CoreWeave Q3 2025 earnings: revenue surges, backlog nearly doubles, losses narrow

November 13, 2025 · Published August 7, 2026

CoreWeave's revenue more than doubled year over year and its contracted backlog nearly doubled to $55.6 billion, even as heavy data-center spending kept the company unprofitable.

Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.

Key takeaways

• Revenue climbed 134% from a year earlier as demand for the company’s cloud computing capacity, used to train and run AI models, continued to surge.
• The net loss narrowed sharply from roughly $360 million a year ago to about $110 million this quarter, even as the company keeps spending heavily to build out data centers.
• CoreWeave’s contracted revenue backlog — future business already signed but not yet delivered — nearly doubled from the prior quarter to about $55.6 billion, giving the company a large pipeline of future work.
• During the quarter the company expanded its agreement with OpenAI by $6.5 billion and signed a new six-year deal with Meta worth up to $14.2 billion, adding to its list of major AI customers.
• Full-year 2025 revenue guidance was set at $5.05 billion to $5.15 billion, and the company said it expects to end the year with more than 850 megawatts of active data center power.
• Management said a delay at one third-party-built data center is affecting near-term capacity, but noted the company operates 41 data centers overall and that the delay should not affect its contracted backlog.
• Capital spending on data centers and equipment was about $1.9 billion for the quarter, down from the prior quarter, but the company raised its full-year capex outlook to roughly $12-14 billion because of the delayed facility.
• Trailing-twelve-month gross margin stood near 69%, showing the underlying cloud business is profitable before accounting for heavy interest, depreciation and expansion costs that are still weighing on the bottom line.
• Operating and net margins over the trailing twelve months remained negative, reflecting the scale of investment CoreWeave is making to build out infrastructure ahead of revenue catching up.

Q3 2025 in context

Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.

How the stock took it

CoreWeave Inc closed at $85.43 on Nov 12, 2025, the last session before the report, and at $77.36 on Nov 14, 2025, the first session after it — -9.4% across the report.

Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.

Financial history →

Sources: company report · Data Center Dynamics · CNBC