CoreWeave Q2 2025 Earnings Summary: AI Cloud Demand Drives Record Revenue and Operational Scale
Rapid AI Adoption and Infrastructure Expansion Fuel Unprecedented Growth and Operational Scale
CoreWeave delivered an exceptional Q2, with revenue surging 207% year-over-year to $1.2 billion, fueled by unprecedented demand for its AI cloud services. Adjusted operating income reached $200 million, marking the first quarter in which the company hit both $1 billion in revenue and $200 million in adjusted operating income. Growth was broad-based, spanning hyperscale AI workloads, VFX cloud services, and enterprise deployments, supported by significant capacity expansion. Power capacity now stands at 470 megawatts active and 2.2 gigawatts contracted, on track to surpass 900 megawatts by year-end.
Key Financial Highlights
Revenue: $1.2 billion, up 207% YoY
Adjusted Operating Income: $200 million
Adjusted EBITDA: $753 million, up >3x YoY
Net Loss: $291 million (driven by interest expenses)
Capital Expenditures: $2.9 billion
Backlog: $30.1 billion, doubling YTD
Operational Momentum and AI Infrastructure Leadership
The company’s platform continues to scale rapidly to meet AI-driven demand. Expansion contracts with hyperscale clients and strong uptake across media, healthcare, and finance underline the breadth of customer adoption. Product innovation, including NVIDIA GB200 NVL72 deployments and new storage offerings, enhances platform value. Deferred revenue and backlog growth provide clear visibility into future performance, while strategic financing initiatives — such as a high-yield bond offering and secured GPU financing — support capital efficiency despite elevated near-term infrastructure costs.
Outlook and Capacity Expansion
CoreWeave raised full-year 2025 revenue guidance to $5.15–$5.35 billion, reflecting continued AI adoption and the strength of its $30 billion+ backlog. The company’s investment in scaling data center infrastructure and expanding operational capacity positions it to meet growing enterprise and hyperscale demand, even as elevated capex and interest costs weigh on near-term profitability.
Here’s Our Take
CoreWeave’s Q2 performance underscores the company’s exceptional execution and its leadership position in AI cloud infrastructure. Revenue and adjusted operating income hit record levels, driven by strong demand across hyperscale, enterprise, and emerging AI clients, while the $30B+ backlog highlights continued momentum. The company’s aggressive investment in data center capacity, power infrastructure, and innovative GPU offerings demonstrates its commitment to scaling efficiently and meeting surging customer needs.
While near-term operational costs and elevated financing expenses present challenges, CoreWeave’s ability to rapidly expand capacity, secure strategic deals, and deliver robust adjusted EBITDA growth illustrates significant operational leverage. With adoption of AI accelerating across industries such as healthcare, media, finance, and VFX, CoreWeave is well-positioned to capitalize on long-term secular tailwinds in AI-driven infrastructure, creating a unique combination of scale, technological advantage, and market opportunity.
P.S. Know someone who'd appreciate smarter stock insights and clearer investing strategies? Forward this email or share this link: subscribe.triplegains.com