AI cloud provider CoreWeave's revenue backlog doubled in the last quarter, reaching $55.6bn.

The company claims to have reached a $50bn in returning performance obligations (RPO), or contracted revenue, "faster than any cloud in history," with $25bn added in Q3 alone.

Actual revenue for the quarter was $1.4bn, up 134 percent Year-on-Year (YoY). The previous quarter saw revenue of $1.2bn, up 207 percent YoY, while Q1 brought in $971.63m, up 420 percent YoY.

This is the company's third quarterly earnings report since its IPO, with revenue steadily growing quarter over quarter.

CoreWeave said it has also been diversifying its customer base. CFO Nitin Agrawal, told investors on the company's earnings call: "Today, no single customer represents more than approximately 35 percent of our revenue backlog, down from approximately 50 percent last quarter and even more meaningfully from approximately 85 percent to begin the year."

He added that more than 60 percent of the company's backlog is also tied to "investment-grade customers."

Notable deals signed this quarter include those with Meta ($14.2bn) and OpenAI ($6.5bn, adding to existing contracts). CEO Michael Intrator also referenced a contract with an unnamed "leading hyperscaler" which was CoreWeave's sixth with the customer to date. CoreWeave is known to count Microsoft among its customers and has previously signed a deal with Google.

CoreWeave also signed a contract with Nvidia in September that will see the chipmaker purchasing CoreWeave's unsold capacity for $6.3bn. CFO Agrawal noted regarding the Nvidia deal: "Accounting rules require us that we exclude the amount we expect to be resold to other customers from RPO. To be clear, if not resold, this capacity will remain committed to Nvidia and will be recognized as revenue. You see this Nvidia contract in our revenue backlog, but not in our RPO to a large extent."

The quarter also saw CoreWeave launching a new object storage offering. In Q3, the storage offering "eclipsed" $100m in ARR, counting the likes of Mistral AI among its users.

Additionally, CoreWeave now has a "CoreWeave Federal" offering that enables it to offer cloud services to the US government. NASA has already signed on for its Jet Propulsion Laboratory.

The AI cloud continues to expand its capacity, adding 120MW to its data center footprint in Q3, bringing its total to 590MW.

According to Intrator, CoreWeave has grown its contracted power capacity by more than 600MW to 2.9GW, and has "more than 1GW of contracted capacity available to be sold to customers that we expect to largely come online within the next 12 to 24 months."

Eight data centers were brought online in the US in Q3.

Within the data center pipeline, however, one of CoreWeave's data center projects has been delayed due to the unnamed third-party developer being behind schedule. This has shifted CoreWeave's capex and construction in progress costs for the quarter, as well as predictions for 2025 and 2026.

Capex in Q3 was $1.9bn, lower than expected and two-thirds of Q2's $2.9bn. Estimates for Q3 were previously in the $2.9-3.4bn realm. Construction in progress, meanwhile, grew to $6.9 billion, an increase of $2.8 billion quarter-over-quarter, as a direct result.

Full-year capex was previously expected to reach between $20-23 billion. Due to the delayed data center, 2025's capex is now expected to be around $12-14bn, a significant reduction.

Speaking on the shift, Agrawal explained: "We expect this reduction in capex from our prior guidance will be mostly reflected by a corresponding increase in construction in progress due to the buildup of infrastructure waiting to be deployed following the delivery of powered shell capacity. As such, the vast majority of the remaining capex we had previously anticipated to land in Q4 will now be recognized in Q1."

Agrawal added: "Given the significant growth in our backlog and continued insatiable demand for our cloud services, we expect capex in 2026 to be well in excess of double that of 2025."

The delayed data center was central to many analysts' questions during the earnings call, with CoreWeave keen to emphasise that the end customer for the data center had agreed to shift its contract dates and thus no change to the value of the deal had been made.

Intrator said in his opening remarks: "As of Q3, no single data center provider represents more than approximately 20 percent of our contracted power portfolio," later telling analysts that within this, a single data center delay is not expected to make a material impact on revenue. CoreWeave declined to state which data center provider was linked to the delay.

Intrator briefly addressed the company's failed Core Scientific acquisition that fell through in October.

"While the deal made sense strategically for both companies, the valuation required by their shareholders was simply not a price that was appropriate for CoreWeave, particularly because the outcome of the transaction in no way adversely impacts our ability to achieve our growth ambitions in the coming years," he said. "Instead, we will continue to work closely with Core Scientific on the approximately 590MW of capacity we have already leased."

He later noted that, while CoreWeave has recently been working on "self-builds," the company is not looking to shift to a strategy that does not include leasing.

"We’re not saying that we’re going to go self-build and not use third-party data center providers. What we are saying is that self-build is a component of the way that you go about de-risking delivery across the broader portfolio," Intrator explained. "We’re going to go ahead, and we’re going to continue to work with our partners who provide data center capacity that allow us to colocate at their facilities, that build facilities for us. All of that is going to continue to be true. We need that capacity in order to be able to continue to move and operate at the speed and scale that we are."

Operating expense for Q3 was $1.3bn, while adjusted operating income for Q3 was $217 million, compared to $125 million in Q3 of 2024.

Adjusted EBITDA for the quarter was $838m, up from $379m YoY and from $753m for the previous quarter. The adjusted EBITDA margin was 61 percent, just shy of Q2's 62 percent.

Net loss for the third quarter was $110 million, compared to a $360 million net loss in Q3 of 2024.

Interest expense, meanwhile, for Q3 was $311m, up from $104m in the same quarter last year. Q2 of 2025 saw interest expenses of $267m, at the time expecting Q3 to fall between $350-390m.

Agrawal put this down to "increased debt to support the scaling of our infrastructure, partly offset by the benefit from better interest rates on our debt as we make further progress in lowering our cost of capital."

So far this year, CoreWeave has secured $14 billion in debt and equity transactions. Other than payments related to OEM vendor financing and self-amortizing debt through committed contract payments, The neocloud has no debt maturities until 2028.

On full-year expectations, CFO Agrawal said: "With that backdrop, we now expect 2025 revenue in the range of $5.05-$5.15 billion. In addition, we anticipate 2025 adjusted operating income between $690-$720 million and expect to end the year with over 850MW of active power. In Q4, we will be bringing online some of the largest-scale deployments in our company’s history."