CoreWeave Reports Soaring Revenue, Massive Future Contracts, But Debt Concerns Loom Large
NEW YORK – November 11, 2025 – AI cloud infrastructure provider CoreWeave today announced a strong third quarter, with revenue leaping to $1.4 billion, a significant increase from $584 million in the same quarter last year. The company also boasts $56 billion in contracted future revenue, fueled by major deals with Meta and Poolside. However, despite the positive figures, concerns are mounting over CoreWeave’s escalating debt and aggressive capital expenditure plans, sparking debate about a potential AI infrastructure bubble.
CoreWeave’s net loss for the quarter was $110 million, an betterment over the $359.8 million loss reported in Q3 2024. Adjusted net loss was $41 million, compared to break-even in the same period last year. Adjusted EBITDA reached $838 million, up from $379 million in Q3 2024.
Despite these improvements, operating income fell to $51.9 million,down from $117.1 million year-over-year, with operating margins shrinking from 20% to 4%.Adjusted operating income, however, rose to $217 million, compared to $125 million in Q3 2024, resulting in an adjusted operating margin of 16%, attributed to higher revenues, lower costs, and data center delivery timing.
“Given the viable demand for our cloud services, we expect capex in 2026 to be well in excess of double that of 2025,” said CoreWeave CFO, Agrawal. This signals a continued, substantial investment in expanding its data center capacity.
The company’s financial commitments are drawing scrutiny.CoreWeave currently holds $9.7 billion in bills due within the next 12 months and a total of $14 billion in current and longer-term debt, up from $7.6 billion and $11 billion respectively last quarter. Moreover, CoreWeave faces $34 billion in scheduled lease payments on contracts extending through 2028. Interest expense for the quarter reached $311 million, nearly tripling the $104 million reported in the year-earlier period.
Analysts remain divided. While some are optimistic that CoreWeave’s growing book of contracts – including a recent $14.2 billion deal to provide computing capacity to Meta and an agreement with Poolside for a data center equipped with 40,000 nvidia GPUs - will ultimately outweigh its debt, others express concern about the company’s financial vulnerability. These analysts fear CoreWeave could be overwhelmed by the significant financial commitments required to build out its data center infrastructure, which they view as disproportionately large relative to current revenues and cash flow.
About CoreWeave:
CoreWeave is a specialized cloud provider focused on accelerating AI and compute-intensive workloads. The company designs, builds, and operates a large-scale, purpose-built infrastructure for customers in industries like artificial intelligence, machine learning, and high-performance computing.CoreWeave distinguishes itself by offering access to cutting-edge hardware, including Nvidia GPUs, and a flexible, scalable cloud platform.
