CoreWeave posted a net loss of $452m for the fourth quarter ended 31 December 2025 (Q4 2025), compared to net loss of $51m in the same quarter of 2024.

The US-based AI cloud computing company reported diluted net loss per share of $0.89 for Q4 2025, compared to diluted net loss per share of $0.34 in Q4 2024.

However, CoreWeave’s revenue for the reported quarter increased to $1.57bn, representing growth of about 110% from the $747m recorded in Q4 2024.

For the twelve-month period, CoreWeave’s annual revenue reached $5.13bn, up by about 168% from $1.92bn in the previous year. The firm recorded a full-year net loss of $1.17bn for 2025, compared with a net loss of $863m in 2024.

Operating expenses for the fourth quarter rose to $1.66bn from $634m, marking an approximate increase of 162%. The company moved from an operating income of $113m in Q4 2024 to an operating loss of $89m in Q4 2025.

For the year, operating expenses grew by about 225% to reach $5.18bn, while operating income shifted from a profit of $324m to a loss of $46m.

CoreWeave chairman and CEO Michael Intrator said: “2025 was a defining year for CoreWeave as we became the fastest cloud in history to reach $5bn in annual revenue.

“Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads. The opportunity ahead is significant, and we are ready to capture it.”

The company reported a revenue backlog of $66.8bn at the end of December, more than four times its position at the start of the year, which suggests ongoing commitments under customer contracts for upcoming periods.

Non-GAAP measures showed adjusted EBITDA for 2025 at $3.09bn, up by approximately 154% from $1.22bn the prior year. Adjusted net loss stood at $606m for the year against $65m in 2024.

CoreWeave chief financial officer Nitin Agrawal said: “This year’s performance reflects disciplined execution against the strategy we outlined at our IPO to develop one of the largest AI Cloud footprints in the world.

“Our revenue backlog grew to $66.8bn, more than four times where we began the year, providing exceptional visibility as we scale into 2026 and beyond. CoreWeave is well positioned for sustained hypergrowth.”

During the reported fourth quarter, CoreWeave secured new customer wins across AI laboratories, hyperscalers, and enterprises such as Cognition, Crowdstrike, Cursor, Mercado Libre, Midjourney and Runway.

CoreWeave expanded partnerships with existing hyperscale cloud customers and increased its AI infrastructure by adding approximately 260MW of active power capacity during the quarter. This brought total active capacity to over 850MW and raised total contracted power to about 3.1GW.

In Q4 2025, the company also introduced products for AI workloads, completed acquisitions including Monolith and Marimo. In this period, CoreWeave also raised capital through convertible senior notes totalling about $2.6bn and enlarged its revolving credit facility to $2.5bn.

Additional updates for the reported quarter included launching CoreWeave Federal for government use cases, joining the Genesis Mission initiative with the US Department of Energy and announcing a global partnership with CrowdStrike.

During the earnings call, CEO Michael Intrator said that demand signals from hyperscalers, AI-native firms, and enterprise customers were intensifying as AI workloads became more complex and models scaled rapidly.

Intrator explained that this broadening demand was leading to deeper engineering relationships with major customers and progress in diversification. With nearly all new 2026 capacity already allocated, CoreWeave planned to expand its data centre footprint to address both immediate and future requirements.

The company aims to add over 5GW of additional data centre capacity beyond its contracted footprint by 2030. Intrator also indicated that capital expenditure for 2026 was expected to reach at least $30bn, which is more than double the previous year, and reflecting the high volume of contracted demand.

CoreWeave intends to strategically source land, power, and infrastructure while leveraging its expanded collaboration with Nvidia to accelerate growth initiatives, said Intrator.