（行情差时就该研究牛股基本面了）CoreWeave, Inc.（CRWV） 2025 年第二季度财报电话会议记录
$CoreWeave, Inc.(CRWV)$ $英伟达(NVDA)$ $甲骨文(ORCL)$
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave Second Quarter 2025 Earnings Call. [Operator Instructions]
感谢您的等待。我是蒂娜，今天将由我担任本次会议的接线员。现在我谨代表大家欢迎各位参加CoreWeave 2025年第二季度财报电话会议。[操作说明]
It is now my pleasure to turn the call over to Deborah Crawford, Vice President of Investor Relations. You may begin.
现在，我很高兴将电话会议移交给投资者关系副总裁黛博拉·克劳福德（Deborah Crawford）。你可以开始了。
Deborah Crawford
Deborah Crawford
Thank you. Good afternoon, and welcome to CoreWeave's Second Quarter 2025 Earnings Conference Call. Joining me today to discuss our results are Mike Intrator, CEO; and Nitin Agrawal, CFO.
谢谢。大家下午好，欢迎参加CoreWeave 2025年第二季度财报电话会议。今天与我一同参加并讨论我们业绩的是首席执行官Mike Intrator和首席财务官Nitin Agrawal。
Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.
在我们开始之前，我想借此机会提醒各位，我们今天的发言将包含前瞻性声明。实际结果可能与此类前瞻性声明中所预期的结果存在重大差异。导致这些结果存在重大差异的因素列示于今天的财报新闻稿以及我们向美国证券交易委员会（SEC）提交的10-Q季度报告中。我们在本次电话会议中所作的任何前瞻性声明均基于今天的假设，我们不承担因新信息或未来事件而更新这些声明的义务。
During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also be available on our Investor Relations website.
在本次电话会议中，我们将同时展示按照美国通用会计准则（GAAP）和某些非美国通用会计准则（non-GAAP）计算的财务指标。GAAP 与 non-GAAP 指标之间的调节表已包含在今天的盈利新闻稿中。盈利新闻稿以及相关的投资者演示材料可在我们的网站 investors.coreweave.com 上获取。本次电话会议的重播也将发布在我们的投资者关系网站上。
And now I'd like to turn the call over to Mike.
现在我把电话会议交给迈克。
Michael N. Intrator
Michael N. Intrator
Thanks, Deborah, and good afternoon, everyone.
谢谢，黛博拉，大家下午好。
CoreWeave had a standout second quarter as we continue our hypergrowth journey against the backdrop of unprecedented demand for our AI cloud services. Adoption is expanding rapidly, with the enterprise increasingly viewing AI as a strategic imperative and CoreWeave as the force multiplier that enables adoption, innovation and growth for training as well as inference workloads.
在第二季度，CoreWeave 表现出色，我们在人工智能云服务需求空前的背景下持续推进超高速增长。随着企业越来越将人工智能视为战略重点，CoreWeave 正在成为推动训练和推理工作负载应用、创新和增长的关键驱动力。
As a result, revenue grew a better-than-expected 207% year-over-year to $1.2 billion for the second quarter with adjusted operating income of $200 million. This marks the first quarter in which we reached both $1 billion in revenue and $200 million of adjusted operating income.
因此，第二季度营收同比增长了超出预期的207%，达到12亿美元，调整后运营收入为2亿美元。这是我们首次实现单季度营收突破10亿美元、调整后运营收入达到2亿美元的里程碑。
Scaling our capacity and services remains a key ingredient for our success in this structurally undersupplied market. To that end, we ended the quarter with nearly 470 megawatts of active power, and we increased total contracted power approximately 600 megawatts to 2.2 gigawatts. We are aggressively expanding our footprint on the back of intensifying demand signals from our customers, ensuring that we maintain a durable multiyear runway for growth. We are now on track to deliver over 900 megawatts of active power before the end of the year.
