CoreWeave delivered a remarkable 119% gain over the past 12 months, outpacing broader cloud infrastructure peers as corporations accelerated AI model deployment. The company’s GPU-optimized platform reported revenue growth of 200% year-over-year, driven by new contracts with hyperscalers and leading AI developers. A signed backlog of $55 billion as of the end of Q3 underscores sustained demand for on-demand GPU compute, supporting management’s projection of continued triple-digit top-line expansion into 2026.

To meet surging AI workloads, CoreWeave invested approximately $8 billion in data-center build-out during fiscal 2025, funded largely through debt and equity raises. Net debt climbed to $12 billion, pushing the leverage ratio above 3.5x EBITDA. Operating cash burn remains elevated—totaling $19 billion over the past 18 months—reflecting intensive power infrastructure installation and GPU inventory buildup. These pressures heighten refinancing risks if AI growth enters a slowdown phase.

Despite the recent pullback from last year’s peak valuation of roughly $45 billion, CoreWeave still trades at nearly 8x trailing sales, a premium to many neocloud peers. Goldman Sachs initiated coverage with a Neutral rating, citing the company’s differentiated architecture but warning of tight profitability windows. Moody’s forecasts $3 trillion of data-center investments through 2030 and views CoreWeave as a key beneficiary, though cautions that rising interest rates and asset underutilization could constrain returns.

CEO Michael Intrator publicly refuted claims of circular financing with major GPU supplier Nvidia—whose $300 million stake represents just 7% ownership—calling the narrative “misguided.” He highlighted flexible depreciation schedules that align GPU lifecycles with client usage patterns and reiterated plans to reach 850 MW of active power capacity by end-2025. With operating losses of $748 million over the first three quarters of 2025 narrowing slightly from the prior year, management expects break-even EBITDA by mid-2027 if current demand trends hold.