CoreWeave is projected to report $1.08 billion in revenue for Q2 2025, marking its first-ever billion-dollar quarter and reflecting sustained momentum after 420% year-over-year growth in Q1. This milestone underscores the company’s rapid scaling of AI-native cloud infrastructure and positions it as a top contender for delivering enterprise-grade GPU compute at scale. Investors will closely monitor gross margin trends and customer diversification as volume discounts and spot pricing could influence profitability in this high-growth phase. The firm enters the quarter with a $25.9 billion contracted backlog, providing robust revenue visibility through 2026. Of this total, $11.9 billion is linked to a long-term supply agreement with OpenAI, securing a stable demand floor for compute capacity. The remaining $14 billion spans clients in genomics, financial services and autonomous vehicle development, illustrating broad end-market adoption. This backlog-to-expected-annual-revenue ratio of roughly 10x highlights CoreWeave’s success in locking in multi-year commitments amidst competitive pressures for GPU hardware. Core Scientific has added 840 MW of contracted capacity to CoreWeave’s deployment pipeline, enabling immediate revenue generation and supporting margin stability without equivalent near-term capital expenditures by CoreWeave. This partnership leverages Core Scientific’s existing data center footprint and power infrastructure, accelerating CoreWeave’s ability to bring new clusters online in under six months. The arrangement also mitigates hardware supply chain risks by diversifying procurement sources, a critical factor as NVIDIA GPU lead times stretch beyond nine months.
CoreWeave is projected to report $1.08 billion in revenue for Q2 2025, marking its first-ever billion-dollar quarter and reflecting sustained momentum after 420% year-over-year growth in Q1. This milestone underscores the company’s rapid scaling of AI-native cloud infrastructure and positions it as a top contender for delivering enterprise-grade GPU compute at scale. Investors will closely monitor gross margin trends and customer diversification as volume discounts and spot pricing could influence profitability in this high-growth phase. The firm enters the quarter with a $25.9 billion contracted backlog, providing robust revenue visibility through 2026. Of this total, $11.9 billion is linked to a long-term supply agreement with OpenAI, securing a stable demand floor for compute capacity. The remaining $14 billion spans clients in genomics, financial services and autonomous vehicle development, illustrating broad end-market adoption. This backlog-to-expected-annual-revenue ratio of roughly 10x highlights CoreWeave’s success in locking in multi-year commitments amidst competitive pressures for GPU hardware. Core Scientific has added 840 MW of contracted capacity to CoreWeave’s deployment pipeline, enabling immediate revenue generation and supporting margin stability without equivalent near-term capital expenditures by CoreWeave. This partnership leverages Core Scientific’s existing data center footprint and power infrastructure, accelerating CoreWeave’s ability to bring new clusters online in under six months. The arrangement also mitigates hardware supply chain risks by diversifying procurement sources, a critical factor as NVIDIA GPU lead times stretch beyond nine months.