在这一长期供应不足的市场中，扩大我们的产能和服务仍然是我们成功的关键因素之一。为此，本季度末我们拥有的有功电力接近470兆瓦，并且将总签约电力增加了约600兆瓦，达到2.2吉瓦。在客户需求不断增强的推动下，我们正积极扩展业务版图，以确保我们拥有持续多年的增长空间。我们现在预计将在年底前交付超过900兆瓦的有功电力。
We ended the second quarter with $30.1 billion in contracted backlog, up $4 billion from Q1 and doubling year-to-date. This includes not only the $4 billion expansion with OpenAI we previously discussed but new customer wins ranging from large enterprise to AI startup. Importantly, we've also signed expansion contracts with both of our hyperscale customers in the past 8 weeks. Our pipeline remains robust, growing and increasingly diverse driven by a full range of customers from media and entertainment to health care, to finance, to industrials and everything in between.
截至第二季度末，我们的未完成合同金额达到301亿美元，相比第一季度增长了40亿美元，且今年迄今为止实现了翻倍增长。这一数字不仅包括了我们此前讨论过的与OpenAI的40亿美元扩展合作，还包括了从大型企业到人工智能初创公司等一系列新客户斩获。重要的是，在过去8周内，我们还与两家超大规模客户都签署了扩展合同。我们的销售管道依然强劲，不断增长且日益多元化，推动者包括从媒体娱乐到医疗保健、金融、工业等各个领域的客户。
The proliferation of AI capabilities into new use cases and industries is driving increased demand for our specialized cloud infrastructure and services. For instance, while it's early stages, in the first half of 2025, we saw more than a 4x increase in our VFX cloud service product conductor and entered a multiyear contract for NVIDIA's GB200 NVL72 system with Moonvalley, an AI video generation startup that lets filmmakers craft professional-grade clips with granular cinematic control. We are seeing an increased adoption in the financial services sector as we expand our relationship in proprietary trading like Jane Street and are adding mega-cap bank clients like Morgan Stanley and Goldman Sachs. We are also seeing significant growth from health care and life science verticals and are proud of our partnership with customers like Hippocratic AI, who built safe and secure AI agents to enable better health care outcomes.
AI能力在新用例和行业中的广泛应用，正推动市场对我们专业云基础设施和服务的需求不断增长。例如，目前还处于早期阶段，但在2025年上半年，我们的视觉特效（VFX）云服务产品Conductor的使用量增长超过了4倍，并且我们与AI视频生成初创公司Moonvalley签订了一项多年合同，为其提供NVIDIA的GB200 NVL72系统，该公司让电影制作人能够通过精细的电影级控制来打造专业水准的视频片段。随着我们在专有交易领域（如Jane Street）的合作关系不断扩展，以及正在增加的大型银行客户（如摩根士丹利和高盛），我们看到金融服务领域的采用率持续上升。此外，我们在医疗保健和生命科学垂直领域也看到了显著增长，并且为我们与客户（如Hippocratic AI）的合作感到自豪，他们构建了安全可靠的AI代理，以推动实现更优质的医疗健康成果。
In short, AI applications are beginning to permeate all areas of the economy, both through startups and enterprise, and demand for our cloud AI services is aggressively growing. Our cloud portfolio is critical to CoreWeave's ability to meet this growing demand. Our focus on delivering the industry's most performing, purpose-built AI cloud infrastructure makes us the platform of choice for both training and inference across incumbent AI labs and new entrants alike. We're helping these customers redefine how data is consumed and utilized globally as their critical innovation partner, and we are being rewarded for our efforts as they shift additional spend to our platform.
简而言之，AI 应用正通过初创企业和企业级应用开始渗透到经济的各个领域，而我们云计算 AI 服务的需求正在迅速增长。我们的云产品组合对于 CoreWeave 满足这一不断增长的需求至关重要。我们专注于提供业内性能最强、专为 AI 设计的云计算基础设施，这使我们成为现有 AI 实验室和新兴企业进行训练和推理的首选平台。我们正在帮助这些客户重新定义数据在全球范围内的消费和使用方式，并作为他们关键的创新合作伙伴，随着他们将更多支出转向我们的平台，我们也因此获得了回报。
We continue to execute and invest aggressively in our platform, up and down the stack, to deliver the bleeding-edge AI cloud services performance and reliability that our customers require to power their AI innovations. For example, during the second quarter, we delivered NVIDIA's GB200 NVL72 and HGX B200 at-scale deployments, fully integrated into CoreWeave's Mission Control for reliability and performance management. Mission Control continues to be the cornerstone of CoreWeave's ability to scale at breakneck speed, building a fully automated and rigorous process for cluster life cycle management with unmatched visibility for our customers.
