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CoreWeave (Nasdaq:CRWV) enters earnings day with strong momentum across AI training and a fast-rising inference mix, underpinned by expanding capacity, deepening hyperscaler ties, and a capital program designed for scale. Q2 revenue grew 207% year over year to $1.2 billion with adjusted EBITDA of $753 million and a 62% margin, while contracted backlog reached $30.1 billion. Management says supply remains the binding constraint, not demand.
What to Expect When CoreWeave Reports
| Metric | Estimate | Year-Ago (Q2 2024) |
|---|---|---|
| Revenue | $1.28 billion | $391 million |
| EPS (Normalized) | –$0.51 | –$0.71 |
| Full-Year 2025 Revenue | $5.27 billion | $1.72 billion |
| Full-Year 2025 EPS | –$2.64 | –$2.81 |
Key Areas to Watch
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Capacity ramp and supply bottlenecks- Management continues to call the market “structurally supply constrained,” pointing to powered-shell and grid limitations as the near-term chokepoint. Watch progress toward 900+ MW active power and any commentary on site timing to translate CapEx into revenue.
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Backlog durability and hyperscaler expansions- Backlog stood at $30.1 billion exiting Q2 and management disclosed expansion contracts with both hyperscaler customers around quarter-end. Look for color on sequential backlog and visibility into multiyear commitments.
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Verticalization strategy and Core Scientific acquisition- CoreWeave argues owning data-center infrastructure can eliminate >$10 billion of future lease liabilities and drive ~$500 million of fully ramped annual run-rate savings by end-2027. Any regulatory, integration, or financing updates will be stock-relevant.
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Cost of capital and financing cadence- Since Q1, CoreWeave raised $6.4 billion across two high-yield offerings and a delayed-draw term loan, lowering borrowing costs, including a facility priced at SOFR + 400. Listen for the glidepath on interest expense and the mix of debt sources to fund the back-half build.
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Inference mix, productization, and GPU reuse- Management highlights rising inference workloads, new flexible-capacity products (on-demand and spot), and successful re-contracting of A100/H100 clusters for 1–3-year inference terms. Updates here inform utilization, margins, and pricing power.
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