CoreWeave Q4 Earnings Call Highlights

Core Insights - CoreWeave experienced relentless demand, particularly from hyperscalers, AI-native customers, and enterprises, with a significant increase in new reserved instance customers in Q4 compared to previous quarters [1][4] - The company reported a contracted revenue backlog of $66.8 billion at the end of the quarter, an increase of $11.2 billion sequentially and over $50 billion year-over-year, with a fourfold increase expected in 2025 [2][7] - CEO Mike Intrator highlighted 2025 as a defining year, with revenue reaching $5.1 billion, a 168% increase year-over-year, and Q4 revenue of $1.6 billion, up 110% year-over-year [3][7] Financial Performance - Q4 adjusted EBITDA was $898 million with a 57% margin, but the company reported a net loss of $452 million due to higher interest and accelerated deployments [5][14] - The average weighted contract length increased from approximately four years to five years, indicating longer commitments from customers for foundational AI workloads [2][7] - Capital expenditures for Q4 totaled $8.2 billion, with full-year CapEx at $14.9 billion, reflecting the rapid deployment of infrastructure [15] Capacity Expansion - CoreWeave ended 2025 with over 850 MW of active power and 43 data centers, having added approximately 260 MW in Q4 alone [8][10] - The company contracted close to 2 GW of additional power in 2025, with expectations for most of this capacity to come online by the end of 2027 [9][10] - Management plans to add more than 5 GW of additional data center capacity by 2030 [10] Future Guidance - For 2026, CoreWeave anticipates CapEx between $30 billion and $35 billion, primarily tied to signed contracts, and revenue of $12 billion to $13 billion, representing about 140% growth year-over-year [16][17] - The company expects to exit 2026 with an annualized run-rate revenue of $17 billion to $19 billion, growing to over $30 billion by the end of 2027 [19] - Management emphasized that the 2026 guidance does not include potential revenue and margin benefits from licensing its proprietary cloud stack beyond its own data centers [20] Product Development - CoreWeave became the first cloud platform to achieve NVIDIA's Exemplar Cloud status for GB200 and is expected to be among the first to market NVIDIA's new Rubin GPU platform in the second half of 2026 [12] - The company plans to expand its product portfolio to include NVIDIA's Vera CPU and BlueField storage [12][21]