CoreWeave reported 2025 revenue of $5.13 billion, up 168%, and a net loss of $1.17 billion

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

CoreWeave, which provides cloud computing services optimized for AI workloads, reported revenue of $5.13 billion for 2025, up 168% from $1.92 billion in 2024, in its annual report on Form 10-K filed on Mar 2, 2026. A Form 10-K is a US-listed company's yearly filing with the SEC; this one covers the year ended Dec 31, 2025. It showed an operating loss of $46 million, against operating income of $324 million a year earlier, and a net loss of $1.17 billion, against $863 million; the loss per diluted share was $2.81, against $4.30.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11

The filing tied the growth to demand from existing and new customers, served through more data centers, with about 85% of the revenue increase coming from expansion within its existing customer base. At the end of 2025 CoreWeave had 43 data centers supported by more than 850 MW of active power, up from 32 data centers and more than 360 MW a year earlier, and about 3.1 GW of contracted power. Contracted work not yet delivered, which the filing called remaining performance obligations (RPO), stood at $60.7 billion on Dec 31, 2025, up 302% from $15.1 billion a year earlier. The company's earnings release of Feb 26, 2026 gave a revenue backlog of $66.8 billion, a wider measure of its own that adds to RPO other amounts the company estimated would be recognized as revenue under committed customer contracts. The release listed Cognition, Crowdstrike, Cursor, Mercado Libre, Midjourney and Runway among its fourth-quarter customer wins.12^,13^,14^,15^,16^,17^,18^,19

Technology and infrastructure expense rose $2.0 billion, or 205%; the filing attributed the rise to depreciation and amortization up about $1.5 billion, to $2.3 billion, and to about $348 million more in personnel costs, including stock-based compensation. Net interest expense rose 240% to $1.23 billion as borrowing grew. Cash paid for property and equipment was $10.3 billion in 2025, against $8.7 billion in 2024, and $9.7 billion was outstanding at year end under delayed draw term loan facilities secured by the assets and contracted cash flows behind them. The release also gave adjusted EBITDA, the company's own measure outside US accounting rules (non-GAAP), at $3.09 billion for the year against $1.22 billion the year before; the reconciliation added back items including depreciation and amortization, net interest expense and stock-based compensation.20^,21^,22^,23^,24^,25^,26

CoreWeave completed its IPO in March 2025, selling 36,590,000 Class A shares at $40.00 each for net proceeds of $1.4 billion. On May 5, 2025 it acquired Weights & Biases, an AI developer platform; the filing counted the cost at $1,029 million in cash, stock and awards. After the year closed, in January 2026, NVIDIA invested $2 billion in CoreWeave's Class A common stock at $87.20 a share. The notes also record a putative securities class action filed on Jan 12, 2026 against the company and certain officers, alleging false and misleading statements, which the company said it believed was without merit.27^,28^,29^,30^,31^,32

Our records hold the text of the filing's management discussion and 16 numbered notes, not its other exhibits, and keep the latest filed value for each period, so they cannot tell whether year-earlier figures were restated.33^,34