AI cloud firm CoreWeave has expanded its growth plans on the back of strong FY2025 demand.

During the company's recent Q4 and full-year earnings call, CEO Michael Intrator revealed that CoreWeave was expanding its planned contracted data center capacity by 2030 with an additional 5GW.

The company ended 2025 with 850MW of "active power," of which 250MW was brought on in Q4 alone. This spans 43 data centers, an increase from 32 at the start of the year.

"We contracted close to 2GW of additional power in 2025, ending the year with more than 3.1GW of contracted capacity, virtually all of which we expect to come online by 2027. Our contracted but not yet active capacity represents latent revenue potential that we will monetize as built and delivered. We will continue to strategically source land, power, and data center shell infrastructure," said Intrator.

Within the Q4 capacity brought online were the much-discussed previously delayed data center projects.

The delays were mentioned in the January lawsuit filed by CoreWeave shareholder Ramond Masaitis, which alleged the company had misled shareholders about its ability to meet customer demand for compute. While the lawsuit went unmentioned, Intrator told analysts that those delays have now been resolved, with the capacity successfully deployed ahead of the expected and amended schedule.

With this in mind, CoreWeave's capex is also continuing to grow. Q4 alone had a capex of $8.2bn, up from Q3's $1.9bn. Q3 was, however, lower than expected, with Q2 capex of 2.9bn. Estimates for Q3 were previously in the $2.9-3.4bn realm but were impacted by the data center delay.

Full-year capex was thus also lower than previous expectations of $20-23bn, though higher than the revised estimates in Q3, falling at $14.9bn.

Construction in progress in Q4 was $9.4bn, an increase of $2.5 billion quarter-over-quarter.

CoreWeave is anticipating that capex in 2026 will be more than double that of 2025, reaching between $30-35 billion. As noted by CFO Nitin Agrawal, this is mostly "tied to our already signed customer contracts that we intend to bring online this year as we expect to double our active power capacity to more than 1.7GW by year-end."

In terms of revenue, Q4 brought in $1.57bn, up from $747 million Year-over-Year (YoY). Operating income, meanwhile, had a loss of $89m, compared to an increase of $113m YoY.

Full-year revenue was more than $5.1 billion, up from $1.9bn in 2024. In 2025, CoreWeave grew its contracted revenue backlog to $66.8bn, an increase of $11.2bn sequentially and more than $50bn YoY. The company is anticipating revenue for 2026 to fall between $12 and $13 billion, an average of 140 percent YoY growth, and is predicting that in 2027 its annual run rate will be as much as $30 billion.

Speaking on the 2027 prediction, and the company's confidence in it, CEO Intrator said: "what we are doing is we are taking the contracted power that we have and we are projecting out when the existing contracts that have already been sold - and like I said, we are virtually sold out in 2026 of all of our capacity - and then continuing to add contracts that will be allocated once they come online in 2027. And we have vast and sustained interest from our clients to get more capacity, to bring on more compute. And these are some of the largest, most creditworthy companies in the world. These are some of the most important AI labs in the world."

As has been a consistent theme during all cloud companies' earnings calls of late, strong demand and capacity constraints remain. Intrator noted that, within this, a perk has been that the company is seeing continued and strong interest in its older GPU generations.

"We are also seeing a significant increase in demand for prior generations of GPU architecture," Intrator told analysts.

"Where supply also remains constrained. Average H100 pricing in Q4 was within 10 percent of where it started the year, while average A100 pricing increased in 2025. From our customers, we understand the demand for this infrastructure is largely for inference use cases."

The issue of hardware depreciation value is often discussed, but, as put by Intrator, "these trends reinforce our conviction in the durability of demand and the longevity of this technology."

To finance all of this growth, CoreWeave said that throughout 2025 the company secured $18 billion in debt and equity from more than 200 investment partners and financial institutions. This year so far, CoreWeave has secured a further $2bn investment from Nvidia through its expanded commercial contract with the chip maker.

Other key metrics for the neocloud include an Adjusted EBITDA of $898 million for Q4, up from $486m the year prior. Full-year Adjusted EBITDA was $3.1bn, up from $1.2bn in 2024.

Operating margins, meanwhile, were a six percent loss for the quarter and a one percent loss for the year. In 2024, Q4 saw an operating margin of 15 percent (gain) and 17 percent (gain) for the full year.