CoreWeave reported adjusted EBITDA of $838 million in the third quarter of 2025, representing a margin above 60% on revenue of $1.36 billion. The company attributed this performance to its AI-optimized infrastructure, which leverages bare-metal GPU clusters to minimize virtualization overhead. Contracted demand for generative AI workloads remains robust, with backlog capacity under long-term agreements covering over 70% of its installed GPU fleet. Management maintained its full-year outlook for adjusted EBITDA margins to stay north of 60%, highlighting disciplined operating expense control and ongoing efficiency gains in power usage effectiveness (PUE).

CoreWeave’s capital expenditures rose sharply in the quarter as it commissioned new data center capacity and pre-purchased high-performance GPUs for future deployments. Total CapEx for the quarter increased by 45% year-over-year, driven by construction of two additional hyperscale facilities and front-loading of hardware spending to secure supply. The company’s non-current debt climbed to $10.3 billion at quarter end, with interest expense of $310.6 million, putting pressure on net income. Although adjusted operating margins of 4% contrast starkly with its EBITDA margins, management reiterated plans to fund growth through a mix of debt and equity while targeting a reduction in depreciation expense intensity as newer GPU generations achieve higher utilization rates.