CoreWeave Puts as Much Effort into Financial Engineering as Data Center Design

CoreWeave's revenue backlog has grown to $87.8 billion, with Meta accounting for 40.1% of it. Contracts related to OpenAI make up 25.5% of the extended backlog, meaning a significant portion of revenue is concentrated among a small number of large customers.

The number of publicly disclosed named customers stands at 24, but the actual number of customers could be higher. Still, the cost of growth is substantial. The company posted 2025 revenue of $5.13 billion, growing 2.7x compared to 2024, but at the same time recorded a net loss of $1.17 billion.

Fundraising to support this expansion has continued as well. Most recently, the company carried out a $1.75 billion private note offering to cover the costs of expanding its data centers. CoreWeave is scaling its AI infrastructure business while leveraging an aggressive financial structure that combines large-scale contracts with debt financing.