我们继续在我们的平台上下各层面积极执行和投入，以提供客户所需的尖端AI云服务性能和可靠性，从而推动他们的AI创新。例如，在第二季度，我们大规模部署了NVIDIA的GB200 NVL72和HGX B200，并将其完全集成到CoreWeave的Mission Control中，以实现可靠性和性能管理。Mission Control持续成为CoreWeave能够以极快速度扩展的核心支柱，构建了一套完全自动化且严谨的集群生命周期管理流程，并为我们的客户提供了无与伦比的可视化能力。
In addition to [ chaos ], we began our private preview of an innovative archive tier object storage product with automatic tiering and industry-leading economics, and with a simplified cost structure that makes optimizing storage costs for startups and enterprises seamless. As a result, customers are shifting petabytes of their core storage to CoreWeave in the form of multiyear contracts. We are providing support for additional third-party storage systems tightly integrated into CoreWeave's technology stack, with large-scale production deployments of VAST, WECA, IBM Spectrum Scale, DDN and Pure Storage.
除了[chaos]之外，我们还开始对一款创新的归档层对象存储产品进行私人预览，该产品具备自动分层功能和行业领先的经济性，并采用简化的成本结构，使初创公司和企业能够无缝优化存储成本。结果是，客户正以多年合同的形式，将数以百万GB计的核心存储转移到CoreWeave。我们正在为更多与CoreWeave技术堆栈紧密集成的第三方存储系统提供支持，其中包括VAST、WEKA、IBM Spectrum Scale、DDN和Pure Storage的大规模生产部署。
With Weights & Biases, we deliver an integrated full stack observability feature, giving researchers immediate feedback to diagnose the factors impacting performance and reliability of their AI workloads from the data center through network fabrics and storage, GPUs and up to their machine learning code. We launched the CoreWeave and Weights & Biases Inference service, utilizing our incredibly reliable compute platform to power research-friendly API for state-of-the-art AI models, including OpenAI's new open source model, Meta's Llama 4, DeepSeek, Kimi K2, and Qwen3. This new product allows customers to easily bring AI inference into production on their applications with tight integration into our Weave product, ensuring visibility into the service, quality and safety.
借助 Weights & Biases，我们提供了一项集成的全栈可观测性功能，使研究人员能够即时获得反馈，以诊断从数据中心、网络架构、存储、GPU 到其机器学习代码等各个环节中影响 AI 工作负载性能和可靠性的因素。我们推出了 CoreWeave 与 Weights & Biases 推理服务，利用我们极其可靠的计算平台，为研究友好的 API 提供支持，服务涵盖最新的 AI 模型，包括 OpenAI 的新开源模型、Meta 的 Llama 4、DeepSeek、Kimi K2 以及 Qwen3。这项新产品使客户能够轻松地在其应用中部署 AI 推理能力，并与我们的 Weave 产品实现紧密集成，确保对服务的质量与安全性具备全面的可观测性。
We continue our investment in SUNK, Slurm on Kubernetes, which is used by many of the largest AI labs and enterprises in the world, providing improved identity federation, research segmentation and scale. We began introducing flexible capacity products to help our customers better manage their end customer demand. In addition to our on-demand and reserved inference offering, our spot product is in customer preview and we'll be introducing additional capacity products over the second half of the year. We also saw significant growth in our backbone and networking service as one of our largest AI lab customers leveraged our networking backbone to connect its multi-cloud inference infrastructure.
