31 billion from $467 million, driven by technology and infrastructure costs ($747 million), cost of revenue ($369 million), and general and administrative expenses ($152 million, up from $34 million). Stock-based compensation rose to $144 million in the quarter from $8 million, and depreciation and amortization reached $630 million. Management is scaling infrastructure ahead of revenue recognition, which pressures near-term margins.
How is CoreWeave funding its capital expenditures, and what are the risks?
Q3 capex was $3.28 billion and year-to-date capex was $6.25 billion, while nine-month operating cash flow was $1.50 billion. The gap is funded primarily by debt: $7.56 billion of debt proceeds in the first nine months, including the $1.75 billion 9.0% notes and the DDTL 3.0 and 2.1 facilities at SOFR+4% to SOFR+4.25%. Interest expense rose to $311 million in Q3. Rising leverage, high borrowing costs, and dependence on continued access to capital markets are key risks. The company also satisfied the conditions to terminate its Series C Preferred Stock Put Right, which added $1.2 billion to equity.
Did CoreWeave provide guidance with these results?
No. The press release states that forward-looking guidance will be provided on the earnings conference call and webcast held at 2:00 pm PT / 5:00 pm ET on November 10, 2025. Investors should review the call transcript and presentation for outlook figures, which are not included in this 8-K.
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