CoreWeave added 120 MW of new data center capacity in Q3, bringing its total to 590 MW, and grew its contracted power portfolio to 2.9 GW
In sum – what to know:
Revenue backlog doubled to $55.6B – CoreWeave added $25 billion in new contracted revenue, citing rapid demand growth across AI cloud workloads.
Capex cut to $12–14B due to delay – A postponed data center build shifted spending into 2026, with construction in progress rising to $6.9 billion.
Strong growth despite setbacks – Revenue up 134% y-o-y, net loss narrowed, and eight new U.S. data centers added in Q3.
AI cloud provider CoreWeave reported that its revenue backlog doubled to $55.6 billion in the third quarter of the year, reflecting continued demand for its compute infrastructure.
The company reached $50 billion in remaining performance obligations (RPO), or contracted revenue, with $25 billion added in Q3 alone. Revenue for the quarter rose to $1.4 billion, up 134% year-over-year, marking CoreWeave’s third consecutive quarter of growth since its IPO.
The firm’s CFO Nitin Agrawal said in a conference call with investors that CoreWeave has diversified its customer base. “Today, no single customer represents more than approximately 35% of our revenue backlog, down from approximately 50% last quarter and even more meaningfully from approximately 85% to begin the year.” The executive also noted that more than 60% of the backlog is linked to investment-grade customers.
CoreWeave also highlighted that it signed major contracts in the quarter, including deals with Meta ($14.2 billion) and OpenAI ($6.5 billion). The company has existing agreements with Microsoft and Google.
In September, CoreWeave also entered a $6.3 billion contract with Nvidia, under which the latter will purchase unsold capacity.
CoreWeave added 120 MW of new data center capacity in Q3, bringing its total to 590 MW, and grew its contracted power portfolio to 2.9 GW, with 1 GW of capacity available for new customers expected online within 12–24 months. Eight new U.S. data centers went live during the third quarter, the company said.
However, CoreWeave said that one major data center project was delayed due to an unnamed third-party developer, affecting capital expenditure plans. Due to this, quarterly capex fell to $1.9 billion, below the expected $2.9–3.4 billion range, while construction in progress rose to $6.9 billion. As a result, full-year capex projections were cut to $12–14 billion for 2025, down from an earlier forecast of up to $23 billion.
“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. 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,” 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 850 MW of active power. In Q4, we will be bringing online some of the largest-scale deployments in our company’s history,” Agrawal added.
Meanwhile, CoreWeave’s CEO Michael Intrator noted that CoreWeave will maintain a mixed strategy combining leased and self-built facilities. “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,” he said.
In September, CoreWeave announced the launch of CoreWeave Ventures, a new unit designed to invest in companies developing infrastructure, tools, and technologies for artificial intelligence (AI) and advanced computing.