CoreWeave Reports 204% Revenue Growth Amid Rising Debt

CoreWeave Inc. reported $3.56 billion in revenue for the first three quarters of 2025, representing a 204% increase over the previous year. The AI-oriented cloud platform provider is leveraging strategic backing from Nvidia Corporation to compete with general-purpose cloud giants such as Amazon and Microsoft, maintaining a $55 billion backlog of business.

Rapid expansion has resulted in significant financial strain. The company spent $6.25 billion in capital expenditures during the first nine months of 2025, leading to $4.75 billion in negative free cash flow. By the end of the third quarter of 2025, CoreWeave Inc. had accumulated $14 billion in total debt, which it addressed by issuing convertible notes in the final quarter of the year.

Analysts project 135% growth for 2026. Despite the company's negative cash flow, some market observers suggest the stock could triple in value by the end of 2026, citing a low price-to-sales ratio and a current share price of $86.