CoreWeave beats revenue projections as backlog swells to nearly $67 billion
#CoreWeave #AI Infrastructure #Revenue Backlog #Cloud Computing #Q4 Earnings #Meta #OpenAI
📌 Key Takeaways
- CoreWeave reported Q4 revenue of $1.57 billion, beating Wall Street expectations of $1.55 billion.
- The company's revenue backlog grew to $66.8 billion, supported by major clients like Meta and OpenAI.
- CoreWeave reached $5 billion in annual revenue faster than any cloud platform in history in 2025.
- Despite strong growth, shares fell 7% in after-hours trading as the company carries $21.37 billion in debt.
📖 Full Retelling
CoreWeave Inc. released its fourth-quarter financial results on Thursday, reporting $1.57 billion in revenue that surpassed Wall Street expectations due to surging demand for artificial intelligence infrastructure. The specialized cloud provider, which counts Meta and OpenAI among its clients, revealed a massive revenue backlog of $66.8 billion as its operations expanded across the United States. CEO Mike Intrator highlighted the company's rapid ascent, noting that CoreWeave became the fastest cloud platform in history to surpass $5 billion in annual revenue during 2025. However, despite these milestones, the company's stock fell as much as 7% in extended trading following the announcement.
The company’s revenue represented a 110% year-over-year increase, narrowly beating the LSEG consensus estimate of $1.55 billion, while it reported a loss of 89 cents per share. Operational capacity expanded significantly, reaching 850 megawatts of active power by the end of the year, which exceeded analyst projections of 827 megawatts. Additionally, contracted power capacity stood at 3.1 gigawatts, providing a strong foundation for future growth. The revenue backlog also saw a substantial increase, climbing from $55.6 billion at the end of the third quarter to $66.8 billion, driven by long-term commitments from major AI model makers.
Despite the impressive backlog, CoreWeave reported a debt of $21.37 billion as of December 31 and capital expenditures for 2026 totaled $10.31 billion, below Visible Alpha's consensus of $12.90 billion. Adjusted EBITDA came in at $898 million, slightly missing the $929 million consensus forecasted by StreetAccount. To strengthen its market position against larger competitors like Amazon Web Services, CoreWeave recently introduced an object storage service and announced a strategic deal with AI model builder Poolside, while also increasing its credit facility to $2.5 billion.
🏷️ Themes
Cloud Computing, Artificial Intelligence, Financial Results, Corporate Strategy
📚 Related People & Topics
CoreWeave
American technology company
CoreWeave, Inc. is an American artificial intelligence (AI) cloud-computing company based in Livingston, New Jersey. It specializes in providing cloud-based graphics processing unit (GPU) infrastructure to AI developers and enterprises, and also develops its own chip management software.
Cloud computing
Form of shared internet-based computing
Cloud computing is defined by the ISO as "a paradigm for enabling network access to a scalable and elastic pool of shareable physical or virtual resources with self-service provisioning and administration on demand". It is commonly referred to as "the cloud".
Entity Intersection Graph
Connections for CoreWeave:
View full profileOriginal Source
In this article CRWV Follow your favorite stocks CREATE FREE ACCOUNT Michael Intrator, Chief Executive Officer of CoreWeave Inc., speaks during an interview with CNBC on the floor at the New York Stock Exchange in New York City, U.S., Sept. 22, 2025. Jeenah Moon | Reuters CoreWeave shares fell as much as 7% in extended trading on Thursday after the artificial intelligence-focused cloud infrastructure provider posted higher fourth-quarter revenue than Wall Street had expected. Here's how the company did in comparison with LSEG consensus: Loss per share: Loss of 89 cents. Revenue: $1.57 billion vs. $1.55 billion expected CoreWeave's revenue grew 110% year over year in the quarter, according to a statement . "In 2025, CoreWeave became the fastest cloud platform in history to surpass $5 billion in annual revenue," CEO Mike Intrator wrote in a blog post . The company 850 megawatts in active power capacity, while contracted power stood at 3.1 gigawatts at the end of the year. Analysts polled by LSEG had been projecting about 827 megawatts in active power. CoreWeave's its revenue backlog swelled to $66.8 billion from $55.6 billion at the end of the third quarter . Capital expenditures for 2026 totaled $10.31 billion, below Visible Alpha's $12.90 billion consensus. Adjusted earnings before interest, tax, depreciation and amortization, at $898 million, came in below StreetAccount's $929 million consensus. The company reported $21.37 billion in debt as of Dec. 31. AI has become a greater concern for software investors in recent weeks, with announcements from Anthropic leading to sharp selling. CoreWeave supplies AI model makers such as Google and OpenAI, and its stock was up 36% so far in 2026 as of Thursday's close, while the iShares Expanded Tech-Software Sector Exchange-Traded Fund is down nearly 22% in the same period. During the quarter, CoreWeave announced a deal with model builder Poolside and introduced an object storage service. The company also said it increased a c...
Read full article at source