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].