CoreWeave 4Q25 First Take.
The AI cloud unicorn's print this morning was mixed.
1) On the positive side, growth met and slightly beat.
Revenue was approx. 1.57bn (+110% YoY), a touch above expectations.
RPO reached 66.8bn, well above Bloomberg consensus of 62.0bn.
Market had expected limited new contract additions this quarter given no announcements or chatter around mega-cap wins.
Actual additions still rose by ~17.0bn QoQ, not far off last quarter's ~20.0bn peak.
While the company did not disclose customer names, the lack of rumors suggests non-mega-cap demand, potentially easing concentration risk.
2) The negative: profitability badly missed.
With Capex and compute capacity ramping fast, 'true' GPM fell from 18% to just 7%, well below estimates.
Adj. OPM was under 6%, versus already conservative market expectations of 8–9%.
This indicates margin pressure during the compute ramp is far worse than anticipated.
Despite revenue doubling YoY, Adj. OP fell 27% YoY.
3) Core operating metrics: total compute reached 850MW by quarter-end.
QoQ additions were 260MW, ~2.2x last quarter's increase, meeting market expectations.
Supplier delays that slowed last quarter's go-live schedule did not cause further slippage.
4) Correspondingly, Capex came in at 8.2bn, 3–4x prior quarters.
Newly online compute rose by ~2.2x.
This confirms spend is running ahead of capacity coming online, pressuring margins.
