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What were the key takeaways from CoreWeave’s earnings call?

- **Revenue Growth Accelerates**: Q3 revenue up 134% YoY to $1.4B, with $55.6B backlog and $50B RPO, fastest in cloud history.
- **Customer Diversification**: 9/10 largest customers signed multiple contracts, reducing concentration to 35% (from 85% YoY).
- **Infrastructure Expansion**: 2.9 GW contracted power, with $14B in debt/equity to fund $12-14B 2025 CapEx.
- **Profitability Improves**: Adjusted EBITDA of $838M (61% margin), up 100% YoY. 2025 revenue guidance: $5.05-5.15B.
- **Strategic Acquisitions**: OpenPipe, Marimo, and Monolith expand into enterprise AI and physical applications, driving $100M ARR in storage.

**【CEO Summary Section】**
- Q3 revenue reached $1.4 billion, up 134% YoY, driven by AI cloud demand. Revenue backlog surged to $55.6 billion, nearly doubling QoQ, with $50 billion in RPO, the fastest in cloud history.
- Expanded partnerships with Meta, OpenAI, and a leading hyperscaler, adding $25 billion in backlog. 9/10 largest customers signed multiple contracts, reducing concentration risk (35% from 85% YoY).
- Infrastructure scaled to 590 MW active power, with 2.9 GW contracted capacity. Self-build projects in U.S. and Scotland aim to reduce reliance on third-party providers.
- Launched CoreWeave AI Object Storage, achieving $100M ARR in Q3, cutting costs by 75%. Acquired OpenPipe, Marimo, and Monolith to expand into enterprise AI and physical applications.

**【CFO Financial Commentary】**
- Q3 adjusted operating income: $217M (16% margin), up from $125M YoY. Net loss: $110M vs. $360M YoY. Adjusted EBITDA: $838M (61% margin), doubling YoY.
- CapEx: $1.9B Q3, with $6.9B in construction in progress. 2025 CapEx guidance: $12-14B, rising to >$28B in 2026. Secured $14B in debt/equity to fund growth.
- Delays in third-party data center delivery pushed $2.8B of Q4 CapEx to Q1. 2025 revenue guidance: $5.05-5.15B, with 850+ MW active power by year-end.

**【Q&A Highlights】**
- **Supply Chain Challenges**: Third-party delays caused 120 MW delivery push to Q1, but customer preserved full contract value. 60% of backlog tied to investment-grade customers, reducing risk.
- **Infrastructure Fungibility**: Data centers are built to handle both training and inference, with software enabling multi-customer use. SemiAnalysis ranked CoreWeave #1 for third consecutive year.
- **NVIDIA Deal**: $1B+ contract allows interrupting capacity for smaller customers, expanding addressable market while maintaining NVIDIA commitments.
- **2026 Outlook**: CapEx >$28B, driven by insatiable demand for AI infrastructure. Self-build projects and diversified providers aim to mitigate supply chain risks.
- **Customer Diversification**: 9/10 largest customers signed multiple contracts, with no single customer >35% of backlog (down from 85% YoY).

CoreWeave, Inc. (CRWV) Q3 2025 Earnings Call Transcript

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