CoreWeave, Inc. Class A Common Stock Q3 FY2025 earnings call

• Q3 revenue was $1.4 billion, up 134% year over year.
• Added over $25 billion in revenue backlog in Q3, bringing total backlog to over $55 billion.
• Contracted power capacity grew to 2.9 gigawatts, with over 1 gigawatt available to be sold within the next twelve to twenty-four months.
• Executed large-scale compute contracts with Meta, OpenAI, and a leading hyperscaler; nine of the 10 largest customers have multiple agreements.
• Diversified customer base with the number of customers exceeding $100 million in revenue over the last twelve months tripling year over year.
• Launched CoreWeave Federal for U.S. government agencies, with NASA leveraging their services.
• Acquired Open Pipe, Marimo, and Monolith to expand offerings; launched CoreWeave AI object storage with over $100 million in ARR in Q3.
• Scaled data center footprint to 590 megawatts active power and 2.9 gigawatts contracted power capacity.

No specific product segment breakdown provided in the transcript.

• 2025 revenue expected in the range of $5.05 billion to $5.15 billion.
• 2025 adjusted operating income anticipated between $690 million to $720 million.
• 2025 CapEx expected in the range of $12 billion to $14 billion, with most remaining Q4 CapEx moving to Q1.
• 2026 CapEx expected to be well over double that of 2025.

• Temporary delays in data center deliveries from a third-party provider impacting Q4 expectations, though the affected customer has adjusted the delivery schedule to preserve capacity and contract value.

Q: Bookings booming, bottlenecks around power and manpower. Speak to third-party provider situation.

A: Systemic supply chain challenges exist, diversified data center providers, self-build efforts underway to de-risk delivery, impact on contracts is manageable as the ultimate customer has adjusted schedule to preserve value.

Q: Fungibility of infrastructure.

A: Infrastructure is fungible, built to most demanding specs for training and inference, robust software suite supports effective use.

Q: Diversification and uniqueness long-term.

A: Diversification reduces impact of individual delays as portfolio grows, unique value proposition through customization of cloud to use cases and ongoing lead in software and infrastructure.

Q: Implications of delays on 2025.

A: Delay resolved in Q1, CapEx push out moved to Q1, 2026 CapEx to double 2025 due to strong demand.

Q: Impact of supply chain on new customers.

A: No impact on new customer sign-ons, infrastructure build is parallelized, NVIDIA deal allows resale of capacity to other customers.

Q: Self-build vs third-party data centers.

A: Self-build is an additional de-risking component, continues to work with third-party providers while embedding deeper into supply chains.

Q: Pacing of contracting remaining capacity.

A: Demand is insatiable, diversification and allocation to various applications to contract remaining capacity.

Q: IP and learnings from delays.

A: Built organization for self-build to handle constrained market, embedded in supply chains to manage future challenges