CoreWeave Posts $452M Q4 Loss While Revenue Jumps 110% to $1.57B
CoreWeave posted a Q4 2025 net loss of $452m, widening from $51m a year earlier, while revenue soared 110% to $1.57bn. Operating expenses jumped 162% to $1.66bn and revenue backlog quadrupled to $66.8bn, underpinning its hypergrowth trajectory.
1. Q4 Financial Results
CoreWeave reported a net loss of $452m for Q4 2025, compared to a $51m loss in Q4 2024. Diluted net loss per share widened to $0.89 from $0.34, with operating expenses climbing 162% to $1.66bn and an operating loss of $89m versus a $113m operating profit a year earlier.
2. Annual Performance
For the full year, revenue hit $5.13bn, up 168% from $1.92bn in 2024, while net loss expanded to $1.17bn from $863m. Operating expenses swelled 225% to $5.18bn, although adjusted EBITDA rose 154% to $3.09bn, with an adjusted net loss of $606m.
3. Backlog and Infrastructure Growth
CoreWeave’s revenue backlog surged to $66.8bn by year-end, more than four times its level at the start of 2025. The company also added approximately 260MW of active power capacity in Q4, bringing total active capacity above 850MW and contracted power to about 3.1GW.
4. Customer Wins and Outlook
During Q4, CoreWeave secured new contracts with AI labs, hyperscalers and enterprises including Cognition, Crowdstrike, Cursor, Mercado Libre, Midjourney and Runway. Leadership highlighted the faster-than-ever $5bn revenue milestone and emphasized strong demand and readiness for continued hypergrowth.