CoreWeave, Inc. Class A Common Stock Q4 FY2025 earnings call

2025 was defining year for CoreWeave, generated over $5.1 billion revenue, up 168% YOY. Contracted revenue backlog grew to $66.8 billion. Reached over 850 megawatts of active power. Added twice as many new reserved instance customers in Q4 vs any quarter. Resolved data center delays. Platform evolving with new margin-accretive avenues. Data center footprint growing. Delivered over 50,000 Grace Blackwells. Became first cloud platform to reach NVIDIA's exemplar cloud status for GB200. Expect to bring NVIDIA's new Rubin GPU platform to market in second half of 2026. Diversified customer base, average weighted contract length increased. Broadened product portfolio via acquisitions

In Q4, revenue was $1.6 billion, up 110% year-over-year. Full-year revenue was approximately $5.1 billion, up 168% year-over-year. Revenue backlog for the quarter ended at $66.8 billion, up more than 4x this year alone. Q4 operating expenses were $1.7 billion. Adjusted EBITDA for Q4 was $898 million. CapEx in Q4 totaled $8.2 billion and $14.9 billion for the full year, higher than anticipated. As of December 31st, had $4.2 billion in cash, cash equivalents, restricted cash, and marketable securities. In 2026, expect CapEx of $30 to $35 billion, revenue of $12 to $13 billion at midpoint, adjusted operating income of $900 million to $1.1 billion. Q1 revenue expected in range of $1.9 to $2 billion, adjusted operating income between 0 and $40 million, interest expense in range of $510 to $590 million. Exit 2026 with annualized run rate revenue of $17 to $19 billion, exit 2027 with more than $30 billion annualized run rate revenue

2026 CapEx expected to be $30 to $35 billion, more than double 2025 investment. 2026 revenue expected $12 to $13 billion, midpoint 140% growth YOY. Adjusted operating income expected $900 million to $1.1 billion. Q1 revenue expected $1.9 to $2 billion. Q1 adjusted operating income between 0 and $40 million. Q1 interest expense expected $510 to $590 million. Exit 2026 with annualized run rate revenue $17 to $19 billion, exit 2027 with over $30 billion annualized run rate revenue. Guidance excludes potential revenue/margin benefits from further monetization of proprietary cloud stack to other customers

Q: Congrats on good quarter, aligning CapEx, active power, revenue guidance.

A: Deployed capacity came online towards end of quarter, will see monetization in 2026.

Q: Unpack enterprise customer contracts.

A: Contracts similar to hyperscale in tenure, work with each client on appropriate structure.

Q: Cost of financing, credit profile, NVIDIA credit support.

A: Cost of capital dropped 300 basis points in 12 months, 600 basis points in 2 years. Data center operators interested in working with CoreWeave. NVIDIA relationship positively impacts data center costs.

Q: Blackwell-based models, NVIDIA reference architecture.

A: Blackwell systems enable new performance, clients excited. Focus on NVIDIA technology as clients demand it.

Q: Guide variables, margin progression.

A: Capex in service of contracted backlog. Margin progression due to deliberate investments.

Q: Customer unit economics, behavior across cohorts.

A: Contracts similar across customer base, enterprise customers using infrastructure for new use cases.

Q: CapEx growth rate, confidence in hitting margins.

A: Business built on trust, success-based model. Confident in demand for compute infrastructure.

Q: Rubrin contracts, duration, pricing, ROIC.

A: Contracts stabilizing, pricing adjusted for margins. Prepayment lever, dependency on prepayment reduced.

Q: Confidence in $30 billion run rate by 2027, demand change.

A: Confident due to contracted power and client interest. Diversified view on compute usage, new clients expected