Financial Data and Key Metrics Changes - CoreWeave generated over $5.1 billion in revenue for fiscal year 2025, representing a 168% year-over-year increase [4] - Q4 revenue was $1.6 billion, up 110% year-over-year [22] - Adjusted EBITDA for Q4 was $898 million, nearly doubling from $486 million in Q4 of 2024, with an adjusted EBITDA margin of 57% [25] - Operating expenses in Q4 totaled $1.7 billion, including $157 million in stock-based compensation [24] - Net loss for Q4 was $452 million compared to a $51 million net loss in Q4 of 2024 [25] Business Line Data and Key Metrics Changes - CoreWeave's contracted revenue backlog grew to $66.8 billion, an increase of over 4x year-over-year [23] - The average weighted contract length increased from approximately 4 years to roughly 5 years [23] - The number of customers committing to spend at least $1 million on CoreWeave Cloud grew by nearly 150% [8] Market Data and Key Metrics Changes - CoreWeave added approximately 260 megawatts of active power in Q4, bringing total active power to over 850 megawatts across 43 data centers [12][35] - The company contracted close to 2 gigawatts of additional power in 2025, ending the year with over 3.1 gigawatts of contracted capacity [13] - Average H100 pricing in Q4 was within 10% of the start of the year, while average A100 pricing increased in 2025 [9] Company Strategy and Development Direction - CoreWeave is focused on building and operating large purpose-built AI clusters to meet the growing demand for AI workloads [5] - The company plans to add more than 5 gigawatts of additional data center capacity by 2030 [10] - CoreWeave is evolving its platform to unlock new margin-accretive avenues for growth, including expanding its proprietary cloud stack [11] Management's Comments on Operating Environment and Future Outlook - Management noted that demand from hyperscalers, AI natives, and enterprise customers is intensifying, with a diversified customer base [6] - The company expects 2026 CapEx to be at least $30 billion, more than double the 2025 investment, reflecting contracted demand [17] - For 2026, revenue is expected to be in the range of $12 billion to $13 billion, representing approximately 140% growth year-over-year at the midpoint [32] Other Important Information - CoreWeave's financing structure is designed to match its deployment model, with a significant portion of term debt structured as delayed draw facilities [27] - The company raised approximately $2.6 billion through its inaugural convertible senior notes offering in Q4 [28] - CoreWeave's weighted average cost of capital has decreased by 300 basis points over the last year and nearly 600 basis points since 2023 [30] Q&A Session Summary Question: Can you unpack the dynamics of CapEx and revenue guidance? - Management explained that much of the new capacity came online towards the end of the quarter, with monetization expected in 2026 [40] Question: What do contracts with enterprise customers look like? - Management stated that contracts with enterprise customers are similar in tenure to hyperscale contracts, tailored to individual business models [42] Question: Can you quantify your blended cost of capital? - Management noted a 300 basis point drop in cost of capital over the last year, driven by improved business performance and creditworthiness [48] Question: How confident is the company in the rate of CapEx growth? - Management expressed confidence in the demand for computing infrastructure and the stability of revenue from long-term contracts [82]