我们继续在 SUNK（Kubernetes 上的 Slurm）方面进行投资，该技术被全球众多顶级 AI 实验室和企业所使用，可提供改进的身份联合、研究隔离以及扩展能力。我们开始推出灵活容量产品，以帮助客户更好地应对终端客户需求。除了现有的按需和预留推理产品外，我们的竞价型实例产品（spot product）已开始向客户预览，并且我们将在今年下半年推出更多的容量产品。此外，我们的骨干网络和网络服务也实现了显著增长，其中一位最大的 AI 实验室客户利用我们的网络骨干连接了其多云推理基础设施。
Our product development road map is robust, and we are excited to announce new cloud services and capabilities over the remainder of the year that will further accelerate growth within the AI ecosystem and empower customers to meet their evolving business needs. We have entered new parts of the capital markets and accessed new pools of capital, driving our cost of capital lower. We priced both of our inaugural and second high-yield bond offerings in the past 3 months. These transactions were upsized due to strong demand and were priced at lower interest rates.
我们的产品开发路线图十分坚实，令人振奋的是，我们将在今年余下的时间里宣布新的云服务和功能，这些将进一步加快人工智能生态系统内的增长，并帮助客户满足其不断变化的业务需求。我们已经进入资本市场的新领域，获得了新的资金来源，从而降低了我们的资本成本。在过去三个月中，我们成功地对首次和第二次高收益债券发行进行了定价。由于市场需求强劲，这些交易的发行规模均有所扩大，且利率更低。
More recently, we closed on a landmark secure GPU financing with many of the world's leading banks, a novel financing structure that CoreWeave has pioneered. As evidenced by these transactions, our access to the capital markets not only remains robust but is deepening. We are grateful for this support in our mission and expect to continue to access less expensive capital sources as we continue to execute.
最近，我们还与多家全球领先银行达成了具有里程碑意义的、用于购置GPU的安全融资交易，这是一种由CoreWeave率先推出的创新型融资结构。从这些交易中可以看出，我们进入资本市场的渠道不仅依然稳固，而且正在不断深化。我们感谢各方对我们使命的支持，并预计随着我们持续稳步推进业务，我们将能够继续获得成本更低的资本来源。
We will continue to verticalize our platform and enhance our control efficiency and differentiation fueled by our investment both up the stack, as you saw with our acquisition of Weights & Biases last quarter; and down the stack, as highlighted by our proposed acquisition of Core Scientific last month. Our ability to scale state-of-the-art infrastructure will further be bolstered by the more than $6 billion data center investment we've announced in Lancaster, Pennsylvania as well as a large data center project in Kenilworth, New Jersey, that we are co-developing via a joint venture with Blue AL. These new sites are perfect examples of our broader data center strategy, which allow us to provide a mix of both large-scale training and low-latency inference compute across the country.
我们将继续深化平台的垂直化发展，通过在整条技术栈上的投资，进一步提升我们的控制效率和差异化优势。向上拓展的例子如上季度我们对 Weights & Biases 的收购；向下拓展的例子则如我们上个月宣布的拟收购 Core Scientific。此外，我们在宾夕法尼亚州兰开斯特（Lancaster）宣布投资超过60亿美元建设数据中心，以及在新泽西州凯尼尔沃思（Kenilworth）与 Blue AL 合资开发的大型数据中心项目，也将进一步增强我们规模化部署尖端基础设施的能力。这些新站点完美体现了我们更广泛的数据中心战略，使我们能够在全国范围内提供大规模训练和低延迟推理计算的综合能力。
Now I'd like to come back to our proposed acquisition of Core Scientific. We believe the combination will accelerate value creation for shareholders of both companies. Both the CoreWeave and Core Scientific management teams and Boards have evaluated this transaction extensively and concluded this is the best for both companies and their shareholders.
