CoreWeave Reports Full Year 2025 Revenue of $5.1 Billion

CoreWeave, Inc. (Nasdaq: CRWV) announced its financial results for the fourth quarter and fiscal year ended December 31, 2025, reporting $5.13 billion in annual revenue. The company, which completed its public listing on Nasdaq in March 2025, indicated that its revenue backlog has reached $66.8 billion.

Financial Performance and Revenue Backlog

For the full year 2025, CoreWeave reported a net loss of $1.17 billion, compared to a net loss of $863 million in 2024. Revenue for the fourth quarter was $1.57 billion, an increase from $747 million in the same period the previous year.

Other financial metrics for the fiscal year include:

Operating Loss: $46 million for 2025, compared to an operating income of $324 million in 2024.

Adjusted EBITDA: $3.09 billion for the full year, up from $1.22 billion in 2024.

Revenue Backlog: $66.8 billion as of December 31, 2025, which the company states includes remaining performance obligations and estimated future revenue from committed contracts.

Infrastructure Expansion and Power Capacity

The company continued to scale its specialized AI cloud footprint throughout the year. CoreWeave added approximately 260 MW of active power capacity in the fourth quarter, bringing its total active power to over 850 MW. Total contracted power has expanded to approximately 3.1 GW across a diversified portfolio of providers.

Strategic Partnerships and Acquisitions

CoreWeave highlighted several operational developments aimed at supporting enterprise and AI workloads:

Customer Base: Reported new or expanded relationships with AI pioneers and enterprises such as Cognition, CrowdStrike, and Runway.

Acquisitions: Completed the acquisitions of Monolith, focused on industrial AI applications, and Marimo, an open-source AI-native notebook for Python development.

Public Sector: Launched CoreWeave Federal to support government use cases and joined the U.S. Department of Energy’s Genesis Mission.

The company also strengthened its financial position by raising approximately $2.6 billion through a convertible senior notes offering and expanding its revolving credit facility to $2.5 billion.