CoreWeave has published its first earnings since its Initial Public Offering, with Year on Year (YoY) growth in the hundreds of percentage points across the board.

Revenue for Q1 2025 was $971.63m, up 420 percent YoY from $188.6m, while adjusted Ebitda was $606.13m, up 480 percent YoY, and with a 62 percent margin.

Key highlights for the quarter included a deal with OpenAI with a contractual value of $11.9 billion, which has not been included in the company's remaining performance obligation (RPO) number, and currently stands at $25.9 billion. In addition, CoreWeave noted an expansion deal with an unnamed "large-scale AI enterprise" valued at $4 billion.

While the neocloud has seen massive growth over the past year, its expenses have also risen dramatically. Operating expenses were $1bn, up from $171.8m, a 487 percent increase, and operating loss was $27.47 million.

Part of the operating expenses were put down to "a one-time stock-based compensation expense" as a result of the completion of CoreWeave's IPO at the end of March.

Both CoreWeave's CEO and CFO, Michael Intrator and Nitin Agrawal, respectively, were keen to focus on the company's "adjusted operating income" as an indicator of profit.

Adjusted operating income for Q1 was $163 million, up 550 percent YoY, and the adjusted operating income margin for Q1 was 17 percent, up three points YoY.

This, however, does not include "non-operating expenses." In the case of CoreWeave's earnings, this is most importantly the company's Interest Expenses, which, like revenue, have skyrocketed.

In the first quarter of 2025, CoreWeave paid close to $264 million in interest expenses, up 549 percent YoY. CFO Agrawal addressed this, stating that it was higher due to "an improvement in our vendor payment terms, which reduced the days between vendor payment and assets being put in service, hence reducing the amount of interest cost capitalized in the quarter." The company expects these interest expenses to remain high throughout the year.

As a result of this, the company's adjusted net loss for Q1 was $150 million compared to a $24 million adjusted net loss in Q1 of 2024.

High interest expenses come as part and parcel with massive funding raises and loans. According to CEO Intrator, CoreWeave has to date raised more than $21 billion, and earlier this week reports emerged that the company was seeking an additional $1.5bn.

Intrator noted that, today, CoreWeave has 33 data centers across Europe and the US, and 420MW of active power. This week CoreWeave announced it was taking 15MW of capacity from a Merlin Edged data center in Barcelona, Spain.

Intrator added: "Our total contracted power extends to approximately 1.6GW, providing us with a durable multi-year runway in power capacity."

This quarter saw the company add 300MW of incremental contracted power to its portfolio. Deals signed include those with Flexential, Galaxy Digital, and Bulk Infrastructure.

Capex for the quarter was $1.9 billion, but the company expects this to increase throughout the year, for a total between $20 and $23 billion in 2025, and expects annual revenue of $4.9 billion to $5.1 billion. In Q2, the company anticipates $3-3.5 billion in capex, while only predicting a revenue between $1.06bn and $1.1bn.

Noting the current "macro uncertainty and volatility," CFO Agrawal said: "We haven't observed any impact on customer behavior. In fact, we are seeing an acceleration of customer demand. We do see some elevated costs for certain equipment that is felt across the industry. However, these impacts are expected to be relatively marginal. We will continue to monitor the environment closely and will work with suppliers to mitigate impacts."

While generally CoreWeave surpassed expectations for the quarter after the company's IPO raised less money than had been expected, its spending plan seems to weigh on its share prices which initially rose 11 percent, only to later fall 5 percent.