现在我想回到我们提出的收购Core Scientific的计划上。我们相信，此次合并将加快为两家公司股东创造价值。CoreWeave和Core Scientific的管理团队及董事会已对此次交易进行了深入评估，并认为这对两家公司及其股东而言都是最佳选择。
The rationale behind the deal is quite simple and powerful: verticalization creates tremendous operational and financial efficiencies that will strengthen our ability to serve our customers at scale. Owning the infrastructure will allow CoreWeave to scale faster
这笔交易背后的逻辑非常简单而有力：垂直整合能够带来巨大的运营和财务效率，这将增强我们大规模服务客户的能力。拥有基础设施将使CoreWeave能够更快地扩展规模。
and more efficiently. The integration of Core Scientific meaningfully advances our capacity to operate one of the largest and most sophisticated AI cloud platforms in the world. Upon closing, CoreWeave would own approximately 1.3 gigawatts of gross power capacity across Core Scientific's national data center footprint with an incremental 1 gigawatt or more available for future expansion. This scale enhances our flexibility to take on new projects and meet accelerated customer demand.
并且更高效。通过整合 Core Scientific，我们的能力得到显著提升，得以运营全球最大、最先进的 AI 云计算平台之一。交易完成后，CoreWeave 将在 Core Scientific 全美数据中心范围内拥有总计约 1.3 吉瓦的电力容量，另有额外 1 吉瓦或更多的电力容量可供未来扩展使用。这一规模增强了我们在承接新项目和满足客户日益增长需求方面的灵活性。
In addition, the acquisition would drive the immediate elimination of more than $10 billion in future lease liability overhead as well as a more streamlined and efficient operating model. As a result, we anticipate $500 million in fully ramped annual run rate cost savings by the end of 2027, benefiting both the Core Scientific and CoreWeave shareholders directly. Vertical integration will allow us to finance infrastructure more efficiently, furthering one of our key objectives in lowering our cost of capital and enabling us to grow in a more capital-efficient manner.
此外，并购将立即消除未来超过100亿美元的租赁负债支出，并带来更加精简和高效的运营模式。因此，我们预计到2027年底，公司实现全面增长后的年度成本节约额将达到5亿美元，直接惠及Core Scientific和CoreWeave的股东。纵向整合将使我们能够更高效地为基础设施融资，推进我们降低资本成本这一关键目标，并使我们能够以更节省资本的方式实现增长。
We and Core Scientific look forward to discussing the transaction with you in the months ahead. Our respective teams are already engaged in pre-integration planning to ensure we're ready to hit the ground running.
我们与Core Scientific期待在未来几个月内与您讨论这笔交易。我们各自的团队已经在进行交易前的整合规划，以确保我们能够迅速启动并顺利开展工作。
To that end, we are executing with pace and purpose amidst the market in which the supply/demand imbalance is only deepening as new enterprise adopters increasingly compete with large AI labs for limited capacity and services. We're building on our leadership across all key success criteria from power access to AI cloud service performance, to revenue and backlog growth. And we will keep getting stronger as we verticalize our data center infrastructure and cloud services.
为此，我们正在市场中以更快的速度和明确的目标推进。目前市场中的供需失衡状况日益加剧，越来越多的企业新用户与大型AI实验室竞争有限的算力容量和服务资源。我们在各项关键成功要素上均保持领先地位，包括电力获取、AI云服务性能、营收及订单增长等方面。随着我们进一步垂直整合数据中心基础设施和云服务，我们的优势将持续扩大，竞争力也将进一步增强。
I am excited about the momentum that we are building upon. I want to thank our customers, teams and business and financial partners for making it possible.
我对我们目前所建立的势头感到非常兴奋。我要感谢我们的客户、团队以及业务和财务合作伙伴，是你们使这一切成为可能。
Now here's Nitin.
现在这位是尼廷。
Nitin Agrawal
Nitin Agrawal
Thanks, Mike, and good afternoon, everyone.
谢谢，迈克，大家下午好。
Our strong second quarter results highlight the unprecedented demand environment we are seeing and our continued execution to rapidly scale our AI cloud platform to meet that customer demand. Our growth continues to be capacity constrained, with demand outstripping supply.
我们强劲的第二季度业绩凸显了当前前所未有的市场需求环境，以及我们持续推进AI云平台快速扩展以满足客户需求的执行力。我们的增长仍受产能限制，需求继续超过供应。
Since our Q1 call, we have signed expansion contracts with both our hyperscaler customers. We also closed our acquisition of Weights & Biases and announced our proposed Core Scientific acquisition. In addition, we successfully raised $6.4 billion in the capital markets through 2 high-yield offerings and a delayed draw term loan, all of which have opened access to new capital pools at an increasingly lower cost of capital.
