CoreWeave delivered FY2025 revenue of $5.1 billion, up 168% year-over-year, and Q4 revenue of $1.6 billion, up 110% year-over-year, achieving Q4 adjusted EBITDA of $898 million (57% margin) while recording a net loss of $452 million due to higher interest expense and accelerated deployments. Management expects margins to trough in Q1 2026 and ramp to low double digits by Q4, targeting 25–30% long term.

The company’s contracted revenue backlog reached $66.8 billion, rising $11.2 billion sequentially and $50 billion year-over-year, with average weighted contract duration extending from four to five years as customers commit to foundational AI workloads. New reserved instance customers doubled in Q4, including Cognition, Cursor, Mercado Libre, Midjourney and Runway, and spending commitments of $1 million+ grew nearly 150% over 2025.

CoreWeave ended 2025 with 850 MW active power across 43 data centers and 3.1 GW contracted capacity set to come online by 2027, aiming to expand beyond 5 GW by 2030. The company plans $30–35 billion in CapEx for 2026, backed by $4.2 billion in cash and equivalents and a $2.6 billion convertible note raise to fund accelerated infrastructure buildout.