Summary of CoreWeave and NVIDIA Partnership Expansion Company and Industry Overview - **Company**: CoreWeave - **Industry**: Software, specifically focused on AI infrastructure and cloud computing - **Partnership**: Expansion of partnership with NVIDIA Key Announcements - CoreWeave announced a multi-pronged expansion of its partnership with NVIDIA, focusing on: 1. Building out an additional **>5 GW** of AI infrastructure by **2030** [2] 2. Enhancing CoreWeave's ability to secure land, power, and shells for AI factories [2] 3. Integrating software and monetization strategies, allowing CoreWeave to offer software to NVIDIA's cloud partners and enterprise customers [2] 4. Gaining access to NVIDIA's compute systems, including the Rubin platform, Vera CPUs, and Bluefield storage systems [2] - NVIDIA invested **$2 billion** in CoreWeave's Class A common stock at a price of **$87.20** per share [2] Management Insights - Management highlighted the significant demand for AI compute and the partnership's impact on software monetization opportunities [3] - Emphasis on the early stage of the partnership, with a conservative near-term outlook but overall optimism regarding CoreWeave's software capabilities [3] Investor Takeaways 1. The tighter relationship with NVIDIA differentiates CoreWeave from other cloud providers, enhancing its financial and technological partnership [7] 2. NVIDIA's investment strengthens CoreWeave's balance sheet and validates the demand for AI infrastructure [7] 3. The partnership extends CoreWeave's software monetization efforts by making its software available to global cloud service providers and enterprises [7] Economic and Technological Impact - The partnership deepens economic and technological ties, allowing CoreWeave to monetize its software more effectively [8] - NVIDIA's industry relationships are expected to accelerate CoreWeave's infrastructure build-out in a supply-constrained market [8] - CoreWeave's software solutions are validated by NVIDIA's internal use, enhancing its market position [8] Risks and Considerations - Questions remain regarding CoreWeave's visibility in contracting the additional **5 GW** of infrastructure and its competitive edge in software across multiple clouds [8] - Potential risks include normalization in AI demand and trends affecting the useful life of AI servers [13] Financial Overview - **Market Capitalization**: **$48.947 billion** [5] - **Current Stock Price**: **$98.31** (as of January 26, 2026) [5] - **Price Target**: **$99.00** [5] - **52-Week Range**: **$187.00 - $33.52** [5] Conclusion The expansion of the partnership between CoreWeave and NVIDIA represents a significant strategic move in the AI infrastructure space, with potential for enhanced software monetization and infrastructure development. However, investors should remain cautious of the associated risks and market dynamics.

Core Insights - Nvidia announced a $2 billion investment in cloud service provider CoreWeave to jointly develop a 5GW AI data center by 2030 [2] - This funding will support the construction of new AI factories and the deployment of multiple generations of Nvidia infrastructure on the CoreWeave platform [2] - Nvidia's CEO Jensen Huang emphasized that AI is driving the largest infrastructure buildout in human history, highlighting the immense demand for Nvidia's AI factories [2] Company Developments - CoreWeave has been actively expanding its business, signing a $14.2 billion agreement with Meta and expanding its partnership with OpenAI, reportedly valued at $22.4 billion [2][4] - CoreWeave is also involved in a $15 billion AI infrastructure project in the UK, which includes the global deployment of 300,000 Nvidia GPUs [3][4] Analyst Perspectives - Michael Intrator, CoreWeave's co-founder and CEO, stated that successful AI requires the collaborative design of software, infrastructure, and operations, reflecting strong demand in their customer base [3] - Analyst Steven Dickens expressed skepticism about CoreWeave's ability to deliver value to end-users, questioning the sustainability of demand, particularly in inference, to support such large-scale construction [3] - Dickens compared the current infrastructure buildout to the dark fiber construction during the internet era, suggesting that it may be ahead of actual demand [3]

Core Viewpoint - Nvidia has made a significant investment of $2 billion in CoreWeave to accelerate its plan to add over 5 gigawatts of AI computing capacity by 2030, promoting the global adoption of AI [1][9] Investment Details - Nvidia purchased CoreWeave's Class A common stock at a price of $87.20 per share and has previously committed to procure over $6 billion in services from CoreWeave by 2032 [1][9] - Following the announcement, CoreWeave's stock price surged by 9% in pre-market trading [2][10] Collaboration Plans - The partnership aims to leverage Nvidia's financial strength to expedite CoreWeave's procurement of land, power, and infrastructure necessary for AI factory construction [5][15] - CoreWeave's ambitious goal of 5 gigawatts of power is equivalent to the output of five large nuclear reactors, capable of powering approximately 750,000 American households at any given time [6][15] Market Position and Strategy - CoreWeave, known for its "neocloud" services, is recognized as a specialized cloud computing provider for AI services and aims to enhance its financial stability through Nvidia's investment [5][14] - Nvidia's investment represents about 2% of CoreWeave's planned total infrastructure investment, with expectations of significant infrastructure delivery in the coming years [6][15] Industry Context - Nvidia's commitment to invest hundreds of billions into AI infrastructure reflects its strategy to drive broader AI industry development [1][9] - The collaboration is seen as a response to the increasing demand for AI capabilities and the need for scalable infrastructure to support this growth [5][14]