自我们第一季度电话会议以来，我们已与两家超大规模云服务商客户签署了扩展合同。我们还完成了对 Weights & Biases 的收购，并宣布了拟议中的对 Core Scientific 的收购。此外，我们通过两次高收益债券发行和一笔递延提款定期贷款，在资本市场成功筹集了64亿美元资金。所有这些交易都为我们开辟了新的资金来源，并使资本成本持续降低。
Turning now to Q2 results. Q2 revenue was $1.2 billion, growing 207% year-over-year driven by strong customer demand. Revenue backlog was $30.1 billion, up 86% year-over-year and doubled year-to-date. While our revenue backlog is expected to scale rapidly over time, growth rates will fluctuate from quarter-to-quarter given the nature of our large committed contract business model, timing and size of new contract signings and revenue recognition.
接下来回顾第二季度的业绩。第二季度的营收为12亿美元，同比增长207%，这主要得益于强劲的客户需求。未确认收入的合同金额达到301亿美元，同比增长86%，较年初至今增长了一倍。尽管我们的未确认收入合同预计将随着时间迅速增长，但由于我们大型承诺合同业务模式的性质、新合同签署的时间和规模以及收入确认的影响，季度之间的增长率可能会有所波动。
Operating expenses in the second quarter were $1.2 billion, including stock-based compensation expense of $145 million. We continue to ramp our investments in data center and server infrastructure to meet growing customer demand, which contributed to the increase in our cost of revenue and technology and infrastructure spend in Q2. In addition, the increase in sales and marketing was largely driven by marketing spend to accelerate new customer acquisition and raise awareness of our differentiated capabilities. The increase in G&A was largely driven by professional services.
第二季度的运营费用为12亿美元，其中包括基于股票的薪酬费用1.45亿美元。为了满足客户日益增长的需求，我们继续加大对数据中心和服务器基础设施的投资，这导致了第二季度营收成本以及技术和基础设施支出的增加。此外，销售和营销费用的增长主要是由于市场营销支出的增加，以加速新客户获取并提升市场对我们差异化能力的认知。一般及行政费用的增长则主要源于专业服务费用。
Adjusted operating income for Q2 was $200 million compared to $85 million in Q2 2024. Our Q2 2025 adjusted operating income margin was 16%. Net loss for the quarter was $291 million compared to $323 million net loss in Q2 of 2024. Interest expense for Q2 was $267 million compared to $67 million in Q2 of 2024 due to increased debt to support our infrastructure scaling, partly offset by lower cost of capital. Adjusted net loss for Q2 was $131 million compared to a $5 million adjusted net loss in Q2 of 2024. The adjusted net loss was impacted by increases in interest expense due to scaling of our infrastructure, partly offset by growth in adjusted operating income. Adjusted EBITDA for Q2 was $753 million compared to $250 million in Q2 of 2024, scaling more than 3x year- over-year. And our adjusted EBITDA margin was 62%, roughly in line with Q2 of last year.
第二季度的调整后运营收入为2亿美元，而2024年第二季度为8500万美元。我们2025年第二季度的调整后运营收入利润率为16%。本季度的净亏损为2亿9100万美元，而2024年第二季度的净亏损为3亿2300万美元。第二季度的利息支出为2亿6700万美元，而2024年第二季度为6700万美元，这主要是由于为了支持基础设施扩展而增加了债务，部分被资本成本降低所抵消。经调整后的第二季度净亏损为1亿3100万美元，而2024年第二季度为500万美元。调整后的净亏损受到因基础设施扩展带来的利息支出增加的影响，部分被调整后运营收入的增长所抵消。第二季度的调整后EBITDA（息税折旧及摊销前利润）为7亿5300万美元，而2024年第二季度为2亿5000万美元，同比扩大了三倍多。我们的调整后EBITDA利润率为62%，与去年同期第二季度基本持平。