Core Viewpoints - The company has signed expansion contracts with two hyperscale cloud customers in the past eight weeks, with one reflected in Q2 results. The remaining performance contract amount has doubled to $30.1 billion since the beginning of the year, including a $4 billion expansion agreement with OpenAI and new orders from large enterprises to AI startups [1][4][5]. Financial Performance - Q2 revenue reached $1.2 billion, a year-over-year increase of 207%, marking the first time the company achieved over $1 billion in revenue and an adjusted operating profit of $200 million in the same quarter [6][38]. - The remaining performance contract amount (Revenue Backlog) was $30.1 billion at the end of Q2, up 86% year-over-year and increased by $4 billion from Q1 [5][43]. - The company plans to achieve over 900 megawatts of active power delivery capacity by the end of Q4, with a current active power capacity of approximately 470 megawatts and a total contracted capacity of about 2.2 gigawatts [6][9][43]. Capacity Expansion - The company is significantly expanding its capacity to address structural supply shortages, with plans to add over 400 megawatts of power capacity [5][9]. - Capital expenditures totaled $2.9 billion in Q2, reflecting efforts to rapidly expand infrastructure to meet customer demand [10][84]. Customer Demand and Diversification - The customer base is becoming more diversified, with increasing demand for AI applications across various sectors, including media, healthcare, and finance [12][46]. - The company's VFX cloud service product, Conductor, saw usage grow over four times in the first half of 2025, and new contracts were signed with major banks like Morgan Stanley and Goldman Sachs [12][47]. Vertical Integration Strategy - The company is pursuing a vertical integration strategy through acquisitions, including Weights & Biases and a proposed acquisition of CoreScientific, aimed at enhancing infrastructure control and operational efficiency [14][15][63]. - The integration of CoreScientific is expected to provide approximately 1.3 gigawatts of total power capacity and eliminate over $10 billion in future lease liabilities, with an anticipated annual cost saving of $500 million by the end of 2027 [15][71]. Financing and Capital Markets - Since the beginning of 2024, the company has secured over $25 billion in debt and equity financing to build and expand its AI cloud platform [18][85]. - Recent financing transactions have significantly reduced capital costs, with a notable decrease of 900 basis points in borrowing costs [5][18][85]. Market Outlook - The company has raised its full-year revenue guidance for 2025 to a range of $5.15 billion to $5.35 billion, reflecting strong customer demand [8][89]. - The company continues to operate in a structurally supply-constrained environment, with demand far exceeding the supply of its products and services [9][86].

Core View - CoreWeave's CEO Michael Intrator highlighted a significant increase in inference workload usage, with the customer base diversifying and the VFX cloud service product Conductor seeing over a fourfold increase in usage in the first half of 2025 [1][8]. - The company reported a record revenue of $1.2 billion for Q2 2025, marking a 207% year-over-year growth, and achieved an adjusted operating profit of $200 million [3][15]. - CoreWeave plans to expand its capacity to over 900 megawatts by the end of Q4 2025 to address structural supply shortages [1][6]. Financial Performance - Q2 revenue reached $1.2 billion, a 207% increase year-over-year, with adjusted operating profit at $200 million, marking the first time revenue exceeded $1 billion in a single quarter [3][15]. - The remaining performance obligation (RPO) reached $30.1 billion, up 86% year-over-year, and doubled since the beginning of the year [2][3][15]. - The company expects Q3 revenue to be between $1.26 billion and $1.3 billion, with adjusted operating income projected between $160 million and $190 million [38][39]. Capacity Expansion - CoreWeave's active power delivery capacity reached approximately 470 megawatts, with total contracted capacity increasing by about 600 megawatts to 2.2 gigawatts [3][6]. - The company plans to enhance its active power delivery capacity to over 900 megawatts by the end of 2025, with significant capital expenditures of $2.9 billion in Q2 [6][35]. - The expansion is driven by strong customer demand across various sectors, including media, healthcare, and finance [8][18]. Customer Demand and Diversification - CoreWeave's customer base is becoming increasingly diverse, with significant growth in sectors such as media, healthcare, and finance [8][18]. - The VFX cloud service product Conductor saw usage increase over fourfold in the first half of 2025, and new contracts were signed with major clients like Morgan Stanley and Goldman Sachs [8][18]. - The company has a strong pipeline of potential customers, indicating sustained demand for AI infrastructure [4][8]. Strategic Acquisitions - CoreWeave is pursuing vertical integration through acquisitions, including the recent acquisition of Weights & Biases and a proposed acquisition of CoreScientific [9][27]. - The integration of CoreScientific is expected to provide approximately 1.3 gigawatts of total power capacity and eliminate over $10 billion in future lease liabilities [9][31]. - The company anticipates achieving $500 million in annual cost savings by the end of 2027 as a result of these acquisitions [9][31]. Financing and Capital Structure - Since early 2024, CoreWeave has secured over $25 billion in debt and equity financing to support its AI cloud platform expansion [10][37]. - The company successfully reduced its non-investment grade borrowing costs by 900 basis points through key financing transactions [2][10]. - Recent financing activities include a $2.6 billion delayed draw term loan with a capital cost of SOFR+400, reflecting a significant decrease in borrowing costs [10][37]. Market Conditions - The market is characterized by structural supply constraints, with demand for AI infrastructure significantly outpacing supply [6][76]. - CoreWeave's CEO emphasized that the most significant supply bottleneck is in powered shell space, which limits the rapid deployment of sufficient infrastructure [6][75]. - The company is positioned as a key enabler of AI innovation and growth in a supply-constrained environment